Credit Repair Sadness!

Anonymous · ‎06-13-2007

I'm beginning to get a bit discouraged with this whole credit repair process! Its a very tedious process yet worth every effort made.

My score is about a 490 and so creditors wont even look at me. I think what made it drop that low was when Sallie Mae reported me 150 days late!!!!!!!!! Yes 150 days late! Now who allows their account to go 150 days past due (knowingly) when there are forbearances and such out there to help?!?!? That's ludicrous! I was under the understanding that my account was in forbearance as requested. I hadn't received invoices...this was because they were sending them to the wrong address. And even after I updated my info a second time still they sent information to the previous address! I have sent them 1 dispute letter for which they declined and I resent another one because I have a credit report that shows my account was in forbearance...it states the forbearance dates on my report. I didnt add the report in when I sent in my 1st letter because I couldn't find it. At any rate....I am working to repair my credit and I am not backing down or settling for less when I know I honestly was not in the wrong. From postings here I've learned its very hard for Sallie Mae to change info on the account...well I will be the first to get my information corrected and changed so stay tuned! I'm not steeling for less!!!!!!!!

While I am determined to win this battle today I feel a bit discouraged because its like when you have bad credit you look really ugly in a sense! I hate it that its going to take me 6 months or more to repair my credit. I have created this credit repair process and have done really well...however the collection agency people are mean!!!!!!!! They're animals for crying out loud!

My question to anyone who can give wise advice is this: Has anyone gone from a very low score such as mine to a high one in a matter of months?

Please give advice. Thanks.

MM1234 · ‎06-13-2007

I dont think you can do much in a matter of months. But look at it this way....you will def. need some credit or loans even in a year or 2........so dont beat your self up too much and work toward a 1-2 year goal. Get current and if you can pay down some extra here and there you will see a jump over the months ( little by little ) and that will keep you going and motivated.

As for me - I was down with a low score and it took me like 1 yr to get up to a very good score. So it can be done but try to not use Credit and try to pay down all your cards if any to a smaller balance as possbile.

sl · ‎06-13-2007

does anyone know what the average FICO is or what is considered a respectful score (not great - but good).

Anonymous · ‎06-13-2007

According to Fair Isaac

up to 499 – 2%

500-549 – 5%

550-599 – 8%

600-649 – 15%

650-699 – 15%

700-749 – 18%

750-799 – 27%

800+ - 13%

58% of American Consumers have a credit score of 700 or BETTER.

Rob

sl · ‎06-13-2007

Thanks. Looks like I have a long way to go.

Anonymous · ‎06-13-2007

We all do...

Rob

Anonymous · ‎06-13-2007

bettercredit wrote:
I'm beginning to get a bit discouraged
...
My score is about a 490 and so creditors wont even look at me. I think what made it drop that low was when Sallie Mae reported me 150 days late!!!!!!!!!
...
While I am determined to win this battle today
...
the collection agency people are mean!!!!!!!! They're animals for crying out loud!
...
My question to anyone who can give wise advice is this: Has anyone gone from a very low score such as mine to a high one in a matter of months?

Don't give up, and don't let the b*stards win. Remember, this is a marathon, not a 100 meter dash.

Consider getting a secure CC. You earn a little interest, you gain a respectable TL, and in time it can turn into an unsecured card. By then it will have "aged" a little so it will look even better.

Sallie Mae has a ghastly reputation. I'll do some searching for ya.

I'm told that Satan himself sits on the BOD of every CA. They do the devil's bidding. Had I known then what I know now, I would have long since been outta debt and into the 700 club with my FICOs. One CA in particular probably committed between 15 and 20 violations, over the phone, and I was living in a one party state at that time. Coulda recorded the calls and staked him to a cross, in court. Consider an inexpensive telephone recorder from Radio Shack, whether you're in a one party state or not. Check out your state's laws. Lemme know if you have questions and I can steer you to the specific language.

http://www.rcfp.org/taping/

People can and do move up 50 to 100 points in short periods of time. In certain cases, albeit not the norm, some have moved up 200 points in a matter of months.

Anonymous · ‎06-13-2007

sl wrote:
does anyone know what the average FICO is or what is considered a respectful score (not great - but good).

I rambled on a bit about what constitutes a "good score" earlier today.

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=12017#M12017

Anonymous · ‎06-13-2007

I don't believe that break-down.

First, at best it has to be an estimate. A credit score is only snap shot in time of your credit worthiness. Like a picture. So unless EVERYONE pulled their credit the day before that percentage chart was written, it can only be an estimate.

If it's an "estimate", which way do you think FICO will fudge? Up or Down? Low credit scores = more $ on loans = more profit. However, if it became apparent too many people had subprime scores, the whole scoring model comes into question. So FICO puts out information periodically that they "estimate" that the average FICO is 676 and 58% of Americans have 700+ FICOs.

If the true average FICO was revealed to be closer to subprime (and more $ for lenders) then the goverment may be tempted to step in. So until these estimates are audited in some way, I think they're worthless. I really think the average FICO is closer to subprime than it is to 700.

Tuscani · ‎06-13-2007

Sallie Mae is such a pain.

Give this contact a try:

[email protected]