Re: Planning For Recovery[ Edited ]
11-25-2012 09:53 AM - edited 11-25-2012 11:53 AM
Thanks so much for the opinions and viewpoints! I think, gathering from both your thoughts, that keeping revolving balances really low across a few cards is better than keeping one or two cards at higher but still low % revolving balances of available credit. Makes sense, keeps diversity on the report while maintaining debt to income ratios.
Being an economics and statistical head, I'm most interested in the numbers and algorithms the system is designed around. If I can gather views and experiences from others maybe I can use Zaller-Deffuant style thinkings to get close to what's going on there and design a plan with extreme accuracy.
I began preparing for this move months ago and started closing the major bank's (AMEX, Citi, Chase) accounts with me to try and reduce the amount of blacklists I end up on. The only one I wasn't able to keep off the BK list was NFCU. That unsecured loan was a refinanced default balance from a closed new Auto loan I had with NFCU. After selling the car they took two years to do the refinance into that unsecured loan and when they did finally get around to it I was already knee deep in crap trying to stay afloat.
So, I may be wrong, but I doubt seriously NFCU will want to get back in business with me at all. The USAA accounts are consumer banking accounts and I don't qualify for their casualty insurance division, limiting me in the products I can have with them. The checking and savings I have with them has been great so far and their customer service is fantastic, but I think I'll eventually be moving to a bank I can keep everything with (auto loans, cc's, etc..). Chase maybe?
When I first filed, about two weeks after actually, my score shot up from a 502 to 634. I signed up for score watch on here and it's now down in the 435 range. :-/
I'm hoping once everything is discharged I can go through the hassle of getting everything sorted out properly. I'm meticulous about things like that anyway, so it was always the plan.
I noticed you guys recommended different service for credit management. I had TrueCredit (TU) monitoring service for 3 years or so and I liked it, but it's TU. I've never had a bank pull TU scores for credit checks. Almost always experian or equifax. So, I want a service that works closely with them to make the process easier.
What do you recommend to use? MyFico, Truecredit, Credit Karma? I know they all offer the same style service, but which one is easiest and most effective at repairing & monitoring miss-reports?
Thanks again for the comments.
So after doing some google research it would seem that the scoring products out there are a HUGE jumbled mess. Between a FAKO, FICO, FICO 8 and what some companies pass on simply calling a "Credit Score", it's nearly impossible to decipher what the real number is. In fact, most service providers provide scores to consumers that are usually 30-100 points higher than the actual score. So good luck walking into a finance department with sincere confidence.
However, the MyFico product is supposed to be the most accurate one to what a finance company will pull. Providing actual FICO scores to the consumer. From what I read, they're alone in that right, as every other provider gives you either FAKO or self generated "Credit Scores" that are meant to be within a "range" of your actual FICO score. BS if you ask me. Experian doesn't even offer the consumer the actual score they provide to financial companies, for some reason this bugs me to no end. It's my score and I don't see how they have the right to conceal my own personal information from me. I see someone suing them at some point in the near future. For that score to dictate so much in our lives financially, it seems like a right to know.
Anyway, just passing on my findings...