Hey guys, Ive been reading a lot of threads here and I was curious if anyone could help me out with my situation. I have been a subscriber of USAA's CreditCheck Monitoring service for almost 2 years now since I started attempting to clean up my credit. This is where I get my FAKO score information from. I recently purchased a MyFico score from both Transunion and Equifax. Over the last year I have been able to get two pay for deletions and one good will adjustment (all of which have been removed from my reports) and yet I have not seen a rise in my FAKO scores. I had recently been shopping for a credit card and was denied the one I was interested in due to my FAKO scores but was able to get a Capital One Platinum with a $300 credit limit... ugh. My Scores are as Follows:
Fico:
Experian: ???
Equifax: 613
Transunion: 652
Fako:
Experian: 595
Equifax: 586
Transunion: 586
I have a charge off account listed on all three of my credit reports. The problem is with how it is reported. MyFico Transunion reports it listed as Charged off as bad debt with a $667 balance closed Aug 2008 no further information. MyFico Equifax reports it listed as bad debt/collection with a $667 balance date of last activity July 2008 and continues to report 120 days late every month since!!! Is this even legal for them to do so since the account is closed and therefor has no payment date??? I have pasted the negative account history from all 3 of my credit reports for you to take a look... this is rediculous. I need some help in what to do from here to try and continue boosting my scores. I have like I mentioned earlier gotten a capital one credit card and will use it responsibly and pay it religiously but what else from there? Take a look, atleast shed some light on why my FAKO scores will not budge at all over the course of a year?
Starting (01/01/11) : Approx 520WFNNB/CRESCENT JEWELER
Potentially Negative Closed
No Phone Provided
PO BOX 2974
SHAWNEE MISSION, KS 66201
Experian®Equifax®TransUnion® Account NameWFNNB/CRESCENT JEWELERWFNNB/CRESCENT JEWELCRESCENTAccount #58563734XXXX58563734XXXX58563734XXXXAccount TypeCharge AccountRevolving or OptionRevolving accountBalance$667.00$667.00$667.00Date Opened7/1/20067/1/20067/22/2006
| Account Status | Closed | Closed | Closed |
| Mo. Payment | $20.00 | ||
| Past Due | $0.00 | ||
| Payment Status | Charge-off | Bad debt & placed for collection & skip | Charged off as bad debt |
| High Balance | $1,262.00 | $1,380.00 | |
| Limit | $0.00 | $0.00 | |
| Terms | Revolving | ||
| Comments | CHARGED OFF ACCOUNT CHARGE | Profit and loss writeoff |
| 24 MONTH PAYMENT HISTORY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Well first off, you weren't denied credit becuase of your FAKO scores. Ignore your FAKO scores at all times. What causes a FICO to go up might cause a FAKO to go down. There is no correlation between the two. Credit Monitoring sites and services are good for one thing, to monitor activity within your REPORTS. The scores and advice are of no help.
You generally won't see any increase in your FICO scores as long as you have additional collections or major derogs on your reports, unless they are really old and you get recent ones deleted. The more recent they are, the more damage they cause.
The account you mention in your post are reporting correctly. The late payments they are posting are the payments that were late causing the account to be charged off. So yes, it's legal for them to do so, IF their dates are correct. If you believe the dates are wrong you can dispute the lates on that basis. That account will fall off your reports 7-7.5 years from the first late payment you never caught up on that led to the charge off. So figure out that day and see if you want to wait it our or try pfd or gw's on this account. If the dates are wrong, personally, I'd write a letter pointing that out and slip in an offer to pfd.
Good news is, while your scores are low, they aren't terrible. You've started to rebuild with positive history. Youc an work on the additional negatives on your report and then let time work for you.
According to: Mod Cut! - a listing of what credit companies pull what reports, a lot of companies are extending credit based on your fako and not fico scores unless I am misunderstanding? As for the account in question, I called the original creditor who had told me they were not allowed to discuss the account and then gave me a phone number to an outside collectors number who was managing the account. They told me it was not possible for him to delete the trade line since their company while collecting the debt is not the company reporting the debt?? So next course of action should be to send a PFD letter to the original creditor? The previous pay for deletions I had negotiated previously one I had to pay an extra $20 for the PFD and the other I got them to FAX the agreement before I paid by check over the phone. Should I try to call them again or just go straight into a letter? As for the correct reporting of the TL? Hardly accurate, as it goes from 120 to 5-6 OK's and then back to 30/60/90/120 even though I had never paid a dime since the original charge off.
Im not sure if my FICO scores have improved since the original destruction of my credit though but I can say my FAKO hasnt. I took on a 14K car loan at 19% interest and never missed a payment, then I took out a 2K jewelry loan and paid off in a year with no lates. I was able to bypass my low credit score being in the military but now that Im out, I wish I would have started this repair job more than 2 years ago lol
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The lknk you provided allows you to type in a creditor and see what others were approved at with certain scores. Not sure where you saw that they were pulling Fakos?????Some credit card companies use a credit card enhanced FICO score, if you check around in the credit card forums here you will see which companies pull what bureaus. In any event, depending on when you applied and were denied for the card you wanted, just recently, per the Frank-Dodd act, lenders have to supply you the credit score they used if you were denied credit based on that score. Did you get a denial letter?
As the OC is still reporting the balance on this account it sounds like they still own the debt. If the CA isn't reporting, sounds even more like the OC owns the debt still and that the CA has just been hired to collect it. I'd try letters and email directly to the OC pointing out the incorrect reporting of the lates and offering the pfd. Or try calling and talking to a supervisor. Front end people are often limited in what the can do and what knowledge they have of what they can do.
Thanks for your service and good luck!