No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
I am trying to rebuild my credit. When I began here on this site in Sept. 2008, my Fako scores were EX: FAKO:536 TU:FAKO: 532. EQ:FICO: 524 I have been sending dispute letters since and had only one item fall off my credit due to 7 year limit. I have been improving little by little. Yesterdays scores were EX: FAKO 565 TU:FAKO:562 and EQ:FICO 590. I applied for a B of A secured CC and got it (thinking I can start putting some positive things on my credit). I checked scores again today and CC was reporting on my EX credit report but not TU or EQ. New scores were EX: FAKO: 585 TU:FAKO:562 and EQ: FICO:590. My question is how do I get the New CC to report to TU and EQ? Am I on the right track of increasing my credit scores?
I was going to apply for another secured CC in 30 days or after an account is deleted. I was an AU on an account showing negative items on my CR. I was told on this site to dispute it and it would be deleted because I was an AU and not the applicant. I'm hoping that was true.
Crawling at a Snails Pace. . . .
Write to Bank of America and request that they report your new card to TransUnion and Equifax. I have done this in the past, and have been quite pleased with their timely response. You could also try writing to the Bureaus,but they are not as reliable as the furnishers (BoA in this case) at getting your request addressed.
As for applying for a new CC. just because an account is deleted on your credit report, it will not help to bolster you when applying for new credit. Applying for new credit, even secured will generate a hard inquiry, which will place a downward pressure on your score. New credit accounts for 10% of your FICO score, and hard inquiries will remain on your report for two years.
Have you tried to contact your lenders directly to work with your debt?
As for disputing your negative balance with the Bureaus as an AU - don't expect that the bureaus will automatically delete them. If they do not respond to your request within 30 days, they should by law, remove the account, but if they can verify that the account is yours, even as an AU, they will not extend you any favors.
Also, bear in mind that in the second half of 2008, FICO implemented new rules for Authorized Users of CCs, due to the abusive practices of Credit Repair companies. The result was that an AU could no longer benefit from the positive payment habits of the individual that added them to their account. The flip side is that if the same individual defaults on a payment, the AU is not negatively impacted either, so theoretically your score should not be low as a result of the applicants negative behavior. You need to analyze why your score is where it is right now.
By the way, an 'authorized user' of a CC is not legally liable for the repayment of a debt, but it is legally reportable for 7 years. Try to appeal to the better senses of the lender to get it removed from your reports. Although it will have a neutral effect on your FICO score, it can be an eyesore to new lenders.
It would make logical sense that the CR Bureaus would remove an account listing if an AU removed themselves from the financial relationship with the primary account holder. This, however has not been my experience with the Bureaus. My spouse, as an 'ex' AU tried this with the Bureaus this when he discovered that he was still recorded as a AU on an ex-girlfriends account, but his 'not mine' disputes with the Bureaus yielded no results. He has to get the furnishers to request the removal of the listings, which did finally produce the result he was looking for.
How do you know about the limited use of the FICO 08 scoring model? Is is not possible that in the current economic climate, lenders will take it more seriously in order to gain an insight into a debtor's true spending habits when considering them for a new loan?