Reply
Contributor
Sneekn4u
Posts: 78
Registered: ‎11-08-2012
0

Where do I stand?

Ok here's my deal, i am a newbi so bear with me...here is where I stand: EX Faco is 711  I have 2 installment loans (2007 & 2011) never missed a payment or late..have 2 new credit cards just under 3 months old ($250 on Cap1 & $300 on Matrix) I have one collection from a T mobile bill from 2006 with ANFI that shows $1,224.00 (status closed)

Oldest acct 5.3 years Average acct 1.6 years. Credit card debt is 42% but will be brought down to 10% before next report.

My FICO for EQ is 628 (was 644 before Cap1 card hit)  2 rev accts (Cap1 and Matrix) and only own installment shows on EQ and Trans since the other only reports to EX and it kinda hurts me cause my payment history is 12 months on FICO. Under fico accts it shows 4 accts,  the 2 cc, the 1 installment and 1 collection but says its $0 refinanced or renewed (what ever that means???) I do have it in dispute. Under fico collections it reads  a cable bill I paid in full in 2009 and the other is the t-Mobile  that says June/07 $1,224 (disputing) My fico payment history says very good, amount of debt very good, length of history bad and amount of new credit good.

 

My FICO Trans 644 

Under accts it says 3: 2 new credit cards and 1 revolving...all good and paided to date

Under collections it reads 3: one is the T-Mobile from the ANFI, one fron the paided cable bill and one from a collection company that usta have the T-Mobile acct but sold it to ANFI but it still shows open for the same amount $1,224

 

I show 1 2009 InQ on my EX faco..I thought it was suppose to drop off after 2 years?

I show 5 InQ under my FICO EQ and 3 under my Trans FICO..all within the past year on both.

 

My question for you guys is advicnowhere do I stand right now, what should I do to better myself and where do you see me going?

I just got a pre approved offer from finger hut for $150 credit ( but they have to do a hit on me) should I take it and will it better me? I don't wanna wast a good hit unless it will help me......thanks guys :smileyhappy:


Starting Score 11/2012 EQ: 615
Current Score 3/19/2014 EQ: 687
Current Score 3/19/2014 TU: 694


Take the FICO Fitness Challenge Discover IT $4500 Citi Simplicity Chase Freedom $3000 Cap 1 QS $1500 Cap 1 $300 Macy's $1500 Buckel $550 VS $500 Brylane Home $1000
Contributor
Sneekn4u
Posts: 78
Registered: ‎11-08-2012
0

Re: Where do I stand?

Ok guys, there was once a day when all of you were new and needed a question or two answered, help me out a little.


Starting Score 11/2012 EQ: 615
Current Score 3/19/2014 EQ: 687
Current Score 3/19/2014 TU: 694


Take the FICO Fitness Challenge Discover IT $4500 Citi Simplicity Chase Freedom $3000 Cap 1 QS $1500 Cap 1 $300 Macy's $1500 Buckel $550 VS $500 Brylane Home $1000
Moderator Emeritus
webhopper
Posts: 7,225
Registered: ‎09-16-2011
0

Re: Where do I stand?


Sneekn4u wrote:

Ok here's my deal, i am a newbi so bear with me...here is where I stand: EX Faco is 711  I have 2 installment loans (2007 & 2011) never missed a payment or late..have 2 new credit cards just under 3 months old ($250 on Cap1 & $300 on Matrix) I have one collection from a T mobile bill from 2006 with ANFI that shows $1,224.00 (status closed)

Oldest acct 5.3 years Average acct 1.6 years. Credit card debt is 42% but will be brought down to 10% before next report.

My FICO for EQ is 628 (was 644 before Cap1 card hit)  2 rev accts (Cap1 and Matrix) and only own installment shows on EQ and Trans since the other only reports to EX and it kinda hurts me cause my payment history is 12 months on FICO. Under fico accts it shows 4 accts,  the 2 cc, the 1 installment and 1 collection but says its $0 refinanced or renewed (what ever that means???) I do have it in dispute. Under fico collections it reads  a cable bill I paid in full in 2009 and the other is the t-Mobile  that says June/07 $1,224 (disputing) My fico payment history says very good, amount of debt very good, length of history bad and amount of new credit good.

 

My FICO Trans 644 

Under accts it says 3: 2 new credit cards and 1 revolving...all good and paided to date

Under collections it reads 3: one is the T-Mobile from the ANFI, one fron the paided cable bill and one from a collection company that usta have the T-Mobile acct but sold it to ANFI but it still shows open for the same amount $1,224

 

I show 1 2009 InQ on my EX faco..I thought it was suppose to drop off after 2 years?

I show 5 InQ under my FICO EQ and 3 under my Trans FICO..all within the past year on both.

 

My question for you guys is advicnowhere do I stand right now, what should I do to better myself and where do you see me going?

I just got a pre approved offer from finger hut for $150 credit ( but they have to do a hit on me) should I take it and will it better me? I don't wanna wast a good hit unless it will help me......thanks guys :smileyhappy:


Unfortunately, I think this will definately not help you...  The thing you have going for you is length of history and lack of hard inquiries... Don't go messing with that..  You have enough accounts that are good accounts, you need to focus on rebuilding by taking care of the negative information.

