General Credit Topics

[djshabazz]

I currently have no credit cards on my credit reports except for a closed secured card from 1999.  My scores are EQ 777 TU 668 and EX 656.  TU and EX have one collection on them that is pulling my score down, everything else is about the same as my EQ report.  I am trying to get the best mortgage rates but i probably would need a middle score of 720.  Would applying for a CC company that just pulls from EQ help me out since my score is so high or should I just wait to get that collection off?  I sent the CA a DV letter in November and they haven't responded.

[Brammy]

If you are palnning on app'ing a mortgae soon, don't get app happy.  Maybe go through a CU. With no revolving experience most major banks will be a little leery of extending a revolving account.

[SanFranMatt]

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djshabazz wrote:

I currently have no credit cards on my credit reports except for a closed secured card from 1999. My scores are EQ 777 TU 668 and EX 656. TU and EX have one collection on them that is pulling my score down, everything else is about the same as my EQ report. I am trying to get the best mortgage rates but i probably would need a middle score of 720. Would applying for a CC company that just pulls from EQ help me out since my score is so high or should I just wait to get that collection off? I sent the CA a DV letter in November and they haven't responded.

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Did you dispute the CA with the CRA's? If you sent them a DV letter and they verified with the CRA's after receiving the letter, then they are in violation.

[djshabazz]

Yeah, it was my first DV letter and I may have made a mistake by not sending it certified.  Do I have another chance to send it certified if they updated my report on 12/1/07.  It is now reported on my account as closed as of 12/01.  Maybe they won't verify this time and I can get it removed.  It's only a $100.00 collection.  Would it suffice to say that since they closed the account I can't pay it off?

[djshabazz]

I already applied for a mortgage but I still have a change to get my score up and am going to shop around for the best rates.  I don't use credit cards and was happy to see that my EQ score went over 700 without the cards.  I would only be getting a card to boost my score do you think it would help if I get a premium card from a company that only pulls from EQ even though I probably won't use it?

[SanFranMatt]

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djshabazz wrote:

Yeah, it was my first DV letter and I may have made a mistake by not sending it certified. Do I have another chance to send it certified if they updated my report on 12/1/07. It is now reported on my account as closed as of 12/01. Maybe they won't verify this time and I can get it removed. It's only a $100.00 collection. Would it suffice to say that since they closed the account I can't pay it off?

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I'd recommend sending them another DV letter CMRRR, and when they receive it then you should dispute with the CRA's again. If they verify again but don't respond, then around March 1st (I know, it sucks to wait!) you should write to the CRA's indicating that you DV'd and they have not responded. Attach a copy of the green card and the letter you sent to the CA.

[Jennabean]

Hmmmm... You'll need revolving credit of some sort open if you're going to get a mortgage... But INQ's are bad.

Maybe open a Crown Jewelers acct? They don't do an INQ, You'll get $1500 credit. buy a pair of earrings, pay it off over the 2-3 months necessary, never touch it again. You may take a new account hit, but actually getting an account if you don't have one may boost your score.

Send all payments to CJ either by mail or paypal, tho. DO NOT pay w/your debit card through their site. Their site is not secure! but Paypal is.

http://www.crownjewelers.com