topic A few questions in General Credit Topics

A few questions

Anonymous — Fri, 28 Dec 2007 03:17:13 GMT

Hello everyone!

I've been lurking around here for a few days and finally decided to post. I wish I had found this board awhile back, but luckily I've managed to get myself out of about 14k in CC debt (still have the mortgage, car and student loan).

However, as I'm sure you can assume, I have a few uglies still listed on my CR. My biggest issue is with Sallie Mae. Back when they were USA Group I took out 13 student loans. I deferred them, then consolidated when I bought my house in 02. My CR shows 13 individual accts as closed/transferred/zero balances on all 3 CRA. However EQ shows as 'too new to rate'. Last reporting date is 05/2002. They each have mulitiple 90/120 day lates on them. Are they hurting me? Anything I can do with them since I now pay my SL faithfully? When can I expect them to fall off?

Next question -- I pulled ahead on my lease but as of the past 50 days or so BOTH leases show up, which is hurting my DTI ratio. Any idea when the old lease will fall off? Anyone know how often GMAC updates?

Yet another question -- I had an installment loan through my former credit union. Back in the 'bad' old days I quit paying. When I bought my house I thought I PIF, however I was a dollar off. When this showed up on my CR I contacted the CU to find out how to get the $1 paid and the derogatory information removed. I was told by the branch manager to just "forget about it" and they wouldn't worry about it. (I know, ha ha ha, yeah right.) I have called this branch manager every 3 months or so to try to find out how to resolve this. He stopped calling me back about 18 months ago. I'll try to post what shows up on my report at the bottom of my message. Is there any hope for this one? Send them a check for $1 and then dispute? It last reported in 11/07 with date open as 07/2002. This date is NOT the actual date the debt began, but rather the date I PIF. Very odd. I was recently approved for a mortgage to build a new house (and act as landlord to rent my current home). My mortgage guy couldn't believe the CU would actually PAY to list my $1 debt as derogatory. He figures I really ticked off the branch manager of the CU. (Too many phone calls perhaps???)

Last question -- my FACOs as of today are TU 672, EXP 672 and EQ 673. (Freakishly close at the moment.) I pulled a real EQ score over a week ago that was 609 (my EQ FACO was 659 on that same date.) Is there a good rule of thumb when comparing FACOs with FICOs?

Thanks in advance for any help or insight,

Peas

($1 information below)

EQUIFAX

Derogatory

$1 Line of credit Collection/Chargeoff

Remarks: [TransUnion] [Experian] Unpaid Balance reported as a loss by credit grantor.

[Equifax] Charged off account
Line of credit

Re: A few questions

Anonymous — Fri, 28 Dec 2007 05:38:19 GMT

I think I may have figured out the answer to my Sallie Mae issue. Upon further investigation of my truecredit account it shows I had 13 delinquencies up until Sept 07, when they dropped to zero. I didn't see a huge bump up in my EQ FICO -- about 20 points, but at least it's something.

Also, a bit more history -- my EQ FICO back in Sept 05 was 490.

Small steps.. I think I can, I think I can!

-Peas

Re: A few questions

Anonymous — Fri, 28 Dec 2007 06:27:58 GMT

I'm glad that you are observing your info again.

that helps more than anything.

Anything that is late hurts you....as I've explained before credit is like ABCDand F's when you when you mess up its like an F you have to keep doing great things and being perfect to pull those activities up.

So.....think you understand that...

Re: A few questions

Anonymous — Fri, 28 Dec 2007 15:48:48 GMT

Thanks Sherry -- Perfect analogy as I'm a teacher. When I recently leased a new vehicle they told me I had a "B+" credit rating according to their standards. Do you think we could get everyone on the ABCDF rating system?

As far as being perfect I think I've been 'perfect' since Feb 2005. The only negatives I have are hard inquiries. In the past two years I have tested the water a bit and got a Travelocity MC w/ 2k CL, Delta SkyMiles Amex w/ a 1k CL and a Discover Direct Rewards Platinum with a 1k CL. I know these aren't HUGE CLs, however I still have my high interest (zero balance) HSBC/Union Plus Card w/ a 4600 CL. I definitely didn't do this on purpose, however each of the CRAs only show 2 hard inquiries each. I got lucky there!

I'm getting there!

Peas

Re: A few questions

Anonymous — Fri, 28 Dec 2007 18:42:54 GMT

why do people say hard or soft inquiries.

The only ones of interest are the ones that affect you...any other inquiry need not be mentioned...

for example i pulled my credit report today thats an inquiry so.....who cares it doesn't affect me or my score....