Hi, I was checking out my FICO score because I am going through with the process of buying a new home. I was suppose to back in July and then things were put on hold. Well back in July my FICO score was 582 and with some disputing of items with the CRAs, with the help from this board, my score is now 681. I know it is not there yet but I was surprised. I think that should get me lower my interest rates for my home shouldn't it? I have posted earlier about the hassle I had with FCNB and how they are refusing to correct my paying history (where they have me 180 days late and I paid every payment on time). I wrote a letter back in August 26th, sent it registered and not heard a word from them. I know it takes 30 to 45 days to get things done. When I check my FICO score I noticed no change for FCNB on my Equifax. I called CCCS and talked with the person over it. He is going to call FCNB and find out what they are plan to do about correcting my record. He said that he would get them to personally write me a letter stated what they are going to do. I told CCCS if FCNB need more time, I would understand. Just let me know their plans. But if they plan on not doing anything then I am going to take your guys advice and go to my state attorney and FTC. Thank you all for your help and advice. God Bless you, Bunni
"....score is now 681. I know it is not there yet but I was surprised. I think that should get me lower my interest rates for my home shouldn't it?" YES!!! I think so....... A Loan: __________________________________________________________ Considered the best credit rating. FICO scores are generally 660 and up with no late mortgage payments and less than one 30-day late revolver or installment loan payment. No bankruptcy within past 2-10 years. Maximum debt ratio allowed is 36-40% and maximum loan-to-value ratio is 95-100%. Good/excellent credit during last 2 to 5 years. No bankruptcy within the last 2 to 10 years. B Loan: ___________________________________________________________ FICO scores from 620 - 659. Two 30-day late mortgage payments and two - three 30-day late revolver or installment loan payments in the last twelve months. No 60+ delinquencies allowed. Must be 2-4 years since bankruptcy discharge. Maximum debt ratio averages 45-50% and maximum loan-to-value ratio is 75-85%. No 60-day mortgage lates. 24 - 48 mos since bankrupt discharge. Higher number of continual/rolling lates may be allowed. C Loan: ___________________________________________________________ FICO scores from 580-619. Three - four 30-day late mortgage payments allowed and four - six 30-day late revolver or installment loan payments; or two to four 60's. Must have 1-2 years since bankruptcy discharge. Maximum debt ratio 55% and maximum loan-to-value ratio averages 70-75%. 12 - 24 mos since bankrupt discharge. Continual/ rolling lates allowable. D Loan: ___________________________________________________________ FICO scores below 550. Two to six 30-day late mortgage payments or one to two 60-day late payments. Payment on Revolving and installment loans are generally late. Possible current bankruptcy or foreclosure allowed with all unpaid judgments to be paid with loan proceeds. Stable employment required. Maximum debt ratio averages 60% with max loan-to-value of 65-70%. Bankruptcy discharge within last 12 months. Judgements to be paid with loan proceeds. Not in foreclosure. Get Your FICO Bureau Score NOW! Memo: The figures are "typical". Most lenders have requirements that fall within these guidelines. Delinquencies and other requirements are not cumulative. Various combinations are allowed but worst-case situations, e.g., maximum number of 30-day plus maximum 60-day, etc., in combination with other blemishes, will generally push the borrower to the next lower credit level. Mortgage lates are the most important, especially as credit levels deteriorate. Credit patterns are important. More than a few credit cards or outstanding loans may signal a problem, as do a large number of recent credit inquiries. A demonstrated willingness to maintain payments is important. Constant/rolling lates are less important than late payments that occur sporadically because they signal an effort to pay. OR If you are applying for a home loan, though, you will not be expected to maintain a 900 point FICO score. In fact, a score of over 650 is generally worthy of an â??Aâ? paper loan. This means that the borrower will receive the best loan rates and will be required to complete minimal underwriting paperwork. If the score is below 650 but above 620, the borrower will be required to produce more documentation but will still probably receive â??Aâ? rates on the loan. Scores below 620 will typically force the borrower to seek higher risk, higher cost financing such as â??Bâ? through â??Dâ? loans. OR This is a general guide to what is called "A-B-C-D" credit. These grades are typical of the requirements used by many lenders, but are not absolute grades. Individual lenders typically have similar but somewhat different specifications. Keep in mind that late payments, called "lates", are generally tracked within the previous 12-month period. A Credit Considered the best credit rating. FICO scores are generally 640 and up with no lates on mortgage and no more than one 30-days-late on revolving or installment credit. No bankruptcy within past 2-10 years. Maximum debt ratio is 36-40% while maximum loan-to-value ratio is 95-100%. This type of credit will demand the best interest rate available! B+ to B- General good credit with FICO scores from 590 - 629. Two or three 30-days-late on mortgage and two to four 30-days-late on revolving or installment credit. Cannot have any 60 day lates. Must be 2-4 years since bankruptcy discharge. Maximum debt ratio averages 45-50% while maximum loan-to-value ratio is 90-95%. This type of credit will obtain rates 1-2% higher than current market rate. C+ to C- Fair credit with FICO scores from 570-580. Three to four 30-days-late on mortgage are allowed. Installment or revolving credit can have four to six 30-days-late or two to four 60-days-late. Must have 1-2 years since bankruptcy discharge. Maximum debt ratio runs around 55% with maximum loan-to-value ratio averaging 80-90%. This type of credit will generate rates 3-4% higher than current market. D+ to D- Overall poor credit history with FICO scores from 570 and lower. Two to six 30-days-late on mortgage or one to two 60-days-late, with isolated 90 days late. Revolving and installment lates show poor payment record with pattern of late payments. Possible current bankruptcy or foreclosure allowed with all unpaid judgments to be paid with loan proceeds. Must have stable employment. Maximum debt ratio averages 60% with max loan-to-value of 70-80%. This type of credit will result in high interest rates (12-14%), but borrower can always refinance after one year of "on-time" mortgage payments to bring rate down. Please keep in mind these are "general" guidelines. Some lenders assign different grades or use different grade definitions based upon their own method of evaluation. Always remember to check your credit report for errors once a year!
If these folks keep ignoring your request for removal of the false information, you will need to be a little stronger with your letter writing. I would send out a letter giving them 7 business days (certified mail return receipt requested) to clear up the false info on your reports. Let them know in your letter that it is hampering your ability to apply for credit. If you don't receive a response after this letter and a letter stating that it will be corrected, I would head down to small claims court and file against them. To strengthen your case, apply for credit with a company that bases their decisions on the paritcular company that is reporting the information.
