General Credit Topics

[Cory]

Hello,

When fico scores with the Credit Bureau renewed? Let's say I disputed some items and got my reports back. How long will it take before my score gets caculated bt the CB?

And Tuscani, I disputed two collections account and they kept varifiying the information as accurate. The account is already paid, but I want it off since the accounts were in collections for $80.00 dollars or so.

Cory 

[princessofpink]

The credit score is updated as soon as a change hits your report.  Unfortunately, unless you have scorewatch you have to pay to get the new score.

[TheNewWorldMan]

Yes, generally the score is recalculated...the question is when you gain ACCESS to the score. Unless you have ScoreWatch, you'll have to pull a new score to see the effect.

[Tuscani]

Try a GW with whoever is reporting for paid collections.

[Cory]

Tuscani or any loan officers on this board.

When it comes to lenders, how does a loan officer make a decision as too if they will lend you credit or open up a credit card account?

What the difference when it comes to applying for instant approvals or just completing an application? Is there a loan officer standing by to view the credit report when applying for instant credit or it's solely based on the fico score?

In that case, to not get ding with another inquiry, is it best to forward a copy of your recent credit report to the lender. By the way Tuscani suggested this and I think that was brilliant!

Cory

[Cory]

BUMP

[Tuscani]

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Cory wrote:

Tuscani or any loan officers on this board.

When it comes to lenders, how does a loan officer make a decision as too if they will lend you credit or open up a credit card account?

What the difference when it comes to applying for instant approvals or just completing an application? Is there a loan officer standing by to view the credit report when applying for instant credit or it's solely based on the fico score?

In that case, to not get ding with another inquiry, is it best to forward a copy of your recent credit report to the lender. By the way Tuscani suggested this and I think that was brilliant!

Cory

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Loan officer?  LOL

When it comes to lenders, how does a loan officer make a decision as too if they will lend you credit or open up a credit card account?

Depends... some places are 100% score driven. Others spend more time manually reviewing. IMO, most CCCs are automated. This is why reconn is so powerful if you are declined.

What the difference when it comes to applying for instant approvals or just completing an application? Is there a loan officer standing by to view the credit report when applying for instant credit or it's solely based on the fico score?

Instants are usually score driven.. but not always. Some creditors will deny based on certain criteria.. For example, I have seen non BK friendly creditors deny even though the applicant had a 720+ score. The same holds true for lates, collections, judgments, etc. You have to remember that scores are often more important when determining one's rate.. not necessarily the approval itself.

[Cory]

Thank you all for your help with this matter.

I have another question,

I already had $10,700.00 in negative debt (collections) and I added a personal loan to that. Is that what you guys are talking about when you say my utilization went up to high?

Do you think that adding the personal loan of $4K even though it was a positive tradeline keep my score at bay?

I believe I'm finally understanding what you guys are talking about. Experian had a duplicate tradeline that I disputed and it fell off. By the way I'm getting another personal loan to pay off the debt.

It did help me get credit card offers. In 2006 I didn't think that I even had a credit portfolio anymore until I started seeing the offers come in.

Cory

[Cory]

I have a concern, when you settle with an collection agency, what are the ramafications behind that?

I going to settle a debt that I owe a total of $1976.00 and I'm settling for $1,000.00. I know that it's probaly not good, but do I have anything to worry about?

I heard from a friend that collections agency will send you a 10-99 at the end of the year. This will put you in a higher tax bracket.

HELP, HELP, HELP

Any help is greatly appreciated.

Cory

[Cory]

BUMP, BUMP Help I'm sinkinggggggggggggg