After many years of taking my credit reports on faith, I ventured out and got all 3, got the analysis by myfico, and got down to work. This board has provided a wealth of information that I never knew about.
My current scores are 684/667/677 TU/EQ/EX.
The things that are weighing down my score as I understand it are as follows:
1) 7 accounts have a balance. 4 of these are mortgages (rental property.....). 1 is a VISA I am paying down quickly. 1 is a Mastercard I just paid off today (so we're down to 6). The last is an AMEX, which I didn't realize reported a balance as I pay it every month per the rules of AMEX. So, as of today, 6 accounts have a balance - hopefully there will be a bump next reporting...
Find out when AMEX reports to the CRA and try to pay before that date.
2) 3 credit pulls recently (12/07, 03/08, 05/08). 1 from my one mortgage who did a hard pull after I asked about a rate modification. They admitted they did it and are sending me a letter stating that. I think I need to get them to send the letter to the CRA's though. 1 pull I think is from a credit union I setup two months ago. I didn't want more credit, I just wanted to setup a credit union account when the banking industry was looking grim. The 3rd is from Wells Fargo. Same deal as #2, except I was setting up a backup checking account if the credit union one did not go through. I certainly did not ask for credit. Unsure if its worth trying to get these removed, or how do I get them removed...I'd need to track down the credit report puller and get them to ask the CRA to not reflect it??
The creditor in #1 will have to recode or remove the inquiry. As for #2 and #3, opening an account with the banks/CU is PP to pull a CR, BoA does the same thing. From the banks view, you are asking for credit when you open an account that allows you to write checks on said bank.
3) Credit Usage / Utilization is too high (40% and change). Paid off balance reflected on report to half of what it was, and making sure I pay AMEX weekly now so they report a lower "balance". So next reporting, theoretically we should be down to 20%.
4) Credit history is good - 19 years, 8 year avg on accounts.
5) Last, but most important - the late payments.
Discover had one 30, back in late 2001, early 2002 (each CRA had a different date). I called them, and managed to speak to a lady in their chargeoff department (the account was closed in good standing, no issues, they just happened to be in that department). She said because it was long ago and since I was a good customer they would take the derogatory remark off, I should get a letter from them and see it reflected in 30 days on my credit report.
A single late has almost nil effect after 2 years, it falls off after 7 years.
First USA had 4 lates. two 30 day, one 60, and one 90!! The 60 and 90 are not reflected on my EQ or EX, but they are on my TU. 90 is in 09/2001, and 60 was 11/2001 so they should fall off soon, but if I can get them removed, faster, all the better. I spoke to Chase, and explained to them it was not about not having the $$ to pay, but rather the automatic payment setup, which I tried to do with them over 12 times. So they took the credit dispute and will get back to me. Crossing fingers.
Wells Fargo has 2 lates, one in 2005, and one in 2006, both 30 day. I called them to ask them if the would remove it, the lady took the dispute and said they'd get back to me. I explained I was travelling and I called from overseas because there was a mixup with my bank and my direct deposit and their auto payment....the truth. Been a cardholder since forever there, so we'll see what happens.
Washington Mutual Line of Equity - two 30 day lates in 2006. One on same trip as WF, and one later that year. This was when WAMU's billpay was not 100% and I could not submit it online. Anyway, my fault bottom line, but I think they will be the hardest to convince. I have not tried my luck with them yet. Any advice would be very helpful.
If any of the late phone requests fail, I'll follow up with GW letters to keep things going. I'll also post the new scores as these updates roll in. Any tactical advice would be much appreciated.
Dare to dream....