topic Re: Help I need a credit card that use Experian and Equifax badly..please people.... in Credit Cards

Help I need a credit card that use Experian and Equifax badly..please people....

Anonymous — Thu, 09 Jul 2009 23:05:19 GMT

My loan offer pulled my credit 06/24/09 and my credit scores are has follows:

TU: No credit score to report

EQ:570

EXP:609

I have a CD with my local credit union that has helped boost my score that high. I need to get a least 2 credit cards that use EQ and Exp. So far, every card I've tried seems to be using TU. Any suggestions??Your help is greatly appreciated.

Re: Help I need a credit card that use Experian and Equifax badly..please people....

score_building — Thu, 09 Jul 2009 23:27:59 GMT

with current scores your best bet is your local bank or cu if they'll work with you.

Re: Help I need a credit card that use Experian and Equifax badly..please people....

Anonymous — Thu, 09 Jul 2009 23:30:05 GMT

Some of the other experts on the forum will need to reply to this - I'm wondering if scores aren't more of an issue than who's being pulled. Try Orchard - they pull Experian - which is what you want. They will do a preapproval first which doesn't do a hard pull on your credit - then you can decide if you want to apply for whatever they preapprove you for. Cap One pulls all 3 - so you get many hits for one app - but I think they do a soft pull for a preapproval online also. Good luck!

Re: Help I need a credit card that use Experian and Equifax badly..please people....

haulingthescoreup — Thu, 09 Jul 2009 23:35:55 GMT

You must live in the upper Midwest?

Your CD, if you mean certificate of deposit, is not affecting your FICO scores. CD's are banking products, and they don't show on your credit reports; therefore, they don't influence your scores. If it was a typo, and you meant to type "CC", then yes, it's helping.

Are you going for a mortgage, and you're trying to get your middle score up to a certain figure? Usually we say not to get new credit right before a mortgage app, but if you have 0 or 1 credit card, 2 more will probably help your scores immediately.

The problem is that those are pretty shaky scores to get a non-leech credit card these days.

Do you have your FICO score reports, or did your loan officer tell you what the comment codes (can't remember the precise term) were on your reports? Is high revolving utilization a negative on any reports? (It wouldn't be if you don't have any open or closed CC's with balances.) If that comment is there, pay all your balances off except one, and let that one report a token figure, like $20. That's usually a quick boost for scores, and once all those cycle through, your scores might improve enough to get half-way decent cards.

Would you mind sharing what the negatives are that are hurting your scores so badly? We might be able to help you come up with some additional tactics.

Most credit unions pull EQ, but if you live in the upper Midwest, they might all be TU-pullers. If not, if you can join a second credit union in your area, you might be able to get a secured card from them. I would first buy and print out your EQ score report from myFICO, and tell the credit union loan officer that it's a Beacon 5.0 report. They'll know what that is. They would still need to pull your credit for real if you applied, but they might be willing to look at your printout and say, if the report and score we pull matches this one, we could/ couldn't offer you a card.

Re: Help I need a credit card that use Experian and Equifax badly..please people....

Anonymous — Fri, 10 Jul 2009 01:37:30 GMT

Below is a summarized copy of the report. I'm in TEXAS. I have a CD" certificate of deposit" and my local credit union does not offer credit cards

Credit report pulled : 6/24/09

Score Models:

Equifax beacon 5.0 Score: 570
0040-Derogatory public record or collections filed
00014-length of time accounts have been established
00020-leghth of time since derogatory public record or collection is too short
00007-account payment history is too new to rate
FA- number of inquiries advesely affected the score, but not significantly

Transunion Classic(98) Score:N/A
SC3-file not scored because subject does not have sufficient credit

Experian (Ver2) Score: 609
38-Serious delinquency and public record or collection filed
18-number of accounts with delinquency
14-length of time accounts have been established
16-lack of recent revolving account information
08-too many inquires last 12 months

Open accounts:

Amplify FCU : Date reported: 06/09 date opened:04/09 CL:500 Balance: 350 Past due:0 Late:0 Paying as agreed (XP/EF)

Cap One : Date reported: 06/02 date opened:10/01 CL:117 Balance: 0 Past due:0 Late:0 Paid (XP)
Account closed at consumer' request

