topic Re: Cleaning up credit in General Credit Topics

Cleaning up credit

Kevin5974 — Wed, 16 May 2007 19:36:35 GMT

Hey Folks,

I have a real problem with my credit report. I had an auto loan through Ford Motor Credit for about a year and a half. It was scheduled for 48 months but I traded my truck in before that because the the truck was falling apart (Ford, go figure) anyways, because I still have fairly new credit, it took me forever to find a lender that would loan me money for a new truck. It took me about 6 months and about a hundred inquiries later. I know they say that you have to wait 2 years before these inquiries fall off but I don't wanna wait that long. Also, I see alot of complaints regarding HSBC. I have a Platinum card that they won't give me a credit limit increase and my other is a Best Buy card. The problem is that I went 30 days past due on the Best Buy card and have since been paying on it for the past year w/out being late but they revoked my credit line so it shows $0 credit limit with a balance on it. How do I get them to reinstate my credit line? They keep denying me :-( My Scores are in the very low 600's

Thanks - Kevin

Re: Cleaning up credit

Anonymous — Wed, 16 May 2007 20:07:02 GMT

Welcome Kevin,

It's true that inqs stay on your CR for 2 yrs, but (1) the FICO score only counts those in the last 12 months and (2) any car loan inqs within a 14-day period count as one inq.

I don't think BB actually "revoked" your CL for a single 30-day late pay; it sounds more like they are failing to report it. I would call BB and ask them to report the CL to the CRAs.

Re: Cleaning up credit

Kevin5974 — Wed, 16 May 2007 21:12:12 GMT

No they closed the credit line and reported my limit as $0 which I think is really screwing me because it looks like I'm way over the limit... :-/

Re: Cleaning up credit

Tuscani — Wed, 16 May 2007 21:36:39 GMT

Try a GW letter for that late.

Re: Cleaning up credit

Kevin5974 — Wed, 16 May 2007 22:25:21 GMT

I'm not too concerned about the late on my credit since it's been about a year and a half and it was only a 30 day mark but they said that I can't have my credit line back until I get my credit score up. My score at the time was about a 650-660

Re: Cleaning up credit

Tuscani — Thu, 17 May 2007 11:49:22 GMT

How old is the card?

Message Edited by Tuscani on 05-17-2007 06:49 AM

Re: Cleaning up credit

Anonymous — Thu, 17 May 2007 12:36:15 GMT

I don't know if this will work, but suppose you go in to a Best Buy, pick out a high priced (but under your old credit limit) item and try to buy it with your old card, when it rejects have them get the manager (actually it would be better to see him first-more legal) and see if they will reinstate so you can buy the item. I'm thinking if you are border-line having a sale at stake might help. Once you've purchased the item you can return it later (keep your receipt and understand if there will be re-stocking charges. Now you have your credit line re-opened, it shows a transaction and a 0 balance. Some cards give you a better credit profile than others. Best Buy used to be one of the worst to have, but I think that has changed. What you want eventually are the cards that reject most people.

Re: Cleaning up credit

Kevin5974 — Thu, 17 May 2007 16:28:26 GMT

iT WAS OPENED IN SEPTEMBER 2005

Re: Cleaning up credit

Anonymous — Thu, 17 May 2007 16:35:14 GMT

First off, most Ford's don't fall apart, especially their trucks. ...Wait, not the point of this story. I'll save that for next time.

Have you attempted to contact Best Buy and tell them that exact situation? Maybe they won't reinstate your full CL, but possibly a lower one? I think if you explained your situation to an actual person, you could have some bargaining power.

Re: Cleaning up credit

Kevin5974 — Thu, 17 May 2007 16:57:16 GMT

I HAVE TRIED THIS NUMEROUS TIME BUT THEY STILL REFUSE...I THINK I NEED TO JUST PAY IT OFF SO IT SHOWS A CLOSED ACCOUNT THAT IS PAID AND HOPEFULLY THAT 30 DAY LATE WONT HURT AS BAD :-/

Re: Cleaning up credit

Anonymous — Thu, 17 May 2007 17:08:51 GMT

Yes, if that hasn't worked, I'd just pay it in full.