need advice!

[Anonymous]

Total amount owed on credit cards divided by total credit limit multiplied by 100.  That's your utilization rate. (Ex. If I owe 750 with a total credit limit of $4000, my utilization rate is 19%.)

There's some argument as to what the ideal percentage is, but there's no dispute that under 10% will help a lot.  Utilization is a big part of your score.

[Anonymous]

Well, last night I submitted an application for the unsecured First Premier credit card so that she would have a credit card.... and Ive made it clear dont max it out, and were going to make sure no late payments.

But outside of that - she doesnt have any active credit cards. Any credit card she used to have (like Target, or Providian, etc have long since left OC to CA). So trying to figure out her credit limit might be a little tricksy.

**edit: I think I found the limit, on this report it says 'high credit terms', which Im going to add to the list below as HCT.**

This is what she has on her credit report - Im going to list from the one from the lender because its condensed all three into one report. Im adding notes to updates since this report. This report was ran the end of September.

1. Midland Credit (HSBC). Shows $1988 balance. Last update - 09/09. HCT: 1635

2. Greater California Financial Services (Chase Providian). Shows $1746 balance. Last update - 07/09  HCT: 1199

Note on the above two: They already went to court to get a wage garnishment but the job she has, she doesnt make enough for them to be sent anything, and now she hasnt been able to work due to severe health issues, she may be put on permanent disability. We are planning on writing them to ask if she can get an agreement for monthly payments. Also, I know that these can be considered public records which make a huge impact on whether or not a lender will approve you for a loan; however (knock on wood) they have yet to report it to the CRA's.

3. Citifinancial (1) - installment loan. this one is the one that is the current updated one to reflect her loan. Shows $1746 balance. Last update - 08/09. HCT: 2572

4. First Premier bank - old credit card she had, chargeoff. Still reporting a balance. Says purchased by another lender but doesnt say who. Address given for First Premier says *tape only* which denotes the address is a warehouse... dont have a drop off date on EX or EQ but as mentioned before EQ DOFD is 01/2003. Shows $764 balance. Last update - 02/04. HCT: 764

5. Asset Acceptance (Target) - waiting for this payment to clear bank. Settled for 50% off. I should also note that the lender we have been talking with (since shes a veteran they have a program where you can get advice from them on how to repair credit) and at the time I asked them about the settlement offer, and they told me to accept it - because even if it wont drop off the CR it will show a 0 balance and thats whats important. But once everything goes through and we get our acknowledgment letter Im going to try a GW. Shows $567 balance. Last update - 08/09. HCT: 448

6. Cashcall - installment loan. She finished paying off this loan with Octobers payment, and weve received a copy of the loan agreement stamped paid. So to get it removed from record at this point have to ask for GW I assume. Shows $394 balance. Last update - 09/09. HCT: 2600

7. Target (see #5) - in notes says charge off. Shows $374 balance. Last update - 05/06. HCT: 374

8. Asset Acceptance (Pacific Bell) - this too was recently paid, in full - waiting for acknowledgement letter. Will send a GW letter - can I write them one letter referencing both the Target and Pacific Bell, or should I do one letter per? Shows $269 balance. Last update - 08/09. HCT: 210

9. Riddle Associates (DirectTV) - going to write for a DV. Shows $203 balance. Last update - 02/07. HCT: 203

10. Global Payments (Kaiser) - she paid this in September and we have an acknowledgment letter. Will send a GW. Shows $55 balance. Last update - 03/04. HCT: 30

11. Global Payments - duplicate entry, and if they dont have it updated will dispute with CRA's. Shows $55 balance. Last update - 03/04. HCT: 30

12. Chase (see #2) - charge off. Shows 0 balance. Last update - 05/05. HCT: 1215

13. Citifinancial (2) - says open/current which is not true since #3 is the current one. Shows 0 balance. Last update - 11/08. HCT: 5634

14. HSBC bank see (#1) - says chargeoff. Shows 0 balance. Last update - 06/05. HCT: 1634

15. WFNNB/Lane Bryant - shows closed by credit grantor, current account. She had paid them off in the 90s and stopped using the card so they closed it. CRA lists this account 'in good standing' but on the CR from the lender its landing in the total list of derogatories. Account opened in 1989 so is helping her credit according to myFico report. Shows 0 balance. Last update - 04/09. HCT: 249

16. WFNNB/Roamans - same exact as Lane Bryant above. HCT: 166

17. Citifinancial (3) - shows 0 balance. Last update - 04/03. HCT: 5261

18. Citifinancial (4) - shows 0 balance. Last update - 11/00. HCT: 5250

19. Citifinancial (5) - shows 0 balance. Last update - 11/03. HCT: 6232

These extra Citifinancial entries make it confusing how to total up. And if Asset will show a 0 balance on Target, and Target gets updated to a 0 balance. Im not sure what to calculate here.

