Thanks folks. I will just focus on getting my FICO up then.
Is there a way I can correct the fact that I don't have 28 accounts, since half of those have been closed?
Do your reports accurately reflect a) the accounts you have/had and b) which are open and which are closed? If so, you probably don't have anything to worry about.
The closed accounts contribute to your AAoA, which is good.
If you want to tell what open cards you have, how old they are and what kind of limits and balances they have, people here could advise you on strategies for closing, using, consolidating, etc. But no problem if you're not comfortable giving that information.
Thanks Gunnar419. Not all cards have balances. Only 5 or 6. Plus personal loan. The info on the bureaus is ik correct I think but can't justify the big difference. Thanks for confirming lenders don't use scores from the bureaus.
Good to know that, Starry1. I did not know that. Always thought lenders do look at scores from the bureaus as well.
This community rocks. Thanks all for your feedback. So, I had a chance to review my 3 reports as advised and I am showing the following issues which I hope someone can advise whether I need to take any actions against:
1- One of my card shows 10K in credit which I can't use since card and has been closed by creditor during the financial crisis for no fault on my part. I have a balance of 3K on that and I have been making minimum payment since that's one of my oldest accounts. Card does not show on Transunion at all, only Equifax and Experian. It shows credit as open. I don't recall disputing anything there but it shows: ACCT INFO DISPUTED MEETS FCRA.
2- I have two cards with same bank that I have consolidated into one account. They are still showing as 2 separate account. Do I need to bother to ask creditor to report one as closed?
3- I have a store card that shows open. But because of the low credit line they gave me, I never used it so they closed it. Do I need to ask them to report it closed since that adds to multiple open accounts?
4- I am showing one account in 10K in credit, closed by creditor during financial crisis. The 3 bureaus show the following comment:
ACCOUNT PAID ACCOUNT CLOSED BY CREDIT GRANTOR
CANCELLED BY CREDIT GRANTOR
PAID CURRENT ACCOUNT ACCOUNT CLOSED BY CONSUMER LAST PAID: 06/2008
- The one I account I have that had the 30-day late payment, does not show anything from Equifax anymore. Transunion did not have anything before. Experian shows:
OPEN DISPUTE RESOLVED CURRENT ACCOUNT/WAS 30 DAYS PAST DUE DATE LAST REPORTED DELINQUENCIES: 12/2011=R LAST PAID: 02/2012
Thanks again everyone.
I've been trying for 2 months to figure out where people get the idea that creditors only use the FICO score. The only thing I have found is a FICO article stating that. I haven't seen any independent studies saying that and the FAKO score companies say creditors use THIER score. So who do you believe????
It seems like people on this forum seem to just restate the mantra over and over again without actually knowing if its true. Or maybe there has been an indepent study and I just haven't seen it? I dunno.
How will creditors see them if they don't use those scores? I'm telling you those scores are manufactured for no other reason than to charm money out of consumer pockets.
Its purely anecdotal evidence. People here apply for a lot of stuff, the creditors usually give you a pretty good idea of what scoring model they are using. But whatever, if you want to believe that fakos are real, then you're more than welcome to.