Totally fed up!!!!!!!!!!!!!

Discussion in 'Credit Talk' started by Becky, Sep 18, 2001.

  1. Becky

    Becky Well-Known Member

    I am at the end of my rope with these CRA. I have spent the last 5 months disputing 80 some errors between the three agencies & my husband & my reports.

    80 % deleted
    15% corrected to show $0 bal in bk
    10% ignored

    After all this head banging work. We finally decided to try & have a lender pull a merged report. Looking at a score driven loan.

    Our damn scores went down by 20 - 30 points. Since before I started all the disputes. Our mid score is worse then our low score was 6 months ago.

    What the hell happened?

    I have three good trades current. About 10 old trades in good standing, but closed.

    All derogs are from 1995, showing $0 bal since then. 3 items in a BK 1999 $0 bal. Judgements from 1995 paid in full.

    Nothing other then getting a bunch of derog stuff deleted or $0 bal in bk. Nothing has changed as far as new credit or inquiries.

    I am back to having absolutly no faith again.

  2. breeze

    breeze Well-Known Member

    Yeah, I am beginning to think that disputing something lowers your score.
  3. Becky

    Becky Well-Known Member

    I feel like I am being punished for going against them.

    I am slightly paranoid.

    So now I am back to a 10% loan with a 20% down. I was better off 6 months ago.

  4. the other

    the other Well-Known Member

    Becky, I'm sooo sorry this has happened to you.

    Don't give up, I'm sure it will get better!
  5. breeze

    breeze Well-Known Member

    scoring is a hoax!!

    I feel like that right now also.

    When I checked my score in July, it was 651.

    I recently paid down my balances, my credit limits have been increased, and I haven't had any inquiries since May. However, I did dispute the balance on two accounts, because both of them report about once a year, and I wanted the lower balances to show. So I checked my score yesterday, and it is 647.

  6. Becky

    Becky Well-Known Member

    Re: scoring is a hoax!!

    I just don't get this.

    When I talked to a woman at Equifax a few weeks ago. She deleted 3 accounts over the phone I was having trouble getting done. They were the last derog I had to get off of there.

    She said that should help my score a lot.

    It helped it all right to go 12 points lower.

    Isn't there anyone out there that can explain this BS?

  7. chelechele

    chelechele Well-Known Member

    Re: scoring is a hoax!!

    I don't get it either because I had one deletion and my score jumped 33 points....BUT, I am sure they will find a way to take those back later....LOL
  8. PsychDoc

    PsychDoc Well-Known Member

    Re: scoring is a hoax!!

    Sometimes a negative account actually adds points to a FICO for other reasons -- the age of the account, the amount of the line of credit, current utilization of credit, its "Open" status, or any number of other characteristics that make up these silly credit scores.

    So, for example, let's say you had three tradelines with negatives on your Equifax report (ok, this is a simplified example, LOL, but they're the only kind I know how to make), and here they are:

    Example 1: Sears charge, open since 1992, Open, currently not late, was 120 days past due 3 times, owing $199, total LOC $800.

    Deleting this tradeline entirely ("not mine!") would surely lower your score. This account is an old one, which increases FICO. It's under 25% utilitization, which pumps up the unused but available credit portion of the score. Finally, even though it was seriously late, which does lower the score, it's not currently late, which raises the score. :) So how do I know for sure whether the item's overall deletion would raise or lower the overall score? I don't. I'm guessing, LOL, since Fair Isaac won't release the actual formula despite Greg Fisher's (and others') best efforts. However, the CreditExpert simulator gives us some insight; if you subscribe to that, play with the variables a bit.

    Example 2: MBNA MasterCard, open since 1997, Open, currently not late, was 90 days past due 2 times, owing $250, total LOC $500.

    I'd guess that a full deletion of this would also result in your score lowering or perhaps an even wash. In this case, credit utilization is right at 50%, it's still on time even though it has been moderately late, and it's not exactly an ancient account. If, on the other hand, just the late-pay notations on this tradeline were deleted but the item itself remained, the score would almost surely increase; same with Example 1.

    Example 3: Citibank VISA, closed by credit grantor, opened in 1998, nothing currently owing, was 120 days past due 4 times.

    Deleting this tradeline would probably raise your score. In this case, there is no available credit line, it was closed by the credit grantor, and was seriously late the whole time you had the account. You'd pay up, then let it languish for another 90 or 120 days, and then finally pay, and then let it go another few months, etc. Everything about this account damages your score.

    For the sake of example, let's say that you only had four tradelines total (one was a picture perfect Target card, never late, $750 LOC, nothing owing, 3 years old). Deleting all three of the other tradelines would leave you with only a single item on your report, and this also might result in a relatively low FICO score -- making things even more confusing. "Gee whiz, I've deleted all my negatives, but my score is still low or even lower!" In this case, rejoice, because it's time to apply for some credit, make good payments for six months or more, and watch your score rise like Ivory soap in the tub.

