CreditBob Tracker

Re: Inquiry clarification help please

CreditBob — Wed, 15 May 2013 08:07:15 GMT

Inquiries only affect the fico score for the first 12 months even though they report for 2 years. When you apply for new credit & add an inquiry it will affect your score. By how much depends on what other factors such as credit mixes, length of history, balances, etc., that are reporting to the credit bureaus. When you open an account is is considered new until it has reported for one year. If you have opened two or more (multiple) accounts it affects it more. This also includes an account that is not well established which takes four years after it was opened.

The reason that I am mentioning these other things is because an account is usually followed by an inquiry unless it is a utility company.

Re: Revolving Accounts

CreditBob — Thu, 13 Dec 2012 05:37:15 GMT

Thank you, you actually had the answer that I was looking for.

Re: Revolving Accounts

CreditBob — Wed, 12 Dec 2012 21:32:21 GMT

It's the reason risk codes that are supplied by the credit bureau & not the creditor. So in other words how long does it take for a new account to be considered an established account by the credit bureau standards?

Revolving Accounts

CreditBob — Wed, 12 Dec 2012 04:16:02 GMT

I few months ago I got a letter from a creditor when I had applied for credit. So can anyone tell me when this would no longer be an issue on my credit report.

LENGTH OF TIME REVOLVING ACCOUNTS HAVE BEEN ESTABLISHED

LENGTH OF TIME ACCOUNTS HAVE BEEN ESTABLISHED

So when are revolving accounts or any type of accounts considered established? After how many years?

OPEN ACCOUNTS

1 VISA 6 Y 5 M 1 VISA 6 Y 1 M 1 LINE OF CREDIT 6 Y 1 M MC 2 Y 8 M MC 2 Y 8 M VISA 2 Y 9 M

1 AUTO LOAN 1 Y 9 M

I have also had other loans as well. 5 y 11 m I got an installment loan.

So based on this information can anyone tell me the minimum time for an established account?

Re: Experian Credit Solution

CreditBob — Mon, 10 Dec 2012 15:23:05 GMT

As far as the coding goes it can be changed or formatted differently. The FICO computer personnel could pull it off. Failure is not an option.

Re: Experian Credit Solution

CreditBob — Mon, 10 Dec 2012 15:21:37 GMT

I do believe that anything is possible and I am not going to give up yet. This is how I look at it. The credit report belongs to me. The mathematical formula belongs to Fair Isaac. And as far as using the Experian name, their name does not have to be on the report. Let's say I submitted information from a credit report but did not specify what credit bureau that it came from, then the Experian name is not being used. I am optimistic and Experian will not deter me from at least trying. My understanding is that the information from a credit report is dumped on FICO's algorithm formula.

Re: Anyone have email addy for Credit Protection Association?

CreditBob — Mon, 10 Dec 2012 15:13:29 GMT

http://www.creditprotect.com then click on contact in the upper right hand corner & fill in your contact information

Re: Bad credit, new job, any chance of approval?

CreditBob — Mon, 10 Dec 2012 15:09:29 GMT

Check with your local credit union. There are also secondary car loan lots but he interest rate is higher. So you will have to do your homework. In the mean time you will need to immediately do something about the adverse (negative) information that is on your credit report. It's especially bad if you have a student loan in collections. Another thing that you can do is sit down with your spouse and go over a financial budget. Se what money is coming in & compared that to what your expenses are. You may have to make some sacrifices by cutting back on expenses and applying the extra money to the debts. You do not want any creditor(s) to start garnishing your employment wages.

Re: My score jumb back

CreditBob — Mon, 10 Dec 2012 15:01:25 GMT

There are other factors that could be affecting your fico score in addition to the inquiries. So here is something to consider:

1. Inquiries will affect the score for only the first month. Even though they stay on your credit report for two years they have no impact once the inquiry has been reported for 13 months.

2. New account(s) opened within the last 12 months

3. A new account open with a high balance

4. Installment trade lines (auto loans, student loans, personal loans)-35% of the original balance has not been paid down.

5. Average age account

6. Mixes of credit-revolving, installment, mortgage

You can also go to www.bankrate.com/fico and answer three pages of questions. This will give you a score range based solely on the information to which you have provided.

Re: Checking credit reports & Possible Identity theft??

