Newbie Help

Discussion in 'Credit Talk' started by mmatthews5, Jul 25, 2009.

  1. mmatthews5

    mmatthews5 New Member

    I'm new to the forum and would love some advice. Because of an oversight I was late with my equity loan payment in may. I have the fico monitoring service and was alerted my credit score dropped 61 points to 648. 3 of my credit card companies sent letters informing me that my credit limits were reduced significantly. I pulled the equifax report and there were four late payments listed in the negatives, wo old and 2 relatively new. I disputed all on the online equifax web site. I sent a letter a goodwill letter askinf homecomings to remove the late beacuse I was taking care of a critically ill father and did not pay enough attention to my financial's and the late payment occurred.
    I really need to stop the bleeding and restore my credit score as quick as I can. I would also like to get the credit card limits restored.
    What is the best way to proceed. Thanks in advance for the help.
  2. enigma

    enigma Well-Known Member

    Unless you pay down your outstanding line to less than 30% utilization, there is really not much you can do.

    In todays credit environment, creditors are looking for any excuse to reduce lines.
  3. mmatthews5

    mmatthews5 New Member


    Thanks for the reply. Are you talking about the cards or the equity lines?
  4. mmatthews5

    mmatthews5 New Member

    Credit score went up

    After disputing late charges online and send a goodwill letter to homecomings last week my credit has gone up 51 pts. Is this temporary due to the items being under investigation?
  5. cathyG

    cathyG Well-Known Member

    i didn't think credit scores could go up so fast especially if you just sent the letter last week. were you only late once in may or late in may and all months after that? if only once and the other lates were reported incorrectly, then that could be why your score jumped up. i was one date late on a card a couple months ago and all my cards were frozen. banks are completely unforgiving.
  6. mmatthews5

    mmatthews5 New Member

    Just late once to homecomings in may. the others were scattered 1 late payment. I also am wondering why the quick turnaround and I'm a bit worried it is aonly temporary.
  7. JoshuaHeckathorn

    JoshuaHeckathorn Administrator

    Welcome to our forum! We hope you return often.

    Unfortunately, it's going to be tough to get the credit limits restored in this market. You can always call and ask, but your chances of getting them restored are slim.

    Also, in regards to credit utilization, all you need to worry about is your credit cards. Equity lines aren't included in the calculation. If your limits were all cut, make sure that you're spending less than 30% of your total monthly credit. If you can cut it to 10%, even better.

Share This Page