Established Contributor
Posts: 754
Registered: ‎04-26-2012
Re: Paying off car/credit score
I have another installment loan that is a "credit builder" which means that I put money into a CD and as I make on time consecutive payments they report it to the credit bureaus thus "building credit" ..well long story short it WAS building my credit and my bank was bought out by another bank (BMO bank), when I pulled my credit report on 10/03/12 my score was 641 BARELY qualifying for an FHA loan (640) then I pulled my credit again on 10/16/12 and my score dropped 34 points ..the only difference was my credit builder/installment loan was closed and showing current.
I was told that the account numbers are not compatible and I have talked to every supervisor in the bank or at the customer service center and I am not getting anywhere. They are saying it will not likely be corrected until after February. All they need to do is contact the bureaus that I have an open installment loan opened since such and such a date, not that hard. They have stated they will write a letter, that does nothing to help my credit score.
The worst part I was in the process of finding my first house.
I have worked so hard to have this be what is holding me back...something that someone else did, not me.
I am seriously considering contacting a lawyer.
I have my reports printed out from both before and after and no change, only this one item.
Any thoughts? Any are appreciated..
CS 728- 01/13 from 554-12/11
Goal: 800