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Need rebuilding guidance

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Anonymous
Not applicable

Need rebuilding guidance

As I've related in other posts, I'm not working on my own credit; I'm working to help my mother (who is 80).  The short version is that she was the victim of identity theft, after which she cut up all of her credit cards.  She later got a family member to "help" her, which just made the situation worse.  I've been working to mitigate the damage of both. 

 

As I related in another post, she'd like to move from where she is at to where I'm at.  To do so, she'd need a small mortgage.  I had our mortgage broker run her credit and he produced a "Merged Infile Credit Report."  It looks different from the reports that I've obtained on her behalf from annualcreditreport.com.

 

First, her scores are:

 

EQ - 634

 

TU - 621

 

EX - 625

 

The baddies that appear on this report are as follows:

 

Bank of America, Reported 2/16, Opened 12/07, Balance $12,228, Charge off

 

Kohls/Cap1, Reported 8/13, Opened 10/03, Balance $1815, Charge off

 

Cap One, Reported 2/16, Opened 4/10, Balance $1546, Charge off

 

Cap One, Reported 4/12, Opened 3/10, Balance $0, Charge off

 

Frankly, this is less than is what is on the annualcreditreport.com reports, so I'm assuming this is what I really need to worry about. 

 

On this report, it does not list DOFD.  I have that on a report at home, but I'm posting from work, so I don't have it to add.

 

I know that Bank of America drops off in August 2016.  I plan to do a GW letter and include info regarding the identity theft and the settlement with the FTC.  I'm hoping that's enough to cause them to delete 6 months early, but I appreciate that they may still refuse.

 

(As an aside, I wrote a letter to all three CRAs asking for the info from the identity theft to be blocked, attached an affidavit from 2010, and cited to the FCRA provisions.  One CRA declined, saying my mother got the benefit of the credit.  Two others sent letters noting my dispute, but completely ignoring the actual purpose and text of the letter. )

 

If my memory serves, the 2 Cap Ones fall off in 2017.  I was going to let them ride.  The Kohls debt doesn't fall off until 2019 or 2020, so I'd like to address that.  While my mother could pay it in full, doing so would really set her back.  Also, the debt resulted from the family member using the card without authorization, so she is philosophically opposed to paying "someone else's debt".  (Yes, I explained to her that its in her name, so its "her" debt.)

 

The mortgage broker is suggesting that I increase her score to ensure she makes it through automated underwriting.  He thinks getting rid of some black marks and getting her a card, even a secured card, may get us there.  Any thoughts on that?  Any thoughts on the strategy (so far) that I've identified?

 

TIA,

HelpfulSon

Message 1 of 8
7 REPLIES 7
Anonymous
Not applicable

Re: Need rebuilding guidance

Gentle bump, as I would really like the group's insight on this situation ...

Message 2 of 8
Anonymous
Not applicable

Re: Need rebuilding guidance


@Anonymous wrote:

As I've related in other posts, I'm not working on my own credit; I'm working to help my mother (who is 80).  The short version is that she was the victim of identity theft, after which she cut up all of her credit cards.  She later got a family member to "help" her, which just made the situation worse.  I've been working to mitigate the damage of both. 

 

As I related in another post, she'd like to move from where she is at to where I'm at.  To do so, she'd need a small mortgage.  I had our mortgage broker run her credit and he produced a "Merged Infile Credit Report."  It looks different from the reports that I've obtained on her behalf from annualcreditreport.com.

 

First, her scores are:

 

EQ - 634

 

TU - 621

 

EX - 625

 

The baddies that appear on this report are as follows:

 

Bank of America, Reported 2/16, Opened 12/07, Balance $12,228, Charge off

 

Kohls/Cap1, Reported 8/13, Opened 10/03, Balance $1815, Charge off

 

Cap One, Reported 2/16, Opened 4/10, Balance $1546, Charge off

 

Cap One, Reported 4/12, Opened 3/10, Balance $0, Charge off

 

Frankly, this is less than is what is on the annualcreditreport.com reports, so I'm assuming this is what I really need to worry about. 

 

On this report, it does not list DOFD.  I have that on a report at home, but I'm posting from work, so I don't have it to add.

 

I know that Bank of America drops off in August 2016.  I plan to do a GW letter and include info regarding the identity theft and the settlement with the FTC.  I'm hoping that's enough to cause them to delete 6 months early, but I appreciate that they may still refuse.

 

(As an aside, I wrote a letter to all three CRAs asking for the info from the identity theft to be blocked, attached an affidavit from 2010, and cited to the FCRA provisions.  One CRA declined, saying my mother got the benefit of the credit.  Two others sent letters noting my dispute, but completely ignoring the actual purpose and text of the letter. )

 

If my memory serves, the 2 Cap Ones fall off in 2017.  I was going to let them ride.  The Kohls debt doesn't fall off until 2019 or 2020, so I'd like to address that.  While my mother could pay it in full, doing so would really set her back.  Also, the debt resulted from the family member using the card without authorization, so she is philosophically opposed to paying "someone else's debt".  (Yes, I explained to her that its in her name, so its "her" debt.)

