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Member
Posts: 18
Registered: ‎01-29-2013
0

Where to start?

I was denied a Mortgage preauth,  and a credit card through a credit union a few weeks ago.

 

I pulled my credit report at the beginning of the month, and I was surprised that my scores were semi-decent, but definitely have room for improvement.

 

 

Plus Scores :

Experian 644  

Equifax 648  

Trans U 632

 

FICO Scores (Supplied by the bank when I tried to apply for a mortgage pre auth, and got denied)

Experian 650

Equifax 639

Trans U 640

 

Student Loan balance $3,700.  (original loan amount $3,400...  many years of financial deferment made interest rack up)

it's currently current and has been since Jan 2010.  But was 120 months behind before that.

 

No credit cards

 

Derogatory Credit:

 

Apartment Complex - $1,600

There are 2 dates and I don't know what they mean but they are 1/08  and 4/08

 

Library - $150

Dates? 10/06 and 02/07

 

Unknown - $500  (I have no idea what this is)

Date? 08/10

"Hist before 10/10  9"  <--- I assume this means 9 months late?

"Chargeoff date 7/1/12"  <-- what does this mean?

 

 

Actions taken so far:

Made an appointment to talk to Experian (for $40.. ouch) on Friday.

Applied  and was approved for a Capital One (partially) secured card,  limit $200.  ($49 security deposit)

 


OK so...  Where do I go from here?    I feel so naive Smiley Sad   Please excuse my silly immature questions.

 

Starting scores: Experian 650; Equifax 639; Trans U 640 (Jan 2013)
Member
Posts: 18
Registered: ‎01-29-2013
0

Re: Where to start?

[ Edited ]

On the "Statement of Credit Denial"

 

Principal reasons for credit denial, termination or other action taken concerning credit...   These items are checked:

Limited credit experience

delinquent past or present credit obligations with others

 

 

They took the Trans Union score of 640

 

 

 

"Key factors that adversely affected your credit score"

 

Derogatory public record or collection filed

Lack of recent revolving account information

proportion of loan balance to loan amounts is too high   (<--- I assume this means I owe more then I borrowed on the Student loan?)

lack of recent bank/national revolving information  (<----  How is this different then the "Lack of" statement above?)

Starting scores: Experian 650; Equifax 639; Trans U 640 (Jan 2013)
Epic Contributor
Posts: 22,406
Registered: ‎01-17-2008
0

Re: Where to start?

[ Edited ]

Where did you pull your reports?

 

It would be easier to decipher if each TL was listed as it is on your reports.

 

A Charge off is an accounting term used when a creditor doesn't think they will be paid.  The balance due can stay with the Original creditor or be sent or sold to a CA.  It doesn't mean the debt isn't owed.

 

An appointment to talk to Experian?  What is that?

 

It means that you haven't paid off a significant amount of your loan.

 

There is no silly questions. 

Member
Posts: 18
Registered: ‎01-29-2013
0

Re: Where to start?

What is a TL?

 

I pulled the "plus" report from creditscore.com

 

The "Fico" report came from the credit union when I was denied a mortgage preauthorization

 

Experian has a "Credit Education" service.... a phone conversation with one of their "educators"  For $40...  I have an appointment to speak to them Friday.

 

Thanks for the response Smiley Happy

Starting scores: Experian 650; Equifax 639; Trans U 640 (Jan 2013)
Epic Contributor
Posts: 22,406
Registered: ‎01-17-2008
0

Re: Where to start?

[ Edited ]

TL - Tradeline or account

 

If you haven't done so, you get a free report from each CRA every 12 months at annualcreditreport.com.  They are directly from the CRAs and are more accurate and contain more information than those from 3rd parties such as creditscore.com.

 

Personally, I would cancel that appointment.  Many, many times you will find that they don't know as much as they like to think.

 

You can do everything that needs to be to correct your credit yourself and for free.  Other than postage and paying the debt.

Member
Posts: 18
Registered: ‎01-29-2013
0

Re: Where to start?

Ahha  Tradeline (that's a handy dandy link in your sig)

 

This is what it says verbatim...  (it makes little sense to me)

 

A2  "APARTMENTCOMPLEXNAME"                YC298083     01/08 COL      $1600   04/06/08     O9  0   0   0

XPN 1518531                                                          Collection     04/08   1            UNKN      $1600                       1

         HIST -BEFORE 05/08   9

         CLOSED

Subscriber may be contacted at 800-xxx-xxxx

 

 

-------------------------

 

A1   "LIBRARYNAME"                   YC 1980981        10/06   COL        $150    05/25/07    O9  0   0   0

XPN  5218863                               COLLECTION        02/07     1            UNKN     $150     $150          4

HIST BEFORE 06/07   9- - 9

CLOSED

Subscriber may be contactted at

 

 

-----------

 

A1 COLLECTION (this is literally what it says)          YC 049xv004    08/10   OPN   $500    07/12   O9

TU 6305637                                                                   PD COLLECTION            UNK    UNKN      $0      $0           1

HIST BEFORE 10/10      9

ChargeOff Date 07/01/2012

CLOSED

Subscriber may be contacted at

 

Starting scores: Experian 650; Equifax 639; Trans U 640 (Jan 2013)
Member
Posts: 18
Registered: ‎01-29-2013
0

Re: Where to start?

So,  What is the YC number?

 

What is A1  or A2?

 

 

What steps should I take first?

 

 

Again,  Thanks for the info and listening to the naive questions.

Starting scores: Experian 650; Equifax 639; Trans U 640 (Jan 2013)
Epic Contributor
Posts: 22,406
Registered: ‎01-17-2008
0

Re: Where to start?

Because these are 3rd party reports they aren't giving information needed.  There are codes on there for names and you need the names to tackle anything.

 

The way it is it makes little sense to me.  I can tell they are collections but I can' see the who, what and when.  One looks like a paid collections.

 

Try the free reports.  You get them online.

Member
Posts: 18
Registered: ‎01-29-2013
0

Re: Where to start?

Get individual Credit Reports...

 

There is a page here that has "Factor Codes"   Is that what you're asking?

I will work on the individual reports and post back..

 

Thank you ! 

Starting scores: Experian 650; Equifax 639; Trans U 640 (Jan 2013)
Epic Contributor
Posts: 22,406
Registered: ‎01-17-2008
0

Re: Where to start?

No, I'm saying that the reports you have are not the "real" ones from the CRAs.  What you have are condensed versions used by lenders.  You need the real ones,

 

Go to annualcreditreport.com and get them. 

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