Newbie invasion!

[Anonymous]

Ok, after re-reading this I realized I shouldn't post so late at night after the brain has fallen asleep...so many spelling errors! So I have now corrected them

Yup I'm a newbie "lurker". I have learned a lot from reading these forums and looking at all 3 of my credit reports. And by doing I know have a serious of questions about what I can/can't do to not only hopefully improving my score but also clean up my reports from mismatched info, etc. So without further ado here they are!

1. Are old (less than 7 y.o.) C.C. accounts that are closed, $0 balance and stated as current, good to ask to be removed from my CR (if that's even possible) ?

2. How can I have my current & previous address dates corrected?

3. Is it possible to ask the creditors to update all 3 CA info? Some have "unknown" and some don't and some show no reporting at all.

4. Are "unknown" payments dates good or bad for my score?

5. Can I pay the credit card company and not the collection agency, since both or just the C.C. is listed, or is that bad to do?

6. What does "Account acquired by RTC/FDIC" mean? Can it be removed?

7. One account shows as being refinanced with only 3 months reported. Can I ask to have it combined with the current reporting or be removed, or is that bad to do?

8. If I want to apply for a loan or credit card, how do I know which report they pull from before hand?

9. If an old C.C is closed & paid, can I ask that it be reopened without another review of my report?

Anything you guys can help me with on these would be wonderful. I am trying desperately to get my score much better.

Message Edited by NeoNiko on 08-23-2007 01:36 AM

[Anonymous]

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NeoNiko wrote:

Yup I'm a newbie "lurker". I have learned a lot from reading these forums and looking at all 3 of my credit reports. And by doing I know have a serious of questions about what I can/can't do to not only hopefully improving my score but also clean up my reports from missmatched info, etc. So without further ado here they are!

1. Are old (less than 7 y.o.) C.C. accounts that are closed, $0 balance and stated as current, good to ask to be reomved from my CR (if that's even possible) ?

A.  No, don't do that.  If everything is current, even if it is closed, it gives you length of history.  Removing it would lower your score.

2. How can I have my current & previous address dates corrected?

A. Send a request via CMRRR with a copy of your driver's licenses or a copy of your paycheck stub to each CRA that needs to be updated.  I was able to have addresses that were not mine removed from my credit report via online dispute but they would not add an address without proof of my address.

3. Is it possible to ask the creditors to update all 3 CA info? Some have "unkown" and some don't and some show no reporting at all.

Not sure if you're talking about collection accounts or reporting to each of the credit agencies.  If you're talking about collection accounts, if one is not reporting then that's a good thing.  You don't want it added.  If you're talking about reporting a positive account that isn't reporting, then yes you should ask the creditor if they will report it to all three CRA's and report it correctly.

4. Are "unkown" payments dates good or bad for my score?

A.  EQ is bad for this.  I've found that it really has no effect if there are unknowns.  As long as it is reporting as current, I've been okay.

5. Can I pay the credit card company and not the collection agency, since both or just the C.C. is listed, or is that bad to do?

A.  Don't just pay anything, do a PFD with the collection agency.  Here's an example of one:  http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=2659

6. What does "Account aquired by RTC/FDIC" mean? Can it be removed?

A. Not sure.

7. One account shows as being refinanced with only 3 months reported. Can I ask to have it combined with the current reporting or be removed, or is that bad to do?

A.  Not sure if it can be combined but all tradelines stay on your credit report for 7-10 years.  It's not easy to get them removed unless they're fraudulent and then you can dispute.

8. If I want to apply for a loan or credit card, how do I know which report they pull from before hand?

A.  Go to http://www.whogavemecredit.com   This is a good website to get general information.  Look at the credit card thread on this site as well to get some general ideas.  Never base your decision on one piece of advice.  Do a little research always but particularly if you have issues with your credit reports already.  What worked for one person may not work for you.  Just because a CCC pulled EQ for me doesn't mean that they will for you.  On the other hand, some are pretty consistent across the board.

9. If an old C.C is closed & paid, can I ask that it be reopened without another review of my report?

A.  I've not had any experience with this but I would assume that the CCC would want to know your current credit situation since credit changes can happen daily.

Anything you guys can help me with on these would be wonderful. I am trying desperately to get my score much better.

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Message Edited by HouseHunter on 08-19-2007 07:15 AM

[Tuscani]

Welcome.. Please read the Scoring 101 thread:

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654

[Anonymous]

HouseHunter - Thank you so much...great info for my brain to think over.

Tuscani - I did actually read that thread before posting, it didn't answer much which is why I posted these questions. Although it was good info that I didn't know before.

Now, my next question is...where can I find what all these acronyms mean? I figured some out on my own but the rest are a mystery for me.

I created some letters to send off and I remember reading a post about letters here for critiquing...is that a bad idea?

[NoMelonsNoLemon]

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=3866

[Anonymous]

6. What does "Account acquired by RTC/FDIC" mean? Can it be removed?

Simply means that bank went out of business and the FDIC took over as most are FDIC insured.  Not a bad thing as long as payment terms are all current.

9. If an old C.C is closed & paid, can I ask that it be reopened without another review of my report?

I have successfully requested this to lengthen my history but decided against it.  Was told, due to my history with them, there would be no need to pull another bureau.

Message Edited by Brammy on 08-23-2007 09:23 AM