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New Contributor
zullyquirke
Posts: 107
Registered: ‎07-22-2011
0

Cleaning out old garbage - how to do it?

[ Edited ]

I have a story that's probably similar to a lot of people in my position. Starting about six years ago I made several stupid financial decisions, didn't pay off accounts, and my credit score took a serious dive. Cue to the last year or so where I've been trying to get myself financially cleaned up. I have a steady job, been paying off all of my accounts on time, but I'm dealing with apartment companies looking at my credit score and rejecting my applications, needing to buy a new car and worried about loan rejections, all that fun stuff. I've been pulling and monitoring my credit score and I've done a little bit of clean up. I got a few items removed, applied for a secured line of credit at Capital One. I pay off my balance in full at the end of each month and after six months Capital One raised my limit to $300 without me having to make an additional deposit. 

 

But now I'm stuck. I'm not sure what to do. My scores are all still too low (check out my signature for exact numbers), I'm afraid to apply for any other cards to help raise my limit and accumulate numerous inquiries, and I'm not sure what to do with what's on my account. 

 

I tried to do the honest thing with a couple of items there. Creditors called me, I apologized and set up payment plans. Now the items say "paid," but they're still listed as collection items on my account. They just say "paid" instead of "Delinquent."  I am 100% willing to pay off all my old debts without "cheating," but is there some way to do this and have it affect my credit score? Because from where I'm standing, apparently just paying off the outstanding debt does nothing at all for my credit report OR score. I figure I must be doing something wrong! Or am I just hosed for seven years?

 

I don't hear from my creditors at all anymore. I don't get letters or phonecalls. What do I do about getting these items off of my report? Or raising my score? I have more exact information if needed, just let me know what to provide. I just need some directional assistance, here!



Starting Score: TU - 580 (7/22/11) ..... EQ: 561 (7/22/11)
Current Score: TU - 622 (10/24/13) ...... EQ: 656 (3/26/14) ...... EXP: 620 (3/26/14)
Goal Score: 700 by 12/31/14


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Established Contributor
kjm79
Posts: 1,008
Registered: ‎01-22-2008
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Re: I don't even know where to start!

Welcome to myFICO!

 

Well for most people to give you the most accurate suggestions, you should start by listing what is reported on your reports. 

 

Sadly, as you've learned, paying old debts doesn't necessarily help you.  A paid collection is the same as an unpaid collection.  When you go to pay an old debt, try and off a PFD (pay for delete), you offer $X in exchange for them deleting the account. 

 

Another thing, where did your scores come from?  I'm wondering if they are FICO scores becuase you have an EX score listed and EX scores are VERY difficult for most people to get, that makes me think you might have FAKO scores...


Starting Score: TU? EQ 585 EX? (12/06) (CH 7 bk 11/04)
Current Score: (5/12) TU 699 (myFICO) TU 709 (WalMart) EQ 690 EX 686 (CC denial 7/11)
Goal Score: 720 Across the Board by Mid 2012
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New Contributor
zullyquirke
Posts: 107
Registered: ‎07-22-2011
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I've been using Freescore.com to get my credit scores....

I've been using Freescore.com to get my credit scores. 

 

I have several chargeoffs and collection accounts. Here's the summary:

 



Summary 
TransUnionExperianEquifax
  TOTAL ACCOUNTS:11128
  OPEN ACCOUNTS:523
  CLOSED ACCOUNTS:6105
  DELINQUENT:000
  DEROGATORY:774
  BALANCES:$12820.00$13272.00$13201.00
  PAYMENTS:$86.00$86.00$86.00
  PUBLIC RECORDS:000
  INQUIRIES(2 years):744


Starting Score: TU - 580 (7/22/11) ..... EQ: 561 (7/22/11)
Current Score: TU - 622 (10/24/13) ...... EQ: 656 (3/26/14) ...... EXP: 620 (3/26/14)
Goal Score: 700 by 12/31/14


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Established Contributor
fot1
Posts: 676
Registered: ‎01-10-2011
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Re: I've been using Freescore.com to get my credit scores....

First get you Fico scores.. You are getting Fakos and your score could be higher or lower.. Second  opt out so to hide while you repair.. Third PFD's  I would work on the smaller balances first.. Try to get as many deleted as possible.. Becarefull of the ones still in SOL as you could be sued..


Tu- 799... What I wouldn't give for one more point..
Equifax-774
Experian-737
New Contributor
zullyquirke
Posts: 107
Registered: ‎07-22-2011
0

Re: I've been using Freescore.com to get my credit scores....

I guess I don't understand the difference between a FICO and the scores I have now. Where do you reccomend I go to get real scores? 

 

And what do you mean by opt out? Thankfully I haven't had to deal with any lawsuits yet. I'd like to keep it that way!



Starting Score: TU - 580 (7/22/11) ..... EQ: 561 (7/22/11)
Current Score: TU - 622 (10/24/13) ...... EQ: 656 (3/26/14) ...... EXP: 620 (3/26/14)
Goal Score: 700 by 12/31/14


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Moderator Emeritus
MarineVietVet
Posts: 14,084
Registered: ‎07-14-2009
0

Re: I've been using Freescore.com to get my credit scores....


zullyquirke wrote:

I guess I don't understand the difference between a FICO and the scores I have now. Where do you reccomend I go to get real scores? 

 

And what do you mean by opt out? Thankfully I haven't had to deal with any lawsuits yet. I'd like to keep it that way!


Hi zullyquirke and welcome.