CreditBob — Mon, 10 Dec 2012 14:51:27 GMT

If a person can not access their online credit report then the individual would have to mail it in. So there is no other way. Here is what documentation will be needed; copy of his driver's license or state id card which as to have the same address, copy of his social security card, a utility bill or a cell phone bill that reflects the same address, a copy of a credit card statement as well as a bank statement that reflects the same address. Also have him include a letter to the credit bureaus to request a copy of his credit report. I have personally sent in copies of things that verify myself & have had no issues or problems. There are three credit bureaus. Also on the annual credit report website he can also try the other two credit bureaus. So if the questions that were asked but did not work out for him, in Experian for example, he could try Equifax or Transunion.

Experian Credit Solution

CreditBob — Mon, 10 Dec 2012 09:34:57 GMT

I wanted to share an idea with everyone to which I just sent a letter as well as filled out the request form for Fair Isaac aka MYOPIC. Experian does not have an agreement with MYOPIC. So here is an idea & I would like to see what anyone else thinks. This would not only benefit each consumer but it would generate revenue for MYOPIC.

On the MYOPIC website allow an online form that allows consumer members to fill in blanks that they fill in themselves from information that is in their Experian credit report. The same fee of $ 19.95 would apply in the same way that would apply as if you were accessing your Equifax & Transunion. It would be also stated, and a box would have to be checked off to user terms, that the score is based off of the information the member has entered. But if there is any missing data or data that is inaccurate then the score would not be the same as what the lender sees.

So I am hoping that Fair Isaac will consider this. So as long as each person entered in the complete & accurate date then I know that it would work. The computer IT team or the computer programmers at MYFICO could set it up on the website. So if it were my company I would definitely do it because it would give my business more income.

Re: Authorized User Accounts

CreditBob — Mon, 03 Dec 2012 16:08:33 GMT

This has nothing to do with this topic being brought up in 2008. The truth in lending & other appropriate changes to the authorized users is being considered by the law makers. I do not believe that they have not included the folks at Fico or Myfico because it related to the credit bureaus. In other words Fair Isaac would not have to do a thing because once the law is changed & no more authorized users are on a indivdual's credit profile, then the fico score would only go off of what was being reported. These are new discussions as we are speaking now.

Credit Report Information In General

CreditBob — Mon, 03 Dec 2012 15:03:55 GMT

A lot of people still do not understand the other certain information on their credit report. There are two things that a lot are not aware of. The first thing is that there are certain accounts, that even though you went through a bank on, are coded as a finance company. This is also credit risk code #6 which will have some what of a negative impact on the score. The other thing is the risk codes that in the credit report when a lender uses them. It shows the codes but it does not state what they are. And in regards to the credit report they are the factors in why your credit rating is lower. You definitely do not want # 39 or #40 because they relate to a collection account, bankruptcy, public record. etc. #19 date of last inquiry is too recent. Or #11 amount owed on revolving accounts is too high. Help is not too far away. There could be a book or publishing that will list what creditors & their types of accounts are coded as a fiance company. Regardless of what information that you do obtain you will still need to do certain things in order to get a high credit rating on on your report. These includes no adverse information, allowing your accounts to age, minimal or no inquiries, 0-9% utilization on each credit card or the overall credit card accounts combined together. So even if you knew everything you would still have to wait for the accounts to age and so & so forth. One last note, having an open installment loan with an open revolving account will give you a better credit rating compared to if you just had the credit card by itself. But is also depends on what other things are on your credit report such as mixes of the different types of credit.

Re: Authorized User Accounts

CreditBob — Mon, 03 Dec 2012 14:47:30 GMT

Why don't you cosign for them or have them start by opening am account at a credit union. My credit union will with a $ 100 limit. Or have them get a secured account. These are great for teenagers that have just turned 18 years old. The reason the changes were made is because the score is there to measure an individual's credit risk or credit worthiness. A score that is just given to someone as a result of piggybacking or borrowing a trade line from another person has no way of doing that. There are some lenders that will not use an authorized user account for those reasons & Chase Bank is one of them. I also just listened to a segment online a few days ago & fico will not include authorized users by this September. Just look at all the mortgage loans & other types of credit that people have gotten in 2008 or before that should never have gotten them in the first place. Let me ask you this questions. If your son or daughter has nothing but authorized user accounts on their credit profile with Equifax, Experian, & Transunion, then how is the lender supposed to determine what kind of credit risk they may be???? It also depends on who you talk to and what their point of view is on this. I have talked to different creditors, executives in the credit bureaus, & some of our law makers in Washington, DC to which this has gotten their attention. Some of them have expressed the same concern as if you were to compare it to the credit crisis in 2008 where many have gotten credit that never should have in the first place. On a last note it is only a certain time before more changes are made. And one of them includes a compete ban of authorized user accounts being on any credit report with the three major bureaus.

