I am new subscriber. I have been reading this forum for 2 monthes. I found it very interesting and helpful. Because of this chat room, I took the initiative and disputed 5 derogatory tradelines on my credit with all three credit reporting agencies. Experian and equifax agreed with me and deleted the 5 tradelines. The funny part is my score jumped by 35 on Experian and dropped by 12 on equifax. I am at loss to describe these findings. Can any one out there explain why this happened? For your information, nothing happened on my credit file for the last 2 weeks. My credit use ratio is 2%. Thanks everybody for all the help. Coqui
I just got my results from the first go round myself. From EQ, I had 3 minor collections deleted, 1 bogus charge off deleted, and 1 30 day late CC payment deleted. My score went up a whopping 7 points. Yeah. There is nothing else derogatory on that report except a one time 90 day late student loan payment which was over 2 years ago. Been current on all other CC's and loans ever since. Have many positive tradelines. CC usage is under 40%. My FICO score SOARED from 492 to 499. Maybe now I can buy that house in the hood' I have always dreamed about. Get that Delta SkyMiles Card. All the good stuff....Gee, I guess not. Just realized again from reading the FICO explanation that 499 sucks and 99% of american consumers have a better credit report. Sure. I'd like to compare tradelines with em'. Other than that crap that was deleted and the one 90 day late, my report is as clean as they get. 1 inquiry over a year for a cell phone, one derogatory, and voila...11 years of otherwise perfect credit and this is how I am rated as a candidate to lenders. I would like to hang the FICO people by their eyelids. Then start the torture. MidEvil stuff. If you can't tell, I feel your pain, brother. Seems like others on this site do as well, just keep it clean, and keep your head up. I may contact an attorney and sue the FICO modelers for a system that has led me to so much anguish over the recent past. Who knows, maybe one will bite after I show him my new credit report, and what my score is. I will give it 6 months, and if it doesn't rise like wildfire, I can see no other option.
I underestan your frustration. I pay all my credit cards to 0 balance every month, and I pay my two car payments deducted auotmatically from my account every month. As a math major, I don't understand their model which is very antiquated, and doesn't know a good thing if it bites them in the ass. I hope and pray equifax will update this weird fico or faco, what ever you want call it, soon. Otherwise, somebody owes me an explanation, and I am going to get it even if I have to hire an expensive lawyer. Thanks for the reply. Coqui
Credit history of about 11 and a half years. 1 MBNA card, now after the 30 day deletion, never late. 2 Citibank Cards, never late 1 Discover Card never late 1 First USA Card never late 1 AMEX never late total credit about 25k. Utilized now about 8k of revolving credit. Average interest rate of about 12%. Never late on a payment except once, 4 years ago, which was now deleted. I have 17k left of 35k of student loans. One was 90 days late due to a consolidation problem 2 and a half years ago. Paid almost 2x the amount due over the past 2 years. I have 3 car loans. 2 paid off/never late. 1 current car loan, never late which i am about to pay off since i have a company car. Finally put in in the classifieds and have a buyer. I am dead serious, if when I pay this loan off, if my score does not increase A LOT, I am going to contact a lawyer. HOW is my score 499 after the 3 collections(totaling 689.00) were deleted, and the bogus charge off(totaling 150.00) was deleted? I have a few positive trademarks for other stuff too, it is ALL positives, never lates. Anyone have any ideas?
How did you get those CC's with that score? Your score had to have been higher to get the quality of cards that you have. Charlie
Now I know that we all talk about FICO being a RNG, but yours makes ABSOLUTELY NO sense. My EQ FICO is currently 666. (SCARY!) it dropped because of 3 new accounts being reported. OK, but look at what I have: 2 BK - 7 in 1993, 13 in 1998 4 good accounts - $11k car note, $9k car note, 1 visa @ 700, 1 mc @ 200. 3 old closed pays as agreed accts. 7 collections. 5 inquiries. (my girlfried at work "hates" me because she has a report that is a mile long of perfect credit and her score is lower than mine!) Between your score and mine, it is proof that they have no idea what they are doing! LOL I wonder how much this may have to do with income levels? I have a fairly decent income.
Ummmmmmm maybe you should file bk and it will go up faster, LOL. I can see why they didn't want us to know about it, huh?
All the credit cards I received in the military and in college, quite a while ago....I didn't get them recently.
I agree that it is a RNG. With every NEW account that shows up and there's been 7 in the past 2 months my score has only gone up. I know it's because of more available credit and I do have a stable credit history already. But, "fico" makes no sense whatsoever. I was talking to a Realtor/Mtg broker and I was explaining this to her and she didn't understand it either...