    Consider this to be my personal analysis and best guess about scoring based only upon what I've observed with my own scores during the course of my own tradeline disputes. I'm not an expert in either credit or credit scoring, so of course I could be dead wrong -- making no claims here for "expert" status. (This is for Greg Fisher's benefit, LOL, before he fires off a good but unanswerable question at me for having dared to fathom an answer here.) Regardless, I believe that I'm more on the right track than on the wrong track when I make the point that credit scoring is a bit more complex than it appears at first glance.

  9. Momof3

    Momof3 Well-Known Member

    Re: scoring is a hoax!!

    Very good examples Doc:) This makes alot of sense, I was thinking on those same lines but could not have explained as well or as detailed as you:)
  10. aigle

    aigle Well-Known Member

    Re: scoring is a hoax!!

    I thought it takes 3 months for the score to rise after deletion of negatives.
  11. Becky

    Becky Well-Known Member

    Re: scoring is a hoax!!

    The object of all this was to get the stuff deleted or corrected to raise the score to get a home loan.

    Now that I have most all cleared up. Mainly what's left is like tiems corrected/deleted on one or two of the Cr. But, the third not doing anything to verify. Or that would be off also.

    I had judgements that were showing open (actuality they had been in the 1995 bk). They were deleted. Along with numerous other accounts that were showing from 1995 with open balances & charged off. Also one's from 1999 deleted or now showing in bk with $0 bal.

    I have two open aged good trade lines with really low balances, but high CL. 10 really aged, but closed good trade lines.

    I would think they would have gone up, not down?

    I talked to a lender that I had previously spoke to. That said get this stuff off & no problem getting finaced.

    This afternoon I was just told. Not going to happen. 'Yes I can see that all the derogs you said were incorrect & they took care of them. BUT, your middle score is still 12 points to low to qualify for a low ltv program.'


  12. RichGuy

    RichGuy Well-Known Member

    Re: scoring is a hoax!!


    A beautiful analysis of some of the dilemmas inherent in deletion.


    Time heals all wounds. Apply for more accounts, keep your balances low, make your payments, and watch your score rise. Doc was right.
  13. Becky

    Becky Well-Known Member

    Re: scoring is a hoax!!

    How do you get more accounts if everything you apply for you get turned down?

    Then your score goes down even more cause of to many inquiries?

    I think this is totally a stupid system.

    Income, we can afford it.

    2 1/2 years not one late or any other kind of bad credit.

    No debt.

    Any derogatory info on CR's reflecting only 1999 or older.

    Only 4 inquiries in a year.

    But because were 12 points below a credit score that monkeys have made up. We end up losing thousands to rental properties. That could have gone for a nice down payment.

    What a vicious cycle.

  14. RichGuy

    RichGuy Well-Known Member

    Re: scoring is a hoax!!

    I know what you mean. Applying for new accounts generates inquiries. Getting accepted increases your number of new accounts and decreases the average age of your accounts. I'm constantly seeing "length of credit history" mentioned whenever I get turned down. That basically means "not enough old accounts." It couldn't literally mean length of credit history, since I have one immaculate account (Citibank) going back eight years.

    I still think that most of the contradictory elements in scoring go away after a few years. Then you really get judged on your timely payments and low balances. It does take time, though. I realize in my own situation that nothing really good could happen for another year or so, even if all my negatives were deleted overnight.

    Depending on what your scores are now, some of us could try to recommend creditors to which you could apply with a reasonable chance of approval.

    Even if you're fed up, please don't give up.
  15. Becky

    Becky Well-Known Member

    Re: scoring is a hoax!!

    Thanks Richguy,

    Our scores are as such: (what it was 6 months ago)

    Mine: Equifax - 587 (down 22)

    Experian - 502 (down 18)

    TU - 568 (up 22)

    Husbands: Equifax - 596 (up 34)

    Experian - 562 (down 6)

    TU - 524 - (down 24)

    Now both of us have basically the same credit histories. The real only difference is that he has a good standing discover card & I have a Chase.
    There were several items on mine that were cleared up, but remain on his.

    His Equifax has four disputing items left.

    Mine has two.

    Experian his one.

    Mine three.

    TU his three.

    Mine three.

    Number two problem: very little for a down payment. 3-5% is about it.

    Any help with this is greatly appreciated.

  16. Becky

    Becky Well-Known Member

    Re: scoring is a hoax!!

    Just bumping this back up.

    Anyone know anyone that would loan with these scores & little downpayment?


  17. lbrown59

    lbrown59 Well-Known Member

    Re: scoring is a hoax!!

    Easy to explain: Fico is rigged to keep scores low so they have an excuse to builk you by overcharging you for insterest and insurance rates!
  18. lbrown59

    lbrown59 Well-Known Member

    Re: scoring is a hoax!!

    They all ready have.It's a tool of plunder called
    F I C O.
  19. lbrown59

    lbrown59 Well-Known Member

    Re: scoring is a hoax!!

    So how does any of this have anything to do with are you good for the money?!!!!!!!!!!!!!!!!!!!!!!!!!!!
  20. lbrown59

    lbrown59 Well-Known Member

    Any thing & every thing lowers your score. That's what F I C O is all about!

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