Can someone offer me any advice????? PLEASE

[LynnBushea]

Hello

I really  need some advice. I have been given great advice since being on this forum. I was able to bring my credit score from 585 to 650 (still working on it). Let me start off my saying that I filed for Chapter 7 in Aug '07. So since that time I have been working hard rebuilding my credit.  Ok...so back in May I applied and was approved for a used car loan with Navy Federal. Well I went back and forth with Navy Federal on the terms of my loans about 5 times. So guess what? When I pulled my credit report I found that the bank opened and closed 5 car loans  ...all in good standings. But, my problem is that this caused my average age of account to go from 6.3 years down to 2.1 years. This has caused my credit score to drop all the way down to 599.. I was so shocked!!!!.  I know I could probably dispute the accounts and have them removed, but then I started thinking if there was a way I could use this to benefit me. It does help me to have positive accounts appear on my credit reports since I still have the public record and 4 baddies .  Since I am attempting to rebuild my credit anyway I could keep the accounts on, take the hit now and benefit down the road. Or am I thinking of this in the wrong way? 

[RobertEG]

I would recommend cleaning it up now.  Inaccuarate credit reports lead to all kinds of problems down the road.  One late getting reported on multiple accounts, etc.

AAoA is not a big issue.  Multiple accounts on the same OC debt are.

You are, fortunately,  dealing with the largest CU in the world.  NavFed is known for their customer service.

I would set my CR straight, and not try to game the system.  The system might game you.

[LynnBushea]

Thank you Robert.

That was funny..the system gaming me (LOL).  I was not trying to game the system..(OK maybe a little). I was just thinking that since I had already taken the hit that maybe it would not affect me later..but I get your point.  Thanks.

[Anonymous]

It's an honest mistake but you can explain to the CU exactly what you explained to us.  That these "accounts" were opened and closed during the negotiating process and you weren't opening and closing multiple accounts.  Ask them if they can just report the original hard inquiry because that's all that happened they looked at your report gave you less than favorable terms and then there were mutliple changes to the terms and nothing was agreed on. 

If anything maybe one of those open and closed accounts could/should remain without gaming on anyone's behalf.  But to shrink your aaoa from 6 years to 2 does add  a factor against you as far as fico scoring goes.  "You have a Short credit history".  That's calculated in all of the three scoring systems.

[LynnBushea]

Daboss28

Good point DaBoss28.  I just didnt think my score would take such a huge hit.