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Established Contributor
kjm79
Posts: 1,008
Registered: ‎01-22-2008
0

Looking for some opinions

Hello Board,

 

I have a Firestone card with Credit First National Bank.  Limit is $2250 and current balance is $950.  My husband is deployed and I contacted CFNA to reduce the APR to 6% under the SCRA (Servicemembers Civil Relief Act).  CFNA actually reduced the APR to 0% in September 2010.  Yipppeeee!  I just noticed that although I've been paying every month and reducing the then balance of $1760, the balance hasn't updated on our credit reports since September.  Last activity is September 2010. I contacted CFNA and was told:

 

"Dear Customer,

 

Per your recent e-mail regarding your CFNA account.  Your account is set up on the SCRA (Servicemembers Relief Act) program, and one of the benefits to this program is not reporting our tradeline.  "

 

That's all fine and dandy.  But the tradeline IS reporting and reporting incorrectly to ALL 3 CRA's and it's messing with our uti.  The currently limit is reporting and so is the OLD balance.  So this account is included in my uti.  I'm working really hard on reducing our uti, which has dropped from 46% in January to approx. 25% currently (waiting for accounts to update).  Should I just leave this alone?  Make them delete it?  Or make sure they update the correct balance since the account IS reporting?  They reduced to APR to 0% and I don't really want to make any waves, but the account isn't reporting accurately.  Thoughts?  TIA


Starting Score: TU? EQ 585 EX? (12/06) (CH 7 bk 11/04)
Current Score: (5/12) TU 699 (myFICO) TU 709 (WalMart) EQ 690 EX 686 (CC denial 7/11)
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Valued Contributor
visorboy1974
Posts: 1,132
Registered: ‎05-17-2010
0

Re: Looking for some opinions

Dispute it and make them update it. 

Valued Contributor
clocktick
Posts: 1,603
Registered: ‎12-07-2008
0

Re: Looking for some opinions

How long do you think until you have it paid off?

11/30/08 TU 648 EX 672 EQ 656 JUNE 2014 TU 779 EX 764 EQ 721
Amex BCP $24.1K/Clear $8.5- Barclays LLBean $15k/Sallie Mae $12.5 -Cap One QS $4 - Chase Freedom $7.5/United $5k/CSP $20k/Ink- Citi DP $9.5/Dividend $13k/HHHx2 $15k/16.4/Reserve $4.5k Best Buy $1940- Discover IT $15k - Elan $8k GEMB Lowes $20k - Macy's $2k - Kohl's $800




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Established Contributor
kjm79
Posts: 1,008
Registered: ‎01-22-2008
0

Re: Looking for some opinions

Well, I could pay it off now.  However, since it's not accruing any interest, I've been making smaller payments (usually the min pymt plus half) and putting more towards our other accounts with higher APR's.  It's not that big of a deal I guess, it's just currently not reported accurately and that's what bugs me.  They say a benefit of the SCRA is not to report the tradeline.  I don't see how that's a benefit.  It's an account in good standing.  So that's not a benefit to us.  But they are reporting the tradeline.  So either don't report it or report it correctly.  I just hate working so hard playing the credit game to not have something report accurately.  The correct balance reporting reduces the uti on just that account by almost half.  And reducing my uti is my goal. 


Starting Score: TU? EQ 585 EX? (12/06) (CH 7 bk 11/04)
Current Score: (5/12) TU 699 (myFICO) TU 709 (WalMart) EQ 690 EX 686 (CC denial 7/11)
Goal Score: 720 Across the Board by Mid 2012
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Contributor
djse7en
Posts: 91
Registered: ‎05-13-2009
0

Re: Looking for some opinions

Well by law no creditor  has to update the CRA's, but I am deployed and I have updated all my major  credit accounts before I left with the scra letter's and all of them update my CR's with out fail every month while I have been deployed I don't need the 6% because I had no debt going into this deployment PIF all the way. I would write them or call them there is nothing in the scra that say's they can not update I would push'em wouldn't hurt so it can help your credit  :smileywink:

 

"Per your recent e-mail regarding your CFNA account.  Your account is set up on the SCRA (Servicemembers Relief Act) program, and one of the benefits to this program is not reporting our tradeline. < not a true statement of the scra if that's what they are trying to tell you. It sounds like their internal policy

 to save money and not report!!

 

Any other ? Let me know

 


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Established Contributor
kjm79
Posts: 1,008
Registered: ‎01-22-2008
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Re: Looking for some opinions

My understanding of the law is that IF they report to the CRA, they have to report ACCURATELY.  They are not required to report, but if they do, it has to be accurate information.  We have other accounts under the SCRA program as well, they all are continuing to report correctly,  So yes, it's definitely an internal policy of CFNA.  Thank you for your service djse7en and stay safe!


Starting Score: TU? EQ 585 EX? (12/06) (CH 7 bk 11/04)
Current Score: (5/12) TU 699 (myFICO) TU 709 (WalMart) EQ 690 EX 686 (CC denial 7/11)
Goal Score: 720 Across the Board by Mid 2012
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Contributor
djse7en
Posts: 91
Registered: ‎05-13-2009
0

Re: Looking for some opinions

Yes that is correct they do have to report the information on your account correctly. Keep your boot laces tight and dig in for the fight and don't let them effect your credit Good Luck and thx


Starting Score: 541
Current Score: TU 719 EQ 706 EX fako 726
Goal Score: 720 all most there


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