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Well I have not written anything for quite som time but feel compelled to tell everyone that my scores are now 623 Equifax and 604 Transunion. My bankruptcy was dismissed in May of 2010. I owe money on my credit card only because if I don't my scores will drop. Who is out there to contact about this farce? Who is in charge of this ridicolous scoring system? I have a lower score now than when I declared bancrupt. Something is very wrong. Credit carma shows much higher numbers but I know that those numbers are not what the lending institues are looking at. I guess I have to give in and get a second credit card. So, people like my father who has never owed anything in his life since he was 11 years old is a credit risk? I don't think so. He has a store and pays long before he receives his merchandise. I am the same way, but institutes do not want me that way. They want me in debt. In Euorope they operate on a whole different system. I am just mad.
It is OK to vent. Congrats on your score going up.
@mitbemi wrote:Well I have not written anything for quite som time but feel compelled to tell everyone that my scores are now 623 Equifax and 604 Transunion. My bankruptcy was dismissed in May of 2010. I owe money on my credit card only because if I don't my scores will drop. Who is out there to contact about this farce? Who is in charge of this ridicolous scoring system? I have a lower score now than when I declared bancrupt. Something is very wrong. Credit carma shows much higher numbers but I know that those numbers are not what the lending institues are looking at. I guess I have to give in and get a second credit card. So, people like my father who has never owed anything in his life since he was 11 years old is a credit risk? I don't think so. He has a store and pays long before he receives his merchandise. I am the same way, but institutes do not want me that way. They want me in debt. In Euorope they operate on a whole different system. I am just mad.
@ever hear of the expression, "dont get mad get even"? In the 'credit game' its all about figuring out how to get the system to work for your benefit. Of course its frustrating - wouldnt be life otherwise. But when mastered U can still get what U need from creditors despite the often unorthodox nature of their ways. Dont waste time being upset @ how the game is played - simply become a master of the game. It can be done. You're in the right place. From there.... its all gravy.
@mitbemi wrote:Who is out there to contact about this farce? Who is in charge of this ridicolous scoring system? I have a lower score now than when I declared bancrupt.
It is what it is and everyone is subject to the same system. Make sure you're carefully researching before you take action on derogs as it is certainly possible to make matters worse in some cases. Are you making use of the Rebuilding subforum and other credit rebuilding resources out there? I can understand the frustation with it but you just need to invest the time and effort to learn what you need to do to improve your credit.
@mitbemi wrote:Credit carma shows much higher numbers but I know that those numbers are not what the lending institues are looking at.
Creditors vary. Allegedly some use VantageScore 3.0 in their decisions but I haven't found anything that clearly indicates who does.
@mitbemi wrote:I guess I have to give in and get a second credit card.
Impossible to say without knowing the details regarding your situation. If you want feedback then you need to give us information to work with. We're happy to do so but we only know what you tell us.
Generally speaking, at least 2-3 cards are recommended for scoring purposes. However, that doesn't mean that everyone's credit profile supports getting to that number right away. Many have to add these over time. You need to look at your reports and address any deficiencies and then apply. Or find one or more secured cards to add. There are some avaialble with no credit check.
@mitbemi wrote:So, people like my father who has never owed anything in his life since he was 11 years old is a credit risk?
The only way for creditors to determine risk is to look at a person's track record with using credit. The track record would be one or more credit reports. If your father has never used credit then how can they determine how he's likely to use credit in future?
@mitbemi wrote:I am the same way, but institutes do not want me that way. They want me in debt.
Credit and debt are not the same thing. You can build credit without going in debt. You never need to carry a balance for scoring purposes. However, you do have to use credit to build credit. Again, one's track record with credit tells creditors how one is likely to manage credit in future (though certainly past performance is not always indicative of the future).
@mitbemi wrote:In Euorope they operate on a whole different system.
It's still a system and people still have to figure out how to work with it. If I moved to Europe I'd to have to learn just as I had to learn our system over here. The system here isn't going to change for you. You have to learn how to make the most of the system.
You dont have to go in DEBT to have high scores! You do need to make sure that your UR is low and that you have a good mix of cards. I have increased my scores from the low 500s to the low 700s and am not done yet. I have approx 10 CC including AU from my wifes cards and pay all of the balances in full every month. I would suggest applying for a few more cards make occasional charges and pay the bal off each month in full. Give it a few months and you will see your scores rise.!