EX online dispute and correcting process is fast!

twono · ‎10-26-2019

I'm just a little amazed that Experian corrected/updated 2 PENFED accts that were still reporting balances and open....albeit less than 30 days post DC. But a 3rd PENFED acct that was IIB has been reporting correctly.

I disputed the 2 accts online, and within 2 hrs, i got an email saying that the results were in from the disputes.

They actually show you what the 'before' and 'after' accts look like after correcting/updating.

I feel this is significant because 1 of the disputed accts was at 94% utilization. And when combined with my 1 open KOHLS acct and it's credit limit, i was at 59% utilization overall Surely this will give me a score bump. I'm at 611 EX post DC.

I"m starting to think that disputing should be done asap. To heck with that 'wait 30 days post DC to dispute.'

FireMedic1 · ‎10-26-2019

No one has ever said to wait 30 days to dispute. It's to let all acounts report IIB and 0 balance so you can get the score boost once everything is reporting correctly before applying for credit. You just made it happen sooner. Thats all.

twono · ‎10-27-2019

I didnt necessarily see this coming, Just checked CCT and my EX dropped 27 pts after the 2 penfed accts were updated to closed and IIB.

I now have 1 open acct in good standing, kohls with $3000 limit. And 1% utilization reporting.

To note, all 5 student loans i co-signed for, are showing closed. SL’s total $26k.

Looks like i need 2 credit cards pronto. I didnt think i would need an installment loan to boost scores because of the student loans.

Jnbmom · ‎10-27-2019

I would certainly wait until all your reports are reporting correctly before getting credit cards pronto.

Yes disputing sometimes speeds up the process after a BK, and sometimes it does not.

EXP 780 EQ 791TU 795

twono · ‎10-27-2019

Well, if disputing items that are reporting incorrectly are crashing my score by 30 pts, it would seem that its better to leave them alone.

The penfed ploc was at 94% utilization. The other penfed acct was a personal loan. Both were in good standing and open. Hard to imagine having a card at 94% is better than IIB when i already haIve over 30 accts IIb. No way adding 2 more iib would drop a score that much. But i guess it did. If score drops 30 pts with the addition of 2 accts IIB when there are already 30 IIB, by that ratio, i would have a score of about -500.

I opened 2 checking accts before i filed....a large-ish regional bank and local credit union. Both have secured cards and both can graduate into unsecured.

My plan was to open a secured card with the cu and an open sky or merrick.

I would have my kohls with $3000 limit, secured with my CU and probably merrick since its not secured.

Those cards and with my student loans reporting eventually, i should be ok with starting the rebuild.

EDIT: just checked merrick, no dice.

FireMedic1 · ‎10-27-2019

You had a credit mix with revolvers and a loan like we preach to get to start a rebuild when you filed. Paying off a loan if its the only one you have you lose points even without filing BK and perfect credit. Same thing happens after DC. You have no credit mix again. There's your point loss.

twono · ‎10-27-2019

@FireMedic1 wrote:
You had a credit mix with revolvers and a loan like we preach to get to start a rebuild when you filed. Paying off a loan if its the only one you have you lose points even without filing BK and perfect credit. Same thing happens after DC. You have no credit mix again. There's your point loss.

Understood....Truth be told, i've been a member on myfico for about 10 yrs....I'm under a different name now.

I do understand the credit game despite my numerous failures and subsequent BK.....Who pulls who, who softs, letting 1 acct report less than 9%, AMEX 3x your limit CLI at 90 days, the backdoor way to get into NFCU, CapOne pulling all 3 bureaus, credit mix, utilization on single accts vs overall utilization, AAoA, effects of oldest acct falling off of reports after 10 yrs of being closed, PC'ing (product change) buckets, inq's and their impact, app sprees and the do's and don'ts, hidden TL's like the former PP Credit/Comenity and John Deere Financing, a credit pull is generally good for 30 days with a creditor so no additional pulls with additional products, CU's almost exclusively pull EQ, AMEX is EX, SYNCH TU, etc...

My main focus post BK is a mortgage. I'm not buying a new car, i'm not trying to obtain mass amounts of credit...Just simply want to get a headstart on my goal of a home.