 

Check into the Rebuilding Forum  which will give you some ideas on strategies for removing those negative accounts....  

 

Congratulations on finding this forum and on working on your scores :smileyhappy:  That's the hardest step, is knowing where to find help.

 

Where you stand is actually not really in a bad place.  I would work on getting negative items removed, and if you want an additional credit card account later on, that's great! but go for a prime account that will grow with you!


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Mega Contributor
RobertEG
Posts: 18,535
Registered: ‎03-19-2007
0

Re: Where do I stand?

In my opinion, the primary negative is the collections.  Paid or unpaid, they are major derogs, keeping you in a "dirty" scoring category until all major derogs are gone.

Credit report exclusion of collections occurs in one of three ways.

 

First, they reach 7 years plus 180 days from the DOFD on the OC account that led to the collection.  After that date, their exclusion from your credit report is required under FCRA 605(a)(4) and 605(c).  Period.  If you can wait, you can simply let old age take care of its exclusion.

 

Second, you can dispute the accuracy of the collection itself, and thus compel deletion based on inaccuracy in reporting. Is the debt/collection accurate?

Failure to have updated the one collection no longer active to now show closed with $0 balance is disputable as an inaccuracy, but wont compel its CR deletion.  They can simply correct their reporting to show closed, $0 under collection.  There is nothing to prevent multiple debt collectors from reporting their collection activities on the same debt, provided they do not overlap, so multiple reporting wont secure deletion.

 

Third, you can request their voluntary deletion prior to the 7plus180 exclusion period, usually by offering payment in exchange for their deletion.

 

I would focus on the collections.

Contributor
Sneekn4u
Posts: 78
Registered: ‎11-08-2012
0

Re: Where do I stand?

First off guys thanks for the welcome and advice...

The most recent collector (AFNI) who now has the acct posted on EX site: Date opened 1/1/20011 on EQ it reads Date opened 1/26/2011 and on TransU site it reads Date opened 1/31/2011 On Myfico's EQ it reads Opened 1/2011 and on Myfico TransU it reads Date assigned 1/31/2011

Is this enough to get in the ring with them and go round and round?

Also would it benifit me to have the first collector who had the acct show Closed $0 balance  instead of Open with a $1,224 balance as far as lenders and score?

 

Thanks again guys, the more I read the more I learn :smileyhappy:


Starting Score 11/2012 EQ: 615
Current Score 3/19/2014 EQ: 687
Current Score 3/19/2014 TU: 694


Take the FICO Fitness Challenge Discover IT $4500 Citi Simplicity Chase Freedom $3000 Cap 1 QS $1500 Cap 1 $300 Macy's $1500 Buckel $550 VS $500 Brylane Home $1000
Mega Contributor
RobertEG
Posts: 18,535
Registered: ‎03-19-2007
0

Re: Where do I stand?

As for using any inaccuracy in reporting as a way to get in the ring with them, when any information is disputed as to its accuracy, the reporting party always has the first option, if they concur with the inaccuracy, to simply correct their reporting.  It is not a fatal flaw that requires deletion of anything unless they cannot either verify the accuracy of what was reported or correct it so as to make it accurate.  Any human actions are subject to error, and the statute recognizes human fralilty by providing simple correction rather than compelling its deletion.

 

As for the accuracy of a reported "date openend" for a collection, there is no fixed standard other than they cannot report a date opened of their collection that precedes the date they received collection authority, either by assignment from the current creditor, or purchase of the debt.  They are entitled to report that date as  the date opened of their collection, but nothing precludes them from reporting a later date, such as the date they finally report to the CRA.

It's kinda a meaningless date, as it does not control its ultimate credit report exclusion period, which is based only on the DOFD on the OC account.

 

As for update by a prior debt collector once they no longer have active collection authority, as usually evidenced by a new debt collector reporting, yes, they are responsible for maintaining the accuracy of any prior reporting.  They should have promptly updated the current amount under their collection authority to $0, and reported their collection as closed.  It is confusing to those viewing your CR to see two open collections on the same debt, so it is most likely worth the effort to correct, but again, correction is more a formality than a means to argue for deletion of the inaccurate information. 

Contributor
Sneekn4u
Posts: 78
Registered: ‎11-08-2012
0

Re: Where do I stand?

Thank you EG...sent out a DV (cmrrr)to the first CA that had the acct with hopes they will just not bother with it and either deleat or not respond at all

The person who has it now (ANFI) I also sent out a DV letter (cmrrr) but heard they are very tuff to deal with and that they don't budge but being the are the second person to buy the note and it being 6+ years, I will hope for the best on that one and if it don't go my way then this time next year they will just be a memory cause at this point in the game the most I would offer for a PTD is $250 tops.

As far as the collection I did pay to the cable co, a GW letter is in the mail, again, I got my fingers crossed.

 

Thank you for your time, I hope one day I'll be able to help the next man out there with advice.


Starting Score 11/2012 EQ: 615
Current Score 3/19/2014 EQ: 687
Current Score 3/19/2014 TU: 694


Take the FICO Fitness Challenge Discover IT $4500 Citi Simplicity Chase Freedom $3000 Cap 1 QS $1500 Cap 1 $300 Macy's $1500 Buckel $550 VS $500 Brylane Home $1000

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}