Re: Fico Score & Utilization Percentage

CreditBob — Fri, 14 Sep 2012 15:02:51 GMT

Ok thanks. Do you think that if the average utilzation percentage is around 75%, down from 99%, the average on 6 revolving accounts, that the score will go up some what (a little)??

Fico Score & Utilization Percentage

CreditBob — Fri, 14 Sep 2012 14:26:51 GMT

Here is a question that I have & hope that someone can answer. One of the reason risk codes comes back as "High balance on revolving account". The credit limit is $ 1,000 and the utilzation rate was at 99% or a balance of $ 990. At what balance or utilization percentage will it no longer be a factor as a high balance as far as keeping the score lower? In other owrds when I am at 75%, 50%, or what balance & utilzation?

Low Book Sales & Other Similar Auto Financing Auto Loans

CreditBob — Sat, 18 Aug 2012 01:31:28 GMT

There is a auto sales business called Low Book Sales in Utah. They advertise that they can get you financed into a vehicle regardless of your bad credit or even as soon as a bankruptcy has been discharged. Two things on this. One the interest rate is 30-35 percent. Second, they are hoping that the person can get refinanced through their bank or credit union within a year. I know this because I have talked to them in person about it because I was only curious. I also talked to my credit unions, Chase Bank, Wells Fargo Bank, etc. No one will even touch this. So places like low book sales are giving false impressions & promises.

Before Seeking Credit

CreditBob — Sat, 18 Aug 2012 01:26:20 GMT

There are some things that any individual can do before they fill out a credit application. First, find out which credit bureau(s) the lender is going to pull from. Ask them what minimum fico score is needed to get a specific tier rate. For example to get a tier 1 rate or the best interest rate both Toyota Financial Services & Utah Community Credit Union require a minimum score of 720. Others may be a 740 or a 750. Then pull a report through myfico with the exception of Experian which you will not be able to pull. Even if you are not at a tier 1 chances are you can still qualify. Do not use the advantage scores. Upon talking to different lenders this is an issue that is a problem. These are also known as the fako scores.

Request For New Laws REgarding Authorized Users, Finance Companies to Representative

CreditBob — Fri, 10 Aug 2012 18:33:53 GMT

Message Subject:
Authorized User Accounts
Message Text:
I would like to see all authorized user accounts permanently banned & being reported to all of the credit bureaus. The credit report rating & the fico credit scoring system is set up so that it accurately measures credit risk of an individual. In addition it sets the internet that the consumer will get on credit cards, auto loans, personal loans, & mortgage loans. Individuals that have authorized user accounts on their credit report are getting a high score when they have made no payments. It is not fair to the rest of us that make our payments on time. I was reading that some states consider this to be financial fraud because they are getting a lower rate they through their actions of their own account history are getting these high scores & credit ratings. Creditors have no way to measure what kind of credit risk these types of consumers are. For this reason Utah Community Credit Union will not use these types of accounts. But there are lenders that will. The truth in lending policy or act (federal law) needs to be changed. There are consumers that are getting very low rates & loans that should never have gotten them in the first place. I am comparing this to the credit & mortgage crisis back in 2008 where people have gotten credit or mortgages that should have never been approved int he first place. Please pass a bill that prohibits any authorized user account to be on any credit report with all the credit reporting agencies. Second, I would like to see a federal law so that a loan through a finance company is treated the same way as if you went to a bank or credit union. here is what is going on. The credit bureaus are causing your fico credit score to be at least 50 points less on the fico credit score because you are using a finance company. Now I am on my second loan with Springleaf Financial Services & I have never been late. In fact all my accounts, open & closed, are paid as agreed & on time. How on earth a I a higher credit risk. It's bad enough when they charge you 25% or higher. I would also like a law that allows consumers to have good accounts removed from any credit report if the information is harming the individual's credit rating or credit score, such as a finance company being reported

Re: Authorized User Accounts

CreditBob — Fri, 10 Aug 2012 17:56:47 GMT

I was told by someone that is an authorized user as well as a person that is working with a mortgage company. So now the new rules are as follows. it is when the authorized user account was added not the entire age history of the original card holder.