08-04-2009 10:08 PM - edited 08-04-2009 10:25 PM
I have recently been starting really caring about my credit score, now that I want to buy a "first home" and a new car when I graduate college in 06/2010. So am really motivated. But am really confused. When logging into freecreditreport.com I get a really low credit score of 513, but with myfico.com I get another low score of 574,(I actually was excepting lower then what I got, although I have nothing super wrong with my credit, I was just a careless 18-19yr old with a first credit card) but that one is better then freecredit. So which one is more accurate, and which one should I follow up with more? I really like myfico website how it tells you what will help or ruin your credit score., setting credit scores and everything is real great. But if myfico tells me i need atleast a 620 to buy a home and a 690 to get a good APR on a auto loan, then shouldn't I continue to follow myfico???
I also keep reading about FAKO...What do we consider a FAKO? and why? So far I am think a fako is on the lines of truecredit reports or is it more towards one certain reports like transunion?
Also I if I have an account that was from 2006 and I paid it off and then closed the account (which I now know that closing an account is bad) can I despuite or write a letter to them and ask them to take it off? Or do i just have to wait so many years for it to be removed?
08-04-2009 10:30 PM - edited 08-04-2009 10:38 PM
Hi kezzia, and welcome.
My first adivce at your point is to IGNORE your credit score now, and concentrate on your credit report.
You only improve a credit score by addressing your credit report. And your credit score only matters at the time you actually apply for new credit, so dont waste time any money chasing a score. Chase errors in your CR.
Dont buy another commercial credit report from anyone until you have first ordered your FREE credit reports from annualcreditreport.com
If you are not familiar with this site, it was establsihed under the statutory requirement of the FCRA that consumers are entitled to a free credit report, once a year, from each of the CRAs. It is not a commercial site, and gives you the most complete credit report available to the consumer.
Order a copy of your CR from annualcreditreport.com, lay each of them out, look at the differences, and determine what you think is acurate and what you think is incorrect.
Then come back and ask for help in cleaning up your credit report.
As an aside, closing an account by payment never is grounds for erasing it from you credit report. It just updates its status to paid. You cannot dispute a closed account with no debt, for there is no debt left to dispute.
You could have first offered them payment in exchange for deletion from your CR (PFD), but that is water over the **bleep** now. You can now GW them, but that has no legal teeth, and is simply at their good will. Creditors are known more for their capitalism than humanitarianism, so good luck with a GW!
08-04-2009 10:45 PM
Thanks for replying!
I do have my annualcreditreport printed and everything. Myfico activity is the same as my CR shows.
I know that GW means goodwill them, but what does "GW them" mean? Call them, write them, and if so who the actual lender or the credit company?
Thanks for the advice
08-04-2009 11:59 PM
Any good will (GW) letter is directed to the credittor who posted a derog to your CR. If it was on an OC account, GW them. If a CA account, then GW the CA.
You are asking for "mea culpa!"
My only advice in a GW letter is to slant it, as much as you can, towards convincing them that this favor to you will be returned in prior commitment to them to use their account, and thus put $$ in their pockets, Kinda hard to do with a collection agency, since they thrive on consumer misery, and are much less prone to offer good will in the arasure of prior sins.
I would never make the primary thrust of a GW letter any lyrics from old country songs, such as my 'dawg died, the roof is a'leakin, I lost my job, my wife just left me, or bubba JIm is in jail.
That only tells the creditor that you are more, rather than less, likely to have problems with them again in the future,
Play on their benefit, not your misery.