what seems to be the problem? rant

Anonymous · ‎09-10-2007

in august 2006 i for the first time ever finally fought my report out of transunion. my score was 477 with a charge off courtesy of cibc (a checking account i stopped using due to cibc being clowns)so i paid cibc the $153 in bank fees/etc. in sept 06 my score on transunion went up to 484. i went and and got a secured visa at canada trust in sept 06. the limit is $500. that went on on oct 06 raising my score to 573. my score did not budge till may 07 when the $5000 canada trust line of credit showed up. my score went up to 597. were is stayed till last month it was then 616. well i checked transunion today sept 10 2007 and my score is 629. i applied for a visa from royal bank last week and was denied of course. the reason: my score is to low, there is derogatory info on my credit file. (thanks cibc). i feel my efforts have been wasted and will not matter till this cibc account is off my credit file in 2010. i my self thought i was dong well 477 to 629 in 12 months? what am i dong wrong ? why do the banks hate my ass so much? just so it is known i hate the fico scoring system as there are no rewards just punishments waiting to be handed out. i really wish that a fair system would be put in place. does anyone have any advice? 616 and lower means very poor credit 629 is poor credit does any one know what number is the lowest number u need to bring your credit from poor to fair? for eq 700 what about fair to good? anything above 775 and then good to very good? any thing above 775 these numbers seem unrealistic to get to with what i have, 1 credit card and 1 line of credit. with out going overboard and having like 30 credit cards and 10 loans 5 lines of credit a couple cars on payment plans as well as a mortgage on 2 or more houses. how do increase the score to above 700 with 1 credit card $500 ($9 owing) 1 line of credit $5000 ($560 owing) do i have to wait till my grandkids have grandkids and are grown up and moved out of home. i know saying that is dumb but so is the fico scoring method currently used by all. thanx for reading my rant. i feel better

lan sept 10 2007 transunion 629 sept 10 2007 equifax 602

Message Edited by maddog7667 on 09-10-2007 01:58 PM

Anonymous · ‎09-10-2007

maddog7667 wrote:
in august 2006 i for the first time ever finally fought my report out of transunion. my score was 477 with a charge off courtesy of cibc (a checking account i stopped using due to cibc being clowns)so i paid cibc the $153 in bank fees/etc. in sept 06 my score on transunion went up to 484. i went and and got a secured visa at canada trust in sept 06. the limit is $500. that went on on oct 06 raising my score to 573. my score did not budge till may 07 when the $5000 canada trust line of credit showed up. my score went up to 597. were is stayed till last month it was then 616. well i checked transunion today sept 10 2007 and my score is 629. i applied for a visa from royal bank last week and was denied of course. the reason: my score is to low, there is derogatory info on my credit file. (thanks cibc). i feel my efforts have been wasted and will not matter till this cibc account is off my credit file in 2010. i my self thought i was dong well 477 to 629 in 12 months? what am i dong wrong ? why do the banks hate my ass so much? just so it is known i hate the fico scoring system as there are no rewards just punishments waiting to be handed out. i really wish that a fair system would be put in place. does anyone have any advice? 616 and lower means very poor credit 629 is poor credit does any one know what number is the lowest number u need to bring your credit from poor to fair? for eq 700 what about fair to good? anything above 775 and then good to very good? any thing above 775 these numbers seem unrealistic to get to with what i have, 1 credit card and 1 line of credit. with out going overboard and having like 30 credit cards and 10 loans 5 lines of credit a couple cars on payment plans as well as a mortgage on 2 or more houses. how do increase the score to above 700 with 1 credit card $500 ($9 owing) 1 line of credit $5000 ($560 owing) do i have to wait till my grandkids have grandkids and are grown up and moved out of home. i know saying that is dumb but so is the fico scoring method currently used by all. thanx for reading my rant. i feel better lan sept 10 2007 transunion 629 sept 10 2007 equifax 602

Message Edited by maddog7667 on 09-10-2007 01:58 PM

With the score increase you mentioned, it seems things are going VERY well. You may want to try writing a goodwill letter to CIBC to see if they would be willing to remove the negative info from your file but you cant possibly expect to go from where you are to 700 in such a short period of time.

Around 680 and above is considered 'good'. At least according to all the scoring models I've seen. you should be in the door with a lot of issuers then. It seems you are applying for prime issuers, you may want to check out HSBC for some of their less than prime cards. It is a start and will give you more open revolving account as well.

Anonymous · ‎09-10-2007

I think a lot of people are in your camp on this one - the FICO system is unfair, and the CRAs work to the advantage of the creditors, not the consumers.

First, FICO doesn't reveal the equation that they use to calculate our score. They just give you some vague idea of what they take into consideration. If we knew what the equation was, we would know exactly what we would have to do to get a good score.

Second, the CRAs are quick to take what the reporters (creditors - alleged and legitimate) say as gospel, while we, the consumer, have to fight tooth-and-nail to prove our innocence by disputing wrong entries.

Third, in most states, if you have a collection account and you pay it, it gets re-dated, and the clock starts all over again. That's the equivalent of going to jail for committing a crime, and getting MORE jail time for good behavior!

Anyway, to answer your question about your credit score - typically, a score of 620 -659 is considered fair, while anything less than 620 is considered poor. If a lender is looking at all of your scores, they take the average of the three scores. What I find interesting is your TU is higher than your EQ - I've usually seen it the other way round.

What I would try to do with the CIBC account is since it's already paid/settled, you should try to send a GW letter to them to delete the entry from your report.