My EQ credit score

Discussion in 'Credit Talk' started by Jim, Apr 23, 2001.

  1. Jim

    Jim Well-Known Member

    I finally made the effort to check my credit score on-line with Equifax.

    633 - what a score. Equifax is my worst report as my Chap 7 BK (discharged Feb. '99) made it into the public record. EX and TU never picked it up. I have 3 BK related discharged credit card accounts. Reasons given for my score:

    Neg. public record
    Recent ( 1998) discharged BK items
    Much of the open credit is new

    My EQ report shows 11 open (R1) accounts; actually 9 but 2 old accounts show open. I think it is interesting that I was not told that I have too many accounts.

    As a side issue, there are a total of 27 (open and closed) positive tradelines going back to the 1980's on my report. I call this a side issue because I have no idea how or if closed positive tradelines affect FICO. I suspect they help especially if they are more recent.

    I cannot wait to see my TU credit score when it becomes available as I have only 2 negatives instead of 3 on the report, no inquiries and the BK never made it into the public record.

    Any thoughts from you guys on this. I suspect my score will be much higher in a year if I don't apply for more credit. LOL
  2. David

    David Well-Known Member

    This is what I'm not understanding...higher scores than mine with a BK on record.

    Mine is 629 or something. Last late payment 1995. 50% revolving.

    And two CA's for the same $68...makes no sense to me.

    Things that make you go hmmmm.....


  3. Jim

    Jim Well-Known Member

    Hi david!

    Welcome, I don't think we have talked before. FICO scoring is very mysterious and at one time I thought that a Chap 7 BK is just like dropping a nuclear bomb on your credit. I don't think that any more. I think that in most cases a chargeoff ( paid or unpaid ) is much more damaging. In this regard, I would like to share a true story with you.

    In May 2000, I applied for a credit card and a secured installment loan at my credit union. I saw my Experian score. It was 641 only 15 months post BK discharge. I got the card and the loan. In Feb 2001, I returned to the credit union to ask for an increase in limit on the card. I got politely turned down. I saw my score again. It was 574. The reason for the drop was all the new credit I had been or was being granted at the time.

    3 weeks ago, I went into Target and opened a $500 account in under 2 minutes. they pulled Experian. So I assume my Experian score had rebounded upward again.

    I don't mean to bore you with my story but if want to read what happened; do a search on "574". My posts will come up.

    Good luck
  4. David

    David Well-Known Member

    Re: Hi david!

    Hey Jim--

    Let me go on a bankruptcy tirade for just a moment here...

    I've never filed it, but my wife filed a Ch.13 shortly after we got married in 1993 because her ex went out and filed a Ch.7; all of "his/her" bills came back to "me/her".

    Well, we couldn't pay mine, hers, and his, so she filed a 13. Everybody gets something, even if its not every dime.

    Zoom to the year 2000--I now work for a lender. I also collect on delinquent accounts.

    I get very, very, VERY irate over the common misconception that the bulk of people that file do so because of some "horrendous life change" (losing job, medical bills, death in the family, divorce)--I'm not saying it doesn't happen at all; I'm just saying that in my experience, it's the exception, not the rule.

    MOST BKs occur because people spend themselves into oblivion, mismanage their dollars, and don't know the meaning of "I can do without it"--rather, their only thought is "I must have it right now and worry about how to pay for it later" (my wife and I represent each side still).

    Then, to put the icing on the proverbial cake, people with RECENT bankruptcies can get this, that, and the other piece of plastic, yet I get turned down simply to lower my mortgage rate.

    I for one am glad they've initiated the changes in the bankruptcy laws--I think it's long overdue.

    Again, just my opinion (had this been an actual opinion, you would have been instructed to seek your nearest area of shelter....)

  5. Jim

    Jim Well-Known Member

    David Re: BK

    A well constructed non emotional opinion is always welcomed by me. I think it is interesting that you work for a lender and have concluded that most BK's are caused by careless overspending. I was told this by someone else here on the board in the past.

    My BK was legitimate and I won't discuss the cause of it here as it is not important. I do disagree with you about the cause of most BK's. My "opinion" is that most are caused by a catastrophy.

    I do wish you good luck with your collections. I have nothing to share with you on them as I have never had a collection and am unqualified to assist you.
  6. David

    David Well-Known Member

    Re: David Re: BK

    Part of the reason for "bks on the front of my brain" is in fact the federal law that passed recently; plus, I called a bk attorney the other day about a customer, and she said "since the law passed, it's like I'm H&R Block at tax time".

    At any rate, I know a lot of bks occur due to a catastrophe--I just don't see it as a majority.

    As collections go, its a small part of my work; what amazes me are the lessons people fail to learn, even after bankruptcies, or credit bureaus that show late after late after late....

    Yet some of those same people will be standing there 6 months later wondering why they can't get a loan...



  7. Jim

    Jim Well-Known Member

    I respect your view

  8. LoFico

    LoFico Well-Known Member

    Re: I respect your view

    All great opinions, I think this board is a real eye opener and will educate a lot people. Me in particular.
  9. David

    David Well-Known Member

    Re: I respect your view

    I took a nice chapter 7 when a car blew me off my bicycle. 56k in med bills.

    Take your new bk law and shove it. Thank god there was a way to start over at age 24, with no family to support me.
  10. David

    David Well-Known Member

    Re: I respect your view

    A "nice" bankruptcy?

    You shove it; I'm sure you'll file again when you're 31.
  11. Voyager

    Voyager Well-Known Member

    Re: I respect your view

    He was trying to reason and was talking about the new bankruptcy law and did not insult you and you know it. You're too hotheaded to have a rational discussion.
  12. AnnMarie

    AnnMarie Well-Known Member

    Re: I respect your view

    Obviously, BK was established to help those that couldn't help themselves.
    To be honest, I can't think of anyone I personally know that has filed in the last TEN years that did so due to a traumatic event. Well......I guess credit cards, cars they didn't like so they didn't pay for them---or felt they were being charged too much interest on or over charged period for......what I'm saying is there's both sides of the coin-and no assumptions can be made. My parents filed when I was young--my father had terminal cancer that wasn't terminal for a LONG time and therefore they had good solid standing on the BK BUT what they first did was extend themselves aggresively in all areas first-knowing they were going to BK.
    If you are able bodied and have not suffered some of the horrendous things some of our members have, then I think you ARE ACCOUNTABLE for your bills. That's how I feel.
    I have couple things on my credit that I'm not proud of BUT all of these things are paid in the amount that I truly owed.
    So......that's my opinion.
  13. roni

    roni Well-Known Member

    Re: I respect your view

    you are not alone in your opinion, Ann Marie. That opinion has been in the minority here in the past few months.

  14. Jim

    Jim Well-Known Member

    Re: I respect your view

    I am surprised that this thread is going strong again. Everyone knows I opposed the new BK law but that is just my opinion. I wonder who the "David" with the bicycle accident is? Oh well. 2 Davids on the same thread how strange.
  15. Toothman

    Toothman Well-Known Member

    Re: I respect your view


    Based on the IP address of the mysterious "David" in question, I suspect it was the parting shot of our old nemesis, Bobby.

    I'm sure old Bob is putting in his threatened calls to the CRA's as we speak. :):)
  16. Jim

    Jim Well-Known Member

    Re: I respect your view

    Toothman - I think you are right Bobby was here stirring things up.

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