Credit Card Fraud

[Anonymous]

Hi Tufa.  Looks like you may have misunderstood me.  I wasn't saying that you are wrong to want it changed, or that you don't deserve to have it changed, or that it wouldn't be a more accurate reflection of your risk if it were changed.  The full paragraph was:

And then the next thing is to talk to the CCC and make sure you can convince them to be willing to change it.  Remember that your balance really was 106% of its credit limit.  That was truthfully reported to the CRA.  It's just that you didn't personally make the charges that caused the balance to be so high.

In other words, because your balance really was 106%, you are going to need to convince them to change it.  You can't just assume that they will agree to right away.  It's not me you have to convince -- remember I am the guy who has spent the last three weeks being in your corner on this issue.

[tufa4311]

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@Anonymous wrote:

Hi Tufa.  Looks like you may have misunderstood me.  I wasn't saying that you are wrong to want it changed, or that you don't deserve to have it changed, or that it wouldn't be a more accurate reflection of your risk if it were changed.  The full paragraph was:

And then the next thing is to talk to the CCC and make sure you can convince them to be willing to change it.  Remember that your balance really was 106% of its credit limit.  That was truthfully reported to the CRA.  It's just that you didn't personally make the charges that caused the balance to be so high.

In other words, because your balance really was 106%, you are going to need to convince them to change it.  You can't just assume that they will agree to right away.  It's not me you have to convince -- remember I am the guy who has spent the last three weeks being in your corner on this issue.

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CGD, I've been on this forum long enough to know exactly what you were saying and were you're feelings stood, not for a minute did I think you disagreed that shouldn't be changed.

I just meant that I wouldn't be suprised if the CCC gave me a hard time.

[Anonymous]

Ahhhh!  OK.  Well, I think you are doing something really groundbreaking and important.  I haven't seen anyone try to make this particular correction before.  You are really a pioneer, thinking about how the future of credit evaluation could affect this CCC's data mistake, and therefore proactively getting it fixed before it can bite you.

Look forward to hearing how this all works out.

[tufa4311]

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@Anonymous wrote:

The first thing you should do is to pull a fill credit report for one of the three CRAs do that you can see what it looks like to see all these historical balances. 

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How long should I wait before pulling my full report? Would it be there now?

[Anonymous]

What day of the month did that paricular credit card typically report?

[tufa4311]

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@Anonymous wrote:

What day of the month did that paricular credit card typically report?

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Reports on the 18th.

[Anonymous]

And the month in question is November, right?  The 106% balance was reported on Nov 18?

Personally I would wait till Karma shows you that a balance has reported for both TU and EQ for January.  (E.g. you could check Karma on Jan 24, say, and make sure you see a report date for that account of roughly Jan 18-19.) 

Then I'd pull your TU report via ACR.  Why TU you might ask?  The biggest reason is the existence of Credit Karma.  You're only allowed one ACR pull per credit bureau.  But because of Karma, there's no reason to worry that you are losing a TU pull.  You can get a fully adequate TU or EQ report through Karma 40 times a year or more.  And if memory serves, TU has been pioneering this idea of collecting and analyzing historical data longer than the other two CRAs, so you might see a bit more or in a more structured way at TU (maybe -- I don't really know).

Once you have a full credit report, take a look carefully at every one of your credit card accounts to see how the historic balances report.  They should go back quite a ways, over 24 months possibly.

BTW, are you planning on buying a house in the next 12 months?  I seem to remember that your recent car loan went off without a hitch. 

[tufa4311]

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@Anonymous wrote:

And the month in question is November, right?  The 106% balance was reported on Nov 18?

BTW, are you planning on buying a house in the next 12 months?  I seem to remember that your recent car loan went off without a hitch. 

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@Anonymous, Novermber 18 (give or take I guess) and, yes, luckily, the auto loan went off without a problem (60 month @ 2.49%) as they did not do a pull, I was simply pre-approved sometime before that.

I'll need more time for the house, goal is 12-24 months from now.

[Anonymous]

Sounds then like you are in good shape. plenty of time before any serious credit need. 

[tufa4311]

Just got the real FICO update - actually is a bit higher than before the fraud occured:

TU FICO 08

01/12/2016: 758  (back up after the fraud was fixed)
12/20/2015: 716 (dropped from 753 to 716 due to fraud 106% UTIL)
11/21/2015: 753