Plains Comm : Date reported: 12/07 date opened:12/05-04/07 CL:250 Balance: 0 Past due:0 Late:0 Paid (XP/TU)

Degogatory accounts

1stNatlCC: Date reported: 10/08 date opened:04/06-02/07 CL:250 Balance:628 Past due:628 Late: 16 90 dys Charge off (XP/TU/EF)
Consumer disputed this account

Medical Payment: Date reported:06/09 Balacne:554 (XP/EF)
Account in dispute-reported by subscriber; accont information disputed by consumer

Fin Cntl SVC Date reported 09/08date opened:-06/08 Medical $464 collections (TU/EF)

PLAINS COMM BK: Date reported 07/08 Date opened: 12/05-12/07 charge off CL $250 Balance: 430 (TU)

IC Sys Medical $250 reported 04/09 collections

UFCU: date reported 07/06 line of credit charge off Balance : 200 CL:200 (XP/TU/EF

IC Sys Medical $151 reported 05/09 collections (XP/TU)

Credit managememt- TWC Date reported: collection: $78 (XP/TU/EF)

IC systems Medical Date reported: 05/09 collections :$51 settled (XP/EF)

Message Edited by sherk99 on 07-09-2009 08:37 PM

Re: Help I need a credit card that use Experian and Equifax badly..please people....

medicgrrl — Fri, 10 Jul 2009 01:36:29 GMT

Based on your post on the Rebuilding forum, I would pull your free credit reports first and try and work on removing some of these collections before you worry about opening new credit. If you are trying to purchase a home then there are ways around your lack of credit. Start with repairing first, then go to the mortgage forum and seek information about FHA and USDA mortgages.

Again, work on fixing the baddies first.

Re: Help I need a credit card that use Experian and Equifax badly..please people....

haulingthescoreup — Fri, 10 Jul 2009 01:47:50 GMT

Well, you might get something for paying down that $350 balance, but since your derogs are only about the collection activity and just being relatively new to credit, you might not see much. (It would still be a good idea, though.)

You've got dings on both reports for "too many inquiries," as well as just being too young in credit. I do see the EX ding about too little recent revolving activity, so I can see that's why your LO is pushing you to add some cards. Revolving credit is a huge driver of your scores.

I hate to ask, but can you hold off on the loan, at least until your CO/CA's hit a year old? They are flat killing you right now.

If you're determined to get more revolving credit now, you're going to be stuck with the truly evil of the rebuilding cards, those that charge you a fee to make an online payment and such. Plan to keep them for 11 months (before they stick you with the next annual fee; the monthly fees will be bad enough), don't ever expect a CLI or any kind of luv --just use them as the crutch that they are. It's possible that you can find someone less awful to give you a secured card.

Otherwise, I'd have to say that maybe this just isn't the time for you to be getting a major loan. Sometimes you just have to let your credit heal, and in the interim, work on the financial habits that will help keep you out of trouble in the future. And I saw the medical collections --you might be one of many who would have been OK, if only they'd had decent health insurance!

Stepping out of the way for those who have the skinny on rebuilder cards and tactics for getting and using them. Good luck!

edit: cna't splel

Message Edited by haulingthescoreup on 07-09-2009 06:47 PM

Re: Help I need a credit card that use Experian and Equifax badly..please people....

Anonymous — Fri, 10 Jul 2009 01:50:19 GMT

I used the treads in rebuilding credit which made the medicals reporting dates update to this year. All medical are 2 yrs past due. CC I'VE CHOSEN NOT TO PAY AT ALL. If I can get approved for a loan with a much lower interest rate, less than 7.5% , then i'll go for a house. If not, i'll keep renting till I get my scores up. Loaner officer referred me to credit repair company that want a one time payment of $950 to remove all negative reporting on my report without paying a dime. Name of the company is edited. I'd rather use that money to payoff what i owe. Loaner officer also advised not to settle accounts since it will hurt my score. I'm confused really.

edited to remove name of "credit repair" company --hauling.

Message Edited by haulingthescoreup on 07-09-2009 06:50 PM

Re: Help I need a credit card that use Experian and Equifax badly..please people....

haulingthescoreup — Fri, 10 Jul 2009 01:49:28 GMT

I had to remove the name of the credit repair company --they're so unethical, that it's against terms of service to even discuss them here.

Skip them --it's a waste of good money, and you can do the same thing they do themselves.

