My terrible score

Discussion in 'Credit Talk' started by S.D., Mar 20, 2001.

  1. S.D.

    S.D. Guest

    I logged on to equifax and I was able to get my score. I can't believe my score is 549!!!!!!! I was hoping for at least high 500s! I guess I can't be that upset. I just started building my credit. These were the reasons:
    1) serious delinquency (this charge off is not mine and is seriously hurting my score!!! I'm disputing it)

    2) length of time accts have been established (oldest acct is 11/00)

    3) amount owed on delinquent acct (I'm telling you... this charge off is killing my score!)

    4) Too many inquiries in the past 12 months

    I guess I've got some work to do on my credit reports...
    Congratulations to those who have worked hard and have earned those terrific scores! Momof3! =0)
  2. Jim

    Jim Well-Known Member

    S.D. - I know you are disapointed but you are doing what you can to improve your credit. At your age you have the time to build great credit.

    As a side issue, I am 42 and I am in the process of upgrading some med. school student loans from years ago from "I" to "I1" status. The "1" means never late. So if you have or plan to obtain student loans, pay them on time. they can help you for years after. You might even want to look into obtaining a student loan just to pay it off if say you are a night student. Most full time day students find there way to the financial aid office pretty quick on their own.
  3. S.D.

    S.D. Guest

    Thanks, Jim. I'll keep that in mind. Maybe once my positive lines age, my score will also increase.
  4. Momof3

    Momof3 Well-Known Member


    Try not to let this get you down, I know eaxctly how you fell I thought I was doing quite well in October and then got the rude awakening of a score of 540!! Since then I went from 12 account to 5 and paid down my balances, they were a little high back then, I am sure age has helped me along with getting balances down. Time is really all you need and just manage your accounts wisely, keep the balances low. I hope you can get the chargeoff removed b/c that does do alot of damage no matter how many good accounts you have, my husband is a perfect example, perfect accounts but that collection just kills him, plus I now realize that Equifax has this reported quite differently than TU. But keep your chin up and things will get better, I know waiting is hard to do but it does pay off it is just frustrating getting there.

  5. S.D.

    S.D. Guest

    Thanks Mom

    =0) Guess patience is key!
  6. Christi

    Christi Well-Known Member

    Re: Thanks Mom

    Hell you could have a 466 like me..........i dont know what the hell to do? i'm depressed about this crud! sorry for the curse words, but man oh man

  7. miles

    miles Well-Known Member

    Re: Thanks Mom

    S.D. & Christi, many of us are or have had low scores. Keep your head up and remember that you are much more educated than most consumers. You are on the right track to get your credit back to prime status. I know it is hard, but it is attainable. I am an example as well as many others on this board. I was so frustrated and NEVER thought I would be in the prime world again. Since my reports have been cleaned up, I feel so blessed that my hard work really paid off. Yours will too. I believe that having bad credit at one time makes you that much more appreciative and protective when you get it back. Stay positive!!!! :)
  8. Christi

    Christi Well-Known Member


    Thanks for the positive note....that helped :) Give me some hints, what did you do? I've started with dispute letters. The stuff that came back verified, I've now sent out validation letters to the collection agencies. Is there really anymore I can do? Again thanks and congrats on your score, since someone posted everyone's for us all to see.

  9. miles

    miles Well-Known Member

    Re: Miles

    Your welcome Christi! Well, lucky for me, many of my negative items had fallen off due to time. That was before I really knew much about credit ( but I knew it had turned bad). However, there were still negatives that I had to work on. For example, I filed chap 13 bk in 1990 I think (maybe 89'). I was so young and didn't know much about credit. You just charge and charge. Paying back never crosses your mind much. Approvals were different such a short time ago. I started getting approvals when I was 18. Cards were just sent in the mail without your approval and pre-approvals were plentiful(well, you get the idea). Anyway, when I checked my reports, the bk was still showing as well a couple of accounts that were included (mainly on TU). I disputed them and they were removed. I had also had a number of 30 day and 60 day lates. Some were incorrect. Since the accounts were closed (with the exception of 1) the disputes worked well with all three CRA's. The only one I can't get removed is 1 30 day late from 4 years ago, but that is not a major deal. I also had a charge off that I didn't bother disputing because it was due to fall of at the beginning of this year (which it did). I have only sent letters to the CRA's. Since they responded fairly well, I have not had to write any "prove or remove" letters to past creditors. In addition, I have kept my inquiries to a very low minimum. I accepted the fact that my credit needed improvement and I didn't want to bother wasting inquiries (points) on a guessing game. I have educated myself extensively and am a fanatic about money management, investing and saving. I have changed and grown so much. I look at good credit as a FUN hobby (that is taken seriously). I really think credit management and it's importance should start not only in high school, but in the home. If I had known how important credit is and how many doors it opens for us, I would never have had so many problems. I am now teaching my friends and family about credit issues they never knew existed. This has been a very humbling experience and has taught me a very hard lesson. Sorry... I'm rambling again ;-) I hope this is of some help. If I can help with anything else, please let me know. :)

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