08-18-2011 07:34 PM
Hello all. First post on the forum,but a avid reader of the forum. I just recently in the past 5-6 months started getting concerned about my credit. Needless to say i think we were all young and dumb at one point of time or another, and if i had known then what i know now i wouldnt be in this situation. So here is a little bit about my history. Back in November of 2010 i was working overseas and bored and payed lexingtonlaw. Well needless to say in Nov 2010. I pulled my EQ from Equifax.com. It was a 572. Now i will skip forward. EQ i had some items deleted via lexingtonlaw. So now my EQ website is showing my score as 504 which is what is being called FAKO. Myfico.com is showing my EQ at 656 and my TU at 662. I also paid Experian.com and pulled my FAKO there and its 649.
Now the tricky part for me. In October of last year i had to get a co-signer for a auto loan. I had the money to buy it cash as i was working overseas and making very good money,but i put 4500 down and borrowed 4000.00 at a very high interest rate. With intentions to rebuild my credit.
I paid off most of my debts (that were in collections) in Feb/March of this year. Some of which have been deleted now.
I took out a personal $500 loan with a high interest rate in April 2011 only to show timely payments to once again help rebuild my credit.
I applied for a Cap 1 secured visa with $475 deposit in May 2011. I use this card monthly and typically only fill up a tank of gas and get my balance back to $0.00 every month. There have been a few occasions ive spent 200-300 but i paid the balance back to $0.00 the minute of recieving my statement.
As far as installments i opened in October 2010 i pay $344 a month, but i pay an additional 100 bucks just to help myself in the high interest rate. My second installment is the personal $500.00 loan i took out with a high interest rate to help rebuild my credit also. I pay $99.00 a month on that.
My revolving is my secured credit card which i keep a $0 balance each month (opened this account May 2011)
I do have 2 negative items effecting my credit that are old. As the rest were deleted. The 2 negatives are :
Chase Bank Credit Card- I opened this account in 06/2005 i never made a payment(young and dumb) and it shows CO twice in Oct and Sept 2006 on my EQ CR. It shows my date of first major delinq. in Dec 2006. I am unsure how to approach this as it is my oldest account on my credit history, but it was CO and sent to collections and i paid the collections.
My second negative is Macy's/DSNB (store card) - Opened 12/2005 which i also never made a single payment on. Showing CO in July 2006. But comment on EQ CR is : Paid Charge Off Account closed by credit grantor.
So to sum it up i was feeling fairly confident in my credit scores: Fako's: EQ- 504 TU-???? EX-649 and MYFICO.com scores: EQ-656 TU-662
So i tried to get financed for a ATV today. I was denied. So i contacted Wells Fargo and was denied. So then i was a bit upset and tried for another Chase Credit card (awaiting approval) i do know that i will most likely take a hit with so many hard inquiries. But what really got to me was the company told me that the lender when trying to get the ATV financed said i showed 1 account in positive standing and 9 negatives???? I do not have any idea where they are getting that information.
Wells Fargo simply told me i would recieve a letter in the mail in 7-10 days stating why.
All of my recent accounts from October 2010 til current as all on time with no late payments. I currently make 60k a year and i do not have a big line of credit as i said on paper i only have $444.00 a month installments , and a revolving that i pay back to $0 balance monthly.
Any suggestions on what is really effecting me? Is it my credit history? My past payment history and poor credit still haunting me?? I am trying to establish a few more lines of credit which i can easily manage without a problem.
I dont technically have a house note it is in my wifes name of course i pay the bills. But i work on the road and live off of my per diem basically so i am just wondering what to do in my situation. I know it takes time,but i figured those to be fairly average scores. Just wanting some insight on what i should do to open new lines of credit and any idea of what might be holding me back at the moment?
Thank you for reading all of this (sorry LOL), Jerry
08-18-2011 08:35 PM
Hi Jerry. Immediately run to annualcreditreport.com and get your real reports. Free if you haven't gotten them already this year, 11.00 bucks each if you have. Print them out bc you can't go back and look.
All the scores except the EQ from myfico are FAKO. And you can't, unfortunately, rely on a FAKO to determine your real status. They are higher or lower, how they score what is on your reports is unreliable and misleading. (My husband's FAKO was one hundred points LOWER than his FICO for TU.)
And if you haven't, OPT OUT. It helps to keep bottomfeeder CA's from looking at your reports.
Sounds like you have done a TON to rebuild your credit, so you def. need to see w t f is going on.
Good Luck getting that ATV. Sounds like you work your arse off out of town and you deserve good things in return for your hard work.
08-18-2011 08:54 PM
Since you just applied for a bunch of credit, I would not hurry up and pull CR. You will get a denial letter in the mail from every place you applied to, and can get a free credit report from the CRA they contacted. The last time I applied for something (recently) they pulled Experian (which is what I was hoping for) and gave me my FICO score as well.
After you get these reports, which will save you the ink of printing them, then see what the situation is and go from there.
Best of luck to you.
08-19-2011 07:28 AM
Thank you. I am still wondering. I do show 2 negative accounts and 1 as being paid and the other (Chase) still says turned over to collections (which was paid). I cant understand if its my past credit history or my lack of recent credit (small purchases) that is holding me up. Any suggestions? Should i take out another small personal loan or maybe try for a credit card? I am just trying to rebuild. I have 3 children and i live in a mobile home (a nicer one LOL) but its time to upgrade my kids to a bigger living/play area. And assuming i cant get a ATV loan im assuming a home loan is totally out of the question. But thank you guys for your contributions thus far, Jerry
08-19-2011 08:31 AM - edited 08-19-2011 08:33 AM
And assuming i cant get a ATV loan im assuming a home loan is totally out of the question.
Not necessarily. Get your CR's when you get the denials, and take to a loan officer at your bank. If you don't get all three, order the ones you are missing. This way, they don't have to do an actual hard pull to look at your CR. If they won't look at what you have, find another bank. You should be able to find a reputable LO who will look at your CR.
Your scores are high enough, and they can tell you what you need to do to get a mortgage.
08-19-2011 08:46 AM
That is awesome information i really appreciate it Sharpie. A house is deffinately one of the more important things,but its a bit frusterating when ive been trying so hard to re-build due to my mistakes so i know it is my own fault. Hopefully one day i can get approved for something other than a house LOL.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.