Re: Help I need a credit card that use Experian and Equifax badly..please people....

Anonymous — Fri, 10 Jul 2009 01:53:55 GMT

Inquiries are 6 total so far in the last 9 months with all 3 credit bureaus. I'm trying not to pull my credit only if it's necessary.

Message Edited by sherk99 on 07-09-2009 08:53 PM

Re: Help I need a credit card that use Experian and Equifax badly..please people....

Karatz — Fri, 10 Jul 2009 04:15:15 GMT

I've suggested to a few friends already to contact the baddies and ask for removal in exchange for payment in full- cash on the table is a great incentive for them. One had to hassle it bit, the rest were all successful. Just gotta be patient and get acceptance in writing by someone valid.

Re: Help I need a credit card that use Experian and Equifax badly..please people....

Anonymous — Fri, 10 Jul 2009 11:35:54 GMT

I've tried to do that and most of them have refused to remove the listing after payment. The are only willing to update accounts has been settled, just like the last one did. So I'm stuck, even if I paid them all off today, these items will still be on my credit report update to settled and have the date reported update to 09. The few that worked with me removed the negatives after settlement. Any suggestions, directions, verbiage I can use. For some of these I used the SOL and the ended up removing and others 'medical" remove temporally and reposted with an date of reporting of 2009. I've already been screwed by these folks. Yes, I'll pay them as long as the meet my request. I'm even willing to settle for the full amount, as long as the delete the report. Suggestion.....

Re: Help I need a credit card that use Experian and Equifax badly..please people....

haulingthescoreup — Fri, 10 Jul 2009 11:39:28 GMT

Have you read about GW and PFD, which is what you're talking about?

GW = goodwill, asking for an already paid negative to no longer be reported

PFD = pay for delete, asking them to put in writing on company letterhead that they will no longer report the negative if you pay them

Some samples are in Frequently Requested Threads, which is stickied at the top of many of the boards and also linked in my siggy.

They shouldn't be re-aging your reports. Be sure to understand what can show a new date, and what must display the old date. Lots of info about this over on Rebuilding Your Credit.

Re: Help I need a credit card that use Experian and Equifax badly..please people....

Anonymous — Fri, 10 Jul 2009 19:43:12 GMT

@haulingthescoreup wrote:
Have you read about GW and PFD, which is what you're talking about?

GW = goodwill, asking for an already paid negative to no longer be reported

PFD = pay for delete, asking them to put in writing on company letterhead that they will no longer report the negative if you pay them

Some samples are in Frequently Requested Threads, which is stickied at the top of many of the boards and also linked in my siggy.

They shouldn't be re-aging your reports. Be sure to understand what can show a new date, and what must display the old date. Lots of info about this over on Rebuilding Your Credit.

They aren't actually re-aging the accounts, they are updating "date of last activity" or "date reported" ( I can't remember exact wording on different CBRs) which definitely lowers your score. I've had this happen, and it's mentioned often here as another good reason not to dispute a valid CA.

Re: Help I need a credit card that use Experian and Equifax badly.Please people....

Anonymous — Sat, 11 Jul 2009 01:16:03 GMT

Accounts disputed have incorrect balances. I even sent copies to the credit bureaus with the amount owed. I've also sent letters to creditors to dispute reporting with supporting documents. I drafted letters today to the credit bureaus to verify date of first reporting with copies of old credit reports that are 6 months old that I ordered from them. Any suggestions on what next I should do?

Re: Help I need a credit card that use Experian and Equifax badly..please people....

BungalowMo — Sat, 11 Jul 2009 13:18:26 GMT

@Anonymous wrote:
Inquiries are 6 total so far in the last 9 months with all 3 credit bureaus. I'm trying not to pull my credit only if it's necessary.
Message Edited by sherk99 on 07-09-2009 08:53 PM

It is NOT a hard inq for you to pull your report. As many of us here are onm the repair journey we monitor our reports...pulling them every day looking for updates. There is never a negative hit when YOU check your own report...or FICO score here, for that matter.

Re: Help I need a credit card that use Experian and Equifax badly..please people....

Anonymous — Sat, 11 Jul 2009 22:21:14 GMT

totally posted on the wrong thread.....some of us can't have two windows open at the same time, I guess....

