Personal update-help Bkev or anyone

Discussion in 'Credit Talk' started by Kittw1, Oct 26, 2001.

  1. Kittw1

    Kittw1 Well-Known Member

    Well, I was really getting frustrated. On Monday, there was fat envelope awaiting me. It was from ChexSystems.....DELETION. WOOOOOHOOOO.

    Experian.. initially, I had 7 items there. I am down to 2 items which they refuse to reinvestigate. I am going to try one more thing to get them to get it off.

    Transunion - 7 items. Down to three. Score 590. They refuse to delete any inquiries. Will keep trying.

    Equifax - forget how many initial items. Still have seven derogs. 4 CAs - they will not remove. 1 item that has been reaged and 2 CCB/Providian that just won't budge. CCB has validated so...hhmmmmm!

    I cannot seem to get any approvals on any cards. I am not interested in wasting inquiries. i need some type of revloving credit as I am trying to purchase a home by Jan/02.

    I am considering Marin (don't want to) as a jumping ground. That sounds desperate doesn't it? Well, we shall see.

    Any suggestions on my next moves. Help me please.

    What can I do?
  2. roni

    roni Well-Known Member

    Suggestions? Sure... But I have to tell you some bad news also... Stop apply for credit! Accounts only help you after they've been reporting for six months. With your target date of Jan 2002, don't waste the FICO points.

    Good news... You can get financing! It just may not be at the best terms, but you can always refinance when you clear up all the issues.

    Specifically with the CRAS....

    Experian. That is their company policy. Write a strictly worded letter and send it Certified Mail RR. Quote the Fair Credit Reporting Act- Section 611 Procedure in case of disputed accuracy (a) Reinvestigation of disputed information (1) REINVESTIGATION REQUIRED. You want them to know that they can not legally refuse to investigate. The FCRA does not place a limit on the number of times an account can be investigated or the duration of time between investiations... ONLY THAT IT IS REQUIRED! Make it very clear, should they not follow the FCRA, you are prepared to enforce Section 616 to protect your rights.

    TU- Stop applying for new credit and worry about INQ later... they're not that big now. Work on the 3 remaining dings. When you get those off, do an online investigation for the inquiries. List the creditors as normal accounts and the data of inquiry for the #.

    EQF- Reaged? Great... That's a violation of the FCRA. Inform them you have documented evidence the account history is incorrect (old/new reports). Ask for investigation to correct the issue or again your are prepared to enforce section 616 to protect your rights. These are the errors that you can work.... BINGO!

    Give yourself a pat on the back... Sounds like you've had some good results.... It takes most people more than a year to clear up their issues!
  3. Kittw1

    Kittw1 Well-Known Member

    Thank you so much for your response. Can you give me a synopsis on 616. Also, I have one item on TU that has exceeded SOL for Georgia. Ok, I won't apply for any more credit. I am going thru a program here that gurantees non-predatory lending at rates 1% below current 30yr fixed. (CANNOT BEAT THAT). I want to get everything cleaned up before I even go in there. I was really frustrated a few weeks ago, I guess I am okay. Should I keep the Marin card (whenever I receive the info) and just pay it as good measure or leave it alone?
  4. roni

    roni Well-Known Member

    616... Civil liability for Wilful Noncompliance.... For each violation of the FCRA, awards damages of $100-$1000 or real damages (cost of addtional APR, denined credit etc.) Also allows for punitive damages, court costs and lawyers fees... assuming the plaintiff wins the case.

    617 is the same statue, but written from a negligent basis... If they didn't know about the error, which they did because you told them and asked for them to investigate.

    Details? Click the FCRA LAW link below.... :)

    Statue of Limitations for credit reporting or collection of the debt (usually expires earlier). If it's been past seven years, I would CALL TU. Tell them... If it's obvious errors, they have been known to delete without an investigation.
  5. OtherTerri

    OtherTerri Well-Known Member

    Bkev - Is there any way to figure how much a new account hurts your score for the first six months?
  6. roni

    roni Well-Known Member

    Not really... A good guess would be five-fifteen points on an average persons score between the inquiry and the account...

    Anyone else have an opinion on this one??
  7. Momof3

    Momof3 Well-Known Member

    Well I have experience with new accounts hehe. I really think it depends on what limit you receive and what is does to your ratios. If it is a high limit and reduces your overall debt a great deal then your score doesn't really take a hit. I have had new accounts and only once took a 20 point hit but bounced right back after another new account hit (go figure) but limit was high, but every other time my score has either gone up a few points or stayed with same. this is based on Equifax's report and score.
  8. Kittw1

    Kittw1 Well-Known Member

    What about Marin? Keep or rid? Will I need some type of revolving credit.
  9. OtherTerri

    OtherTerri Well-Known Member


    I assume you are talking about revolving accounts, so do installment loans have a negative effect the first 6 months?
  10. Momof3

    Momof3 Well-Known Member

    Yes I am just speaking for revolving accounts. But WHENEVER my mortgage shows up I will let you all know what effect that had. Waiting patiently after making 4 payments grrrrrrrrrrrrr.

    But I know installments of that type aren't factored into your ratios, so I would 'think" it may take a slight hit, but the fact that is appears can be a plus for some credit approvals. Not that I am going to test that, on the wagon til mid next year.
  11. OtherTerri

    OtherTerri Well-Known Member

    Ooh - sorry to hear your mortgage is not being reported.

    I think I saw a post here not too long ago where someone said that the balance on installment loans did count, but everyone else says they do not.

    Thanks for sharing Mom!
  12. Momof3

    Momof3 Well-Known Member

    Thanks Teri. My mortgage is with Chase and they assured me they do report just takes time, I guess their times table is longer than I expected LOL.
  13. Kittw1

    Kittw1 Well-Known Member

    Another thread that has turned into something else! LOL! Thanks for keeping me on top.

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