Confused, confused, confused!!

[Anonymous]

I have no positive credit in my name except the refinance we just did on our house.  It is a terrible loan due to our credit scores.  The loan officer told us we could refinance in 6 months to a 30-year fixed at around 6% because our credit scores would undoubtedly SOAR once we paid everything off.  Not so.

First, as I posted here previously, every one of our creditors except Discover lowered our CL dramatically as soon as we paid everything off (I am only an AU on these accounts).  I have collection items on my report that are fairly small - utilities that I kept in my name for someone else to (ab)use and the like.  There is also a charged off credit card in my name from 2002 when I was in dire straits (before I met my husband) that I just could not pay.  I don't know where to begin to attack this problem.  I did apply for a secured credit card recently, and I received an alert that there was an inquiry from them (First Premier, I think), but since they didn't approve right away, I wonder if I will even be able to get that.  I don't know how to check my three scores, but I do have the Equifax 3-in-1 thingy and ScoreWatch.  I have read the helpful information on this website, but I still don't know what specifically to do to get myself into the position to attain credit in my name.  I know it is asking a lot, but could someone tell me where to start?

[Anonymous]

I would start with your bank or credit union. Assuming your financial relationship with them has been at least mostly positive (no or very few overdrafts and bounced checks), they may be willing to offer you a secured or low-limit starter credit card.

I did this with BofA...they offered me the 99/500 secured card, which now is unsecured with a $1000 limit.

[Anonymous]

Try a GW letter for the CO'd CC.  Good luck!

[Anonymous]

Establishing Credit

If your husband has CCs in good standing in his name (and I mean CCs with no lates or any adverse reporting on them), and you're an AU, have DH contact the CCC and ask that you be converted from an AU to a joint card holder. As an AU, you aren't financially responsible for the debt, unless you live in a community property state. By converting it to joint status, the CCC should be all too happy to do this because that reduces their risk. My bank is sending a form for my wife to sign and return. Same CC. No change to me or her. But, as a joint card holder, that positive TL will continue to show up on her CRs each next billing cycle. [AU benefits go away soon.]

Even if you're not an AU, have DH contact the CCC and get you added as a joint card holder.

Old Bad Stuff

Is there a balance on the chargedoff CC? Any other old lates, old collections or chargeoffs (paid, settled or unpaid)? Repos? Foreclosures? Judgments? Tax liens?

Action to Take

List all CCs, balances, CLs, and APRs. Identify which ones are your, his and joint.

Reports and Scores

If you have Equifax 3-in-1, you should be able to see all 3 CRs. Same with SW. SW also gives you your FICO scores, when you pull them.

[Anonymous]

Is it possible for you  to list what's on your credit report for us and give us your score?   It would go a long way in to determining how we can help you.

[Anonymous]

I don't even know how to do that.  When I check ScoreWatch, I only get one score.  When I do the 3-in-1, it only shows Equifax.  I feel like the stupidest person in the world.

[Anonymous]

OK, so I guess I thought I bought the 3-in-1, but I had to pay another 24.95 to get all of my scores.  They are as follows: 

Experian-589

Equifax-562

TransUnion-551

I didn't see any indication on any of the credit reports that the credit cards were reporting as an AU.  I think if I could get the collection items cleared up, I'd be OK.  I don't even know what most of them are, but the largest one is for $800.  I think I'll try my hand at some PFDs.  There are no liens, judgments, repos or bankruptcies, which is something, I guess!

[Anonymous]

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JemiBlue wrote:

OK, so I guess I thought I bought the 3-in-1, but I had to pay another 24.95 to get all of my scores.  They are as follows: 

Experian-589

Equifax-562

TransUnion-551

I didn't see any indication on any of the credit reports that the credit cards were reporting as an AU.  I think if I could get the collection items cleared up, I'd be OK.  I don't even know what most of them are, but the largest one is for $800.

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If there are collections on your CRs, and you don't know what they are and don't recognize, then DV them.

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=4328

If they aren't reporting an OC that you recognize, then put the ball in their court to validate and show you own these.

I use TC for my 3-in-1. $11.21 a month and I get to see my reports and scores (albeit FAKOs) anytime I want. You might consider cancelling EQ. It will save you some money and there's a lotta folks in here who use TC and can step you thru things on TC. Just my two cents.

On TC, there's a responsibility line that reads Individual, Joint, or Authorized User. Do you see one on your EQ 3-in-1?

[Anonymous]

What is TC?

[Anonymous]

Never mind, I looked it up.  How do I get TrueCredit?  I'd like to cancel the others - can I just call the customer service numbers and do that?  I think I saw that ScoreWatch requires a minimum of 3 months.