 

There are very few places left where you can buy true FICO scores. Most sites will sell you non-FICO (what we call FAKO) scores but these are based on different scoring formulas and often different scoring ranges. Some, like the Experian "Plus" score, even admit that their scores are not sold to lenders. All these FAKO scores need to be ignored because they often can be either much higher or much lower than actual FICO's

 

Where you can get true FICO scores:

 

Transunion (TU) You can get them from a lender, from here at myFICO, and recently it was posted that Wal Mart card holders, both store card and Discover card can get their TU scores although which version is available has not been announced.

 

Experian (EX)  No one has been able to buy their own Experian FICO score since February of 2009. Creditors can pull Experian and also there is a CU (PSECU) in Pennsylvania that supplies that information to it's members only.

 

Equifax (EQ) You of course can get them from a lender, here at myFICO, and EQ will still sell you a FICO score but you have to look very hard to find it. You can get to it here: www.equifax.com/web-myfico-products/

 

Opting out inhibits baddies like CAs from sniffing around your reports at mortgage time or any time your trying to repair. The CRAs sell your info and if so subscribed, the CA will get alerted if an inquiry appears from a mortgage lender or the like. In turn, the CA might opt to report knowing that most lenders will require you to take care of that debt first. Opting out prevents the CA from receiving that info.

 

Opting out will also stop pre-approval offers for credit cards and insurance. Here is where you can go to opt out and you can also opt back in at the same site if you ever change your mind: Opt Out Credit Reports.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".


Senior Contributor
Booner72
Posts: 3,889
Registered: ‎05-24-2011
0

Re: I've been using Freescore.com to get my credit scores....

Google "opt out" and make sure you do it w/ all three credit bureaus.  OPTING OUT prevents slimeball bottom feeder collection agencies to know you are looking for loans.  This prevents anything coming out of your closet, so to speak, to bite you on the CUSSWORD.  It also seriously reduces junk mail in your mailbox.  Since I opted out, more times than not, the mailbox is empty!

 

You can get your EQ FICO Score here - Sign up for scorewatch, it's 15 bucks a month, and you get alerts when your score changes, plus when you sign up you get access to 2 of your EQ credit reports.  You can get your TU score her but it's an older version than lenders use so it's good to have to monitor changes.  Scorewatch won't monitor your TU report.

 

READ old posts, use the search feature to type in the topics you are most interested in.  Educate yourself on the science of FICO scoring - it will make your life much easier for the rest of time.  It's a long and grueling process but very worth it.

 

You can look at the info on your Experien report by going to freecreditscore.com.  But it's NOT free and the score is just a gimmick - don't even look at the score.

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
New Contributor
zullyquirke
Posts: 107
Registered: ‎07-22-2011
0

Re: I've been using Freescore.com to get my credit scores....

Thanks for all the tips, guys. I went ahead and cancelled my membership at Freescore (after printing out copies of my scores) and bought ScoreWatch with the additional $17 charge to see my TU score. My TU score was pretty much the same, but my EQ was about thirty points higher. 

 

According to ScoreWatch it looks like I need to do a few things. Work on removing my collection accounts, see about removing one late notification (thankfully it looks like I only have one) and laying off my revolving credit union. It also reccomends I work on opening new accounts, though with my credit score I'm not really sure how to go about that with anyone reputable that would actually give me a credit card or the like. Another big thing seems to be that my credit history isn't old enough, which makes sense given my age. (I'm twenty seven, and it reccomends I have an account at least twelve years old. Not possible yet, but working on it!)



Starting Score: TU - 580 (7/22/11) ..... EQ: 561 (7/22/11)
Current Score: TU - 622 (10/24/13) ...... EQ: 656 (3/26/14) ...... EXP: 620 (3/26/14)
Goal Score: 700 by 12/31/14


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Senior Contributor
Booner72
Posts: 3,889
Registered: ‎05-24-2011
0

Re: I've been using Freescore.com to get my credit scores....

Congratulations that your EQ is 30 points higher!  That's wonderful news!

 

Now get on over to the credit card forum and read about which cards you are likely to qualify for.  I believe there is a great thread going right now about "embarrassing credit cards."  I think you will have to start there, or go get a secured card from your bank - you pay up front, they let you have the card.  It reports as if it is any kind of credit card.  Credit limit doesn't matter per FICO scoring, so 100 is the same as 1000.  It's the utilization that counts.

 

To help your age of accounts - if you have family that has a good payment history with an account that will report you, you can be an "authorized user."  I just signed DH up on JCP and GEMONEY carecredit and they both reported fast for him, and he got all my good payment history to boot.  Just make sure they have a low balance and perfect payment.  Otherwise you take on their messes.  use the search engine for "AU accounts" and you will get plenty of info.  You'll be a pro in no time.

 

Welcome to your new hobby!

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
New Contributor
zullyquirke
Posts: 107
Registered: ‎07-22-2011
0

Re: I've been using Freescore.com to get my credit scores....

Hah! New hobby indeed!

 

So here's another quesiton. I had no idea my credit utilization was so high. I only have one open credit card, a secured Capital One card, and I've always kept the usage below 50%. Imagine my surprise when my report reads me at 114%! It occurs to me that it may be factoring in my student loan. I'm still a student, so Salle Mae deferrs payment while I'm in school. Naturally, interest rises. Is this feeding into my score? Do I have to pay down my loan before my score will increase?



Starting Score: TU - 580 (7/22/11) ..... EQ: 561 (7/22/11)
Current Score: TU - 622 (10/24/13) ...... EQ: 656 (3/26/14) ...... EXP: 620 (3/26/14)
Goal Score: 700 by 12/31/14


Take the myFICO Fitness Challenge

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