02-21-2013 06:47 AM
I have two collections on my credit reports that actually belong to my grandfather. I have already started the dispute process of getting these removed.
This year was the first time I've pulled my credit reports myself. One of these collections was for $700 and is listed as Collection for every month going back to 2008. This shows up on my Experian and Equifax reports. Theres another collection for only $4 that only show sup for one month in 2008 and is only on my Experian report. Transunion didn't list either collection on its report. I was wondering why that might be. I figured the $4 one doesn't show up on equifax or transunion because it was only listed once 5 years ago. But the $700 one is listed as past due as of this year.
Did they determine on their own that it wasn't mine and remove/not list it? Did the collection agencies just not report to Transunion? Obviously no complains about it not being listed, I just wondering what the reason might be.
02-22-2013 06:46 AM - edited 02-22-2013 06:57 AM
Ignoring my orginal question which wasn't too important.
Experian fixed my dispute in under 24 hours which suprised me. So the two collection have been removed from my credit report. Before the disupte on freecreditscore.com my Credit Score based on the old experian results was 648. Based on their Score Planner tool, if I change my Accounts Ever 60 Days Late or Worse from 2 to zero, and my Accounts Delinquent Right Now from 1 to 0, my score jumps up almost 100 points to 742.
I know these aren't the actual FICO scores, but I was wondering if I could expect a similiar bump in my real fico scores. I was planning to apply for a credit card, and I was cleaning up my reports before I did so. Assuming my equifax report gets fixed and updated soon as well, how long do you think I should wait afterwards to apply for new card before scores are updated properly.
Also I plan to apply to two credit cards. Zero inquiries on account at the moment. Which should I do first: Amazon visa card, or AmEX Blue preffered.
I want one credit and one retail card.
02-22-2013 09:23 AM
It all depends on what else is in your credit reports besides these collections. If you have no other established credit then either card you are considering is a huge stretch for your profile. If you already have other established revolving credit then we would need to know if there is any derogatory information reported to those accounts. I would suggest you do a lot of reading on these boards especially the rebuilding your credit and credit card forums for advice. There are a variety of posts discussing what approval standards exist for the cards you are considering. If you are truly just establishing credit there are hundreds of posts that discuss the best options. Good luck in your journey.
02-22-2013 09:29 AM
No negative accounts in my report since the collections were removed. I'm an authorized user on a credit card with 15000 limit, but it is not mine, so I am applying for my own revolving credit cards.
My main question was how long between my report being updated(today) should I wait until I apply. I don't know how long it takes before scores are accurate when pulling my info.
Thanks for the advice
02-22-2013 10:11 AM
I would wait until you are sure that the information has been updated on your Equifax reports. Your credit score is developed from whatever information is shown on your credit report at that moment in time that it is requested. If information changes tomorrow then a new pull would show a different credit score. There is no "score" which is contained in your credit files maintained at the bureau. The company which requests your report and score will specify the type of scoring algorithm they want. A lot of credit card companies use an industry specific credit card score which may not be the same exact score as you are able to purchase. With only an authorized user relationship my opinion is you are aiming too high for your initial cards. I would suggest you begin a new thread detailing your credit profile and asking for suggestions on what to apply for.
02-22-2013 11:02 AM
Thank you very much. I wasn't sure how the scores worked when my report is pulled.
New thread already made in regards to the CCs:
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.