cancel
Showing results for 
Search instead for 
Did you mean: 

General Questions

8ballchump
Established Member

General Questions

Okay, after reading this and other forums I have a few general questions.  If anyone can help with answers, I would appreciate it.
 
First, I am now enrolled at MyFICO for the "Deluxe" package.  Is this the best thing for me to be enrolled in?  I have had TrueCredit for over 2 years and constantly keep an eye on things since I've been working on rebuilding credit for a long time.  I've just learned - thru this forum & others - that the scores that I'm getting from TrueCredit are not the correct ones!
 
Next, since I've been with TrueCredit I do look not only at my scores but also at my credit report to make sure that balances, etc... are correct.  Someone said that I shouldn't pull them very often because it will make my "file too big".  I thought that the reports requested by the consumer wouldn't hurt your scores.  Do they?  With MyFico Deluxe will it automatically update my scores daily?
 
Third,  I have a judgment that was paid.  This judgment was filed by a collection agency for 3 medical bills.  Now, the judgment AND the CA's accounts are on the record.  Are they allowed to "double-dip" me on the bureau or should ONE or the OTHER report the account?  Also, if a medical bill is in the husbands name only - can they put a judgment against both husband AND wife?
 
Next, here's a snapshot of my reports:  11 paid installment loans (not one late pay);3 current installment loans (not one late pay) - all pretty recent; 5 credit cards - all over 2 years old (not one late pay) and overall about 40% utilization; 5 paid medical collections; 1 paid judgment (medical); and 1 remaining open medical collection for $1,450.  I've done all of the credit simulations and the one thing that seems to pop up is paying down credit card debt.  That's what someone told me back a few months ago when my utilzation was about 90%.  It seems that paying down this debt to 40% hasn't increased my scores AT ALL!  My question is this:  is there something that you see that you feel would help me more than others......I value true experience over simulations any day!
 
Last for now.... three of my credit cards are from Capital One, one from Citbank and the other from First Premier.  I really like the Citibank card and think I'll keep it.  In regards to the others, should I try to get CapOne or First Premier to just give me one card with enough of a limit to consolidate the others or just leave them separate?  If I do combine, what are the chances that either of them will let me keep the original "open" date?  Which company would be best to keep?
 
On a side note, does anyone know WHEN each month that CapOne updates their balances?  It looks - on my Truecredit - that they update different cards on differnt days of the month.  I, however, can't seem to figure out which is which!
 
Okay.... sorry for the long post but these are "nagging".....  thanks to all who can help!
 
TJones
Message 1 of 4
3 REPLIES 3
okrogius
Regular Contributor

"First, I am now enrolled at MyFICO for the "De...

"First, I am now enrolled at MyFICO for the "Deluxe" package.  Is this the best thing for me to be enrolled in?  I have had TrueCredit for over 2 years and constantly keep an eye on things since I've been working on rebuilding credit for a long time.  I've just learned - thru this forum & others - that the scores that I'm getting from TrueCredit are not the correct ones!"
Deluxe are just three reports, not a monitoring service.
 
"Next, since I've been with TrueCredit I do look not only at my scores but also at my credit report to make sure that balances, etc... are correct.  Someone said that I shouldn't pull them very often because it will make my "file too big".  I thought that the reports requested by the consumer wouldn't hurt your scores.  Do they?"
They don't hurt your scores, but your file does get bigger. Experian doesn't have a fixed file length, but Equifax and TU do. However, if you do reach that point, it's really not bad, and in fact can have positive results. Although according to some accounts, you run a higher risk of split file, etc - ymmv.
 
"With MyFico Deluxe will it automatically update my scores daily?"
No
 
"Third,  I have a judgment that was paid.  This judgment was filed by a collection agency for 3 medical bills.  Now, the judgment AND the CA's accounts are on the record.  Are they allowed to "double-dip" me on the bureau or should ONE or the OTHER report the account?"
As long as the balance is greater than 0 on only one, yes.
 
"Also, if a medical bill is in the husbands name only - can they put a judgment against both husband AND wife?"
Depends, see what you signed when aquiring the bill.
 
"Next, here's a snapshot of my reports:  11 paid installment loans (not one late pay);3 current installment loans (not one late pay) - all pretty recent; 5 credit cards - all over 2 years old (not one late pay) and overall about 40% utilization; 5 paid medical collections; 1 paid judgment (medical); and 1 remaining open medical collection for $1,450.  I've done all of the credit simulations and the one thing that seems to pop up is paying down credit card debt.  That's what someone told me back a few months ago when my utilzation was about 90%.  It seems that paying down this debt to 40% hasn't increased my scores AT ALL!  My question is this:  is there something that you see that you feel would help me more than others......I value true experience over simulations any day!"
Reduce utilization and dispute all negative information (note, when I say dispute, I'm not saying to lie).
 
"Last for now.... three of my credit cards are from Capital One, one from Citbank and the other from First Premier.  I really like the Citibank card and think I'll keep it.  In regards to the others, should I try to get CapOne or First Premier to just give me one card with enough of a limit to consolidate the others or just leave them separate?  If I do combine, what are the chances that either of them will let me keep the original "open" date?  Which company would be best to keep?"
You'll have a hard time getting cap1 to do that. Generally combined cards essentially means moving one card's limit to the other and closing it, so that answers your question about open date. Of the three you mentioned citi is by far the most prime issuer.
 
"On a side note, does anyone know WHEN each month that CapOne updates their balances?  It looks - on my Truecredit - that they update different cards on differnt days of the month.  I, however, can't seem to figure out which is which!"
Ymmv - just see when your balance changes and to what.
Message 2 of 4
8ballchump
Established Member

Okay.... I have now sent the letter to the CRA's regardin...

Okay.... I have now sent the letter to the CRA's regarding all of the medical collections... just as described.  I will now sit back and wait patiently (not real good at that, though!).  I have the letters drawn up for the only non-medical entry but will wait the 35 days or so on that.. it may fall off soon anyway, so may not even mess with it.
 
I am now in possession of a copy of the "release" for the Judgment.  Here's my question:  since two of these medical collections that I just referenced in these letters are the original accounts that are listed on the judgment (everything still shows not paid on the CR's), should I go ahead and send in the copy of the release and dispute the Judgment or should I just wait and only do that after the 35 days?

Thanks!
TJ
Message 3 of 4
Jessacctng
Member

Balance Transfers caution

I know that if you transfer balances-shift debt to another card by increasing credit limit doesn't really change your score much by itself. I think paying your debt off does in combination with icreased credit limit. 
I transferred balances so that I could increase my small monthly payments to one big one and avoiding all the finance charges. This pays your debt off faster.
 If they are very old credit cards don't close them this drops your score!!!!!! Instead cut up the cards paid off and shred any super checks the credit card companies send to encourage you to use the card again. DO this if you are planning to apply for a loan soon. If not then close them and wait about 6 months for your score to increase.
I believe that Credit Limits vs how much you use of it drives your score. You want to use  less than 1/2 of your credit limit to keep your score high. Ex. $1000 credit limit using $400 would be 40% usage.
Message 4 of 4
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.