 

The mortgage broker is suggesting that I increase her score to ensure she makes it through automated underwriting.  He thinks getting rid of some black marks and getting her a card, even a secured card, may get us there.  Any thoughts on that?  Any thoughts on the strategy (so far) that I've identified?

 

TIA,

HelpfulSon


This is not my area of expretise but I want to offer thhis tidbit of info in hopes it will help you (her, My mom's 82 and I'd hate for something like this to happen to her at her stage in life) out.

 

You would probaly have some success with an EE on TU (800-916-8800). I have 1 that is due to come off in Sept and they did it for me. You will have to get up to a suppervisory level to get it done though so be cool and after working with the front line CS gent simply request to be escalated to the next level. I haven't had such luck with the other 2.

 

Her scores aren't that bad and getting this off TU should give her a bit of a bump there which would allow you to app the QS1 and Plat with Cap1. These are great little cards and are not secured (saving her some money). They won't report to the CR's for a couple of mths but they will report to all 3 and that should help a little too.

 

Then you could look for a lender that favors TU when pulling credti for the Mtg. You could check the Mtg category here for answers to that question.

 

Hope this tiny bit of info helps her.

 

Blessings and Godspeed...

Message 3 of 8
gdale6
Moderator Emeritus

Re: Need rebuilding guidance

An account COed due to ID Theft isnt her debt though it looks like it is for all that are the result of that just use the laws afforded you in the FCRA to have the info removed from her CRs.  

 

http://ficoforums.myfico.com/t5/General-Credit-Topics/Victim-of-Identity-Theft-What-To-Do-to-Protect...

Message 4 of 8
Anonymous
Not applicable

Re: Need rebuilding guidance

Skybuilder:

 

Thank you very much for the advice and kind words.  One of the most challenging aspects of this situation is being empathetic where my mother was truly taken advantage of while simultaneously ensuring that she is responsible for poor decisions she made.  I hope you don't have to ever deal with this.

 

HelpfulSon

Message 5 of 8
Anonymous
Not applicable

Re: Need rebuilding guidance

gdale:

 

You may have missed this paragraph in my original post:

 

(As an aside, I wrote a letter to all three CRAs asking for the info from the identity theft to be blocked, attached an affidavit from 2010, and cited to the FCRA provisions.  One CRA declined, saying my mother got the benefit of the credit.  Two others sent letters noting my dispute, but completely ignoring the actual purpose and text of the letter. )

 

While I appreciate that I can take it further, there is an element of cost-benefit analysis to this.  I've actually been dealing with this situation for several years when my father's Alzheimer's got dramatically worse.  I became his guardian, spent thousands of my own family's dollars to avoid burdening my mother, and spent countless hours reporting to the Court and doing the job. 

 

My mother was convinced by a family member that I intended to "put her away."  As a result, my mother asked for complete control of the money, which I did, since I had no legal basis not to.  In less than 60 days, that family member cleaned out a significant amount of her modest assets.  I got a telephone call from my mother, in tears, asking me to take over paying the bills again. 

 

Why am I telling you/everyone this?  I'm an adult with a full time job and my own family to manage.  I pay my mother's bills and manage her money, as modest as it is.  I'm trying to get her to a place where she can move to where I'm at, which will stretch her resources even further and I'll have to deal with that.  Taking care of my parents has become a part time job, with no pay, that I do willingly, but is also exhausting at times. 

 

So, the best advice being to not give up, in some respects I'm just too tired to keep putting in the amount of hours necessary for success. 

 

HelpfulSon

Message 6 of 8
Anonymous
Not applicable

Re: Need rebuilding guidance


@Anonymous wrote:

 

(As an aside, I wrote a letter to all three CRAs asking for the info from the identity theft to be blocked, attached an affidavit from 2010, and cited to the FCRA provisions.  One CRA declined, saying my mother got the benefit of the credit.  Two others sent letters noting my dispute, but completely ignoring the actual purpose and text of the letter. )

  

TIA,

HelpfulSon


For CRA that "declined" - Did they provide evidence of her "benefitting from the credit"? If not, request such evidence used to make that determination. You may have to threaten them with legal action - DO NOT BACK DOWN FROM THESE CLOWNS. KEEP PUSHING.

The other two - resend the requirement for blockage under FCRA 605B - keep it simple, do not say anything that could be construed as a "dispute of information"  - simply state that you are submitting documentation to obtain blockage of information as outlined in FCRA 605B. Nothing more than that needs said. Write out a separate statement asserting the indicated accounts were never authorized by you, and that they may be the result of ID Theft. Have the written statement signed by her and notarized. Include an ID Theft report, proof of her Identification (DL, State ID, SS card copies), and a copy of the report with the items to be excluded clearly marked (circled and highlighted).  

Message 7 of 8
Anonymous
Not applicable

Re: Need rebuilding guidance

Norman:

 

Thanks very much.  No, they did not identify how they believe she benefited, so I'll follow your advice.  Are you comfortable with a multi-method attack, i.e., asking Bank of America for GW deletion, while simultaneously asking the CRAs to block?

Message 8 of 8
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