Credit Cards

[ladylpk74]

I'm sure most of you have hard about the big mess going on with Sallie Mae customers. Unfortunately I'm one of those customers affected. My Equifax score a few weeks ago was 787 and now it has decreased significantly due to Sallie Mae reporting I am past due on my account. The truth is I am ahead even by their "level" payment standards. My question is this: Do cc companies receive alerts when derogative changes have taken place on a consumers credit report? I am worried because Chase raised my interest rate before because of a high balance on another card and I'm afraid they will do it again. My interest rate with them now is 7.99%. Will I have a leg to stand on if they decide to raise my rate even if this entire mess isn't my fault? 

[FretlessMayhem]

How much of a drop did you experience? Is it reporting to all 3 CRAs?

I've noticed that Chase softs me on EX a lot. Like 3 times a month.

[Creditaddict]

I would think you would see a HUGE CLD before you saw an increase in your interest.

and if they get wind of your deliquence, it would not surprise me at all!

[ladylpk74]

The error is only reporting on my Equifax report and the drop was for almost 80 points. Sallie Mae says the error should be fixed within the next few days, but if the damage is already done do I have any recourse with Chase if they decide to increase my rate?

[FretlessMayhem]

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ladylpk74 wrote:

The error is only reporting on my Equifax report and the drop was for almost 80 points. Sallie Mae says the error should be fixed within the next few days, but if the damage is already done do I have any recourse with Chase if they decide to increase my rate?

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Well, I assume you could always ask them resoft your EQ after it is resolved if it is an issue.

Can you back door your EX and see if they soft it?

[ladylpk74]

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FretlessMayhem wrote:

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ladylpk74 wrote:

The error is only reporting on my Equifax report and the drop was for almost 80 points. Sallie Mae says the error should be fixed within the next few days, but if the damage is already done do I have any recourse with Chase if they decide to increase my rate?

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Well, I assume you could always ask them resoft your EQ after it is resolved if it is an issue.

Can you back door your EX and see if they soft it?

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How do you back door? My EX says there are no inquiries affecting my FICO score. 

[athensguy]

Well, another thing to consider is that Chase has said that they will no longer use Universal Default.

[masdeocho]

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ladylpk74 wrote:

I'm sure most of you have hard about the big mess going on with Sallie Mae customers. Unfortunately I'm one of those customers affected. My Equifax score a few weeks ago was 787 and now it has decreased significantly due to Sallie Mae reporting I am past due on my account. The truth is I am ahead even by their "level" payment standards. My question is this: Do cc companies receive alerts when derogative changes have taken place on a consumers credit report? I am worried because Chase raised my interest rate before because of a high balance on another card and I'm afraid they will do it again. My interest rate with them now is 7.99%. Will I have a leg to stand on if they decide to raise my rate even if this entire mess isn't my fault? 

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According to this article http://www.bankrate.com/nltrack/news/college/20080514-sallie-mae-credit-score-a1.asp, Sallie Mae will provide a "credit reference letter" for people who need to prove that it was Sallie Mae's bad.

CCCs don't receive alerts about derogs; a CCC has to do an account review (soft inquiry) to find out.