Let me start like this: (This may get long, but hopefully someone will read through it and give me some advice)
I'll break this into Facts first, Questions second.
I've been looking for a car (new/used) and found that my interest rate is extremely high (pretty much max rate). So to see what I could/CAN do about my credit, I researched the web and ended up here. I knew my credit was in bad shape, but never did anything about.
I purchased the Suze Orman's Fico Kit based off of what I read in the description of the product. Get my 3 reports and scores, and the features that it includes to help walk me through things (error reporting, understanding my credit report, etc. Pretty much everything in the dashboard).
I purchased/trial Score Watch for what the product name implies, so that I can monitor whats going on with my credit. Again, pretyy much everything in the dashboard. Like I said, I am starting to repair my past, and want to make sure that when something changes with my credit, I am aware of it. Whether it be good (Hopefully all future changes will be good) or bad so that I can take the appropriate actions.
I have never really been too concerned about my credit, but I know now,(Sadly at the age of 40) that I need to be. There's no excuses for not doing this sooner.
I know that I have unpaid medical bills, I have had judgements against me for those type of bills in the past, and others that I cannot even remember. I have never had any type of loan from any source.
My FICO score as of the writing of this post: 568
So now let me give you what I have found so far:
Suze Ormans Report based off of my Equifax Report:
Payment History - Not Good
Amount of Debt - Very Good
Length of Credit History - Bad
Amount of new Credit - Good
Hurting You Score:
Serious Delinquency
Short Account history
No Revolving Activity
Few Accounts Paid on Time
Helping your Score:
Few Missed Payments
Credit at a Glance
$xxx.xx past due on 1 account - Showing account status as nothing. I paid this account off with the CA. this was a mistake on my part, since it still shows on all 3 CR's. I'm hoping that a GW letter can get it removed from all of them.
Accounts - Same as Credit at a Glance for $xxx.xx
Inquiries - 5 since August of 2008.
I am going to dispute 1
Aug 13, 2008 - I am going to dispute this since I did not apply for any type of credit through them (paypal).
The other 4 are:
Feb 12, 2009 - Auto Loan at a new car dealer - Was reccomended to seek a higher downpayment, max interest rate.
Feb 26 2009 - 2 on this date, used car dealer - Approved but for a very low amount at a max interest rate.
Mar 17, 2009 - New Car Dealer - Was approved but at a rate that I cannot afford. Interest rate was max.
Collections - 0
Public Records -0
End of Report
Experian Report - Pulled just last night 3-21-09
Credit Items - 3
Date Opened Jan 2008 for $xxx.xx - Showing as Closed. This is the same as reported on all 3 Reports, and has been paid. Hopefully the GW letter will get it removed.
Date Opened August 2008 for $xxx.xx - This is the same amount reported above, but from a collectiona agency.
Date opened Dec 2002 for $xxx.xx - Pretty sure that is is an old phone bill from a previous address/carrier. Going to let this one fall off in July
Record of Requests for your credit Histroy - 3
Mar 2008 - This was requested from my current Apartment complex for Security Deposit Decision. On report until Apr 2010
Nov 2007 - From the name, it is a collections agency that I have seen on past reports. On report until Dec 2009
Apr 2007 - This was a request from a cell phone provider. On report until May 2009
Personal information
Previous Adresses - Back as far as 20+ years. 1 unknown, need to investigate
SS# Variations - I states my correct SS#
Date of Birth - DoB is correct
Spouse or co-applicant - this is my mother, but there is no information about this line
Employers - Shows 2, which would be history of 15 years, but does not show my current employer of 5+ years
End of Report
Trans Union Report - Last pulled on 08-13-2008
Personal Information
Current Address incorrect. this would be my previous address. Needs to be updated
Previous Address - Shows 2. this would give a total of 3 previous adresses
Adverse Accounts - 2
Date opened Mar 2003 for $xxx.xx - This is a medical bill, unsure from where. Needs to be investigated
Date opened Jan 2008 for $xxx.xx - Showing as Open. This is the same amount reported on a 3 credit Reports. Again, hoping a GW letter will remove this.
Regular Inquiries - 4
July 2008, Individual - Collection. unsure of originating debt
August 2008, Individual - Collection. Same company as above
April 2007, Individual - I bought my cell phone and plan online. This was a cell phone company
April 2007, Individual - Same as above for another cell phone company
August 2006, Individual, Collection Rpt Inq - Unsure of origination. Possibly an application for a car loan. I dont remember applying for anything else in the past several years.
Inquiry Analysis - 1
July 2007 - Company that is listed in the Regular Inquiries section that recieved my file. Unsure of what this is.
Promotional Inquiry - 1
Sept 2007 - Big Company name that I have never had anything to do with. Says that I am the only person whom can see this line. They cannot get a full credit report. This line does not effect my credit score.
Account Review Inquiries - 2 - Says these inquiries are for purpose of an account review or other business transaction with you. Not displayed to anyone but me (except insurance companies may have access to other insurance compnay inquiries, where permitted by law)
June 2006, xxx Bank - Unsure of this
May 2008, xxx Associates
End of Report.
So with this information, I want to do the following:
Payoff/clear/satisfy previous debts.
Start to build my credit back up. There was a time many years ago when I was on my way to doin this. Had credit cards with $2500+ limits. Lost jobs, etc. couldn't/didn't pay the bills, and here I am.
Keep an eye on my credit from this day forward, and make informed decisions that will benefit me most.
Ok, now for Questions:
1. I have purchased Suze Ormans Fico kit and Score Watch (trial). Unfortunately this does not include my Experian Report. I like the added help from the Suze Orman kit; writing letters and so on.
Should I Purchase the Fico Quarterly monitoring package also?
I don't mind paying for it, as long as it will aid me in making the right decisions.
2. Based on what I have included above from my Reports, what should be my plan of action?
3. On all 3 reports, an account for $xxx.xx was reported. I paid this debt 2 days ago through the collections agency that had reported it. I did ask the girl, and she comfirmed that it would be reported as paid.
Was this a mistake? and if so, what action/s should i take now?
4. At what time should I apply for a CC?
This seems the best way to start rebuilding, from what I have been reading.
I guess thats it for now. I'm sure that I will have other questions
Thanks again for the help!
Message Edited by Daimyo68 on 03-22-2009 11:57 AM
Message Edited by Daimyo68 on 03-31-2009 09:58 PM
Message Edited by Daimyo68 on 03-31-2009 10:27 PM