Message Edited by utah2009 on 07-11-2009 04:21 PM

Re: Help I need a credit card that use Experian and Equifax badly..please people....

Anonymous — Sat, 11 Jul 2009 13:43:58 GMT

@Anonymous wrote:
Below is a summarized copy of the report. I'm in TEXAS. I have a CD" certificate of deposit" and my local credit union does not offer credit cards

Credit report pulled : 6/24/09

Score Models:

Equifax beacon 5.0 Score: 570
0040-Derogatory public record or collections filed
00014-length of time accounts have been established
00020-leghth of time since derogatory public record or collection is too short
00007-account payment history is too new to rate
FA- number of inquiries advesely affected the score, but not significantly

Transunion Classic(98) Score:N/A
SC3-file not scored because subject does not have sufficient credit

Experian (Ver2) Score: 609
38-Serious delinquency and public record or collection filed
18-number of accounts with delinquency
14-length of time accounts have been established
16-lack of recent revolving account information
08-too many inquires last 12 months

Open accounts:

Amplify FCU : Date reported: 06/09 date opened:04/09 CL:500 Balance: 350 Past due:0 Late:0 Paying as agreed (XP/EF)

Cap One : Date reported: 06/02 date opened:10/01 CL:117 Balance: 0 Past due:0 Late:0 Paid (XP)
Account closed at consumer' request

Plains Comm : Date reported: 12/07 date opened:12/05-04/07 CL:250 Balance: 0 Past due:0 Late:0 Paid (XP/TU)

Degogatory accounts

1stNatlCC: Date reported: 10/08 date opened:04/06-02/07 CL:250 Balance:628 Past due:628 Late: 16 90 dys Charge off (XP/TU/EF)
Consumer disputed this account

Medical Payment: Date reported:06/09 Balacne:554 (XP/EF)
Account in dispute-reported by subscriber; accont information disputed by consumer

Fin Cntl SVC Date reported 09/08date opened:-06/08 Medical $464 collections (TU/EF)

PLAINS COMM BK: Date reported 07/08 Date opened: 12/05-12/07 charge off CL $250 Balance: 430 (TU)

IC Sys Medical $250 reported 04/09 collections

UFCU: date reported 07/06 line of credit charge off Balance : 200 CL:200 (XP/TU/EF

IC Sys Medical $151 reported 05/09 collections (XP/TU)

Credit managememt- TWC Date reported: collection: $78 (XP/TU/EF)

IC systems Medical Date reported: 05/09 collections :$51 settled (XP/EF)

IMO, you should consider three things:

1. Move your savings and CD (once mature and not subject to penalty) to a Credit Union who offers a full range of credit products, including SECURED credit cards and loans.

2. You need to work on your CR. Many of your collections are small. I would work on PFD negotiations, because simply paying them will not help your score and that many collections is going to hurt you for a long time.

3. Use your savings and/or CD to get a SECURED credit card through a credit union (would require you do as recommended in #1). This will establish new, positive credit, begin building a good relationship with a credit union who offers these products, and puts you on the road to unsecured credit in the next 6-12 months (while you work on cleaning up your credit report).

I would recommend that during this time you make regular savings deposits and if possible put your paycheck on direct deposit to the credit union (who offers secured cards). Liquidity, savings, cashflow and direct deposit all help offset your poor credit.

You can also get a secured personal loan, pay off in 6 to 12 months at virtually no cost in interest (well, it costs you the interest you earn in savings, but none out of pocket). You do this by taking a loan against savings, then put the loan money back into savings. This doubles your savings which should earn more interest than what your loan costs.

Good luck.

Re: Help I need a credit card that use Experian and Equifax badly..please people....

Anonymous — Sat, 11 Jul 2009 18:46:10 GMT

.......................................................................................................................................

txjohn wrote:

Move your savings and CD (once mature and not subject to penalty) to a Credit Union who offers a full range of credit products, including SECURED credit cards and loans.

.........................................................................................................................................

I'll open an account with a different credit union. Since you are based in TX,do you have any recommendations? I'm with Amplify. UFCU is out of the questions because i defaulted on a line of credit a few years ago. May be, i'll try talking to them about the secured cc and see what they say.

............................................................................................................................................

2. I have a loan against a cd thats taken from a different saving account

3. I have 2 saving accounts, one for bills and they other for saving. No checking