Message Edited by judydyoung on 11-07-2009 09:36 PM

[LIGHTNIN]

high credit terms =  highest amount that you have owed on an account to date.

You said that she pulled her free CR's last Janurary. Do you still have those CR's?

If so, look on those and see if there is a credit limit.

Credit limits are in even numbers like 300,500,1000,1200,5000.

I think if you look on those CR's you will find what you will need.

You're doing great!! See you soon.

[Anonymous]

Hi thanks -

I did save them, and just pulled up Equifax to start.

Everything on Equifax except for Wamu(Chase Providian) shows a $0 credit limit.

TransUnion only three things show a credit limit and one of them says $0.

Experian has credit limit and original balance on the same line, so everything is showing a figure including installment loans.

And how do you determine which to add up. Like if you have the OC on there reporting and the CA, do you add both? Or do you just add OC's only. Should installment loans be included in the count - since they are not revolving debt?

Also, I was looking and the Riddle Associates one I listed, that I was going to send a DV... it says its supposed to drop off the CR in March. I was just reading on the board that if SOL is that close, that you should just leave it, because otherwise you awake a sleeping giant.

Im trying to do everything I can to get her up those 19 points by January, so in actuality it would be better if I disputed this one directly through the CRA's, that way if they cant validate they can instantly remove the record from her account, and maybe that will help raise points... but on the other hand if it comes back validated... it might re-age her SOL on that account. So do we take this risk.

Do I dispute the Citifinancials? Im not really seeing an answer if Im right or not that they are erroneously reporting.

And also one other thing - I keep reading you should send dispute letters to the CRA's CMRR but on credit 101 page it says to do it online. Which should I do, snail mail or online? 

[LIGHTNIN]

---

@Anonymous wrote:

Hi thanks -

I did save them, and just pulled up Equifax to start.

Everything on Equifax except for Wamu(Chase Providian) shows a $0 credit limit.

TransUnion only three things show a credit limit and one of them says $0.

Experian has credit limit and original balance on the same line, so everything is showing a figure including installment loans.

And how do you determine which to add up. Like if you have the OC on there reporting and the CA, do you add both? Or do you just add OC's only. Should installment loans be included in the count - since they are not revolving debt?

CA don't count in util. FICO model looks at credit util in 2parts. 1 for each CC separately and 1 for overall CC's.

I believe installments are counted separtely. CC util is CC BAL divide by CL, then multiply by 100.

(Ex.  bal $100 divide by CC limit $1000  is .10 or 10%). 

 Do I dispute the Citifinancials?

 Check  her CR's and see if all 5 accounts have the same DOFD,same Credit Limit/Orginial Amount. Are the 3 CRA's reporting 5 Citi loans?

looking and the Riddle Associates says its supposed to drop off the CR in March. comes back validated... it might re-age her SOL

I think your confusing SOL with CRTP very common but both very different. CRTP starts at DOFD and ends 7- 7 1/2yrs later on your CR's. SOL is the legal part, time your state sets, a creditor to sue you and win, Check out "State Resources" sticky at the top of this board. Or use the search box, very useful for checking past threads for info.(Example try  SOL vs CRTP) As for riddle Assoc. if passed SOL send a PFD, the only problem with a DV they dont validate is that they will send it to another CA to bother you.

 

 

 

 

Message Edited by LIGHTNIN on 11-10-2009 05:02 PM

Message Edited by LIGHTNIN on 11-10-2009 05:24 PM

[Anonymous]

Hi,

I was referring to both SOL and CRTP, they affect each other.

Riddle - CRTP is supposed to drop off March of next year. SOL in Ca. is only 4 years and has already run out - but I dont want to renew/restart it by having her send a PFD request as it would be an acknowledgment and renew the SOL.

As for Citifinancial, the entries jump around on the reports, and the different bureaus have different terminology that makes it a little difficult. Like one says high credit limit, and the other gives the same amount but says credit limit. This number, on all the reports, are different. And at least two of them show a different opening date.

I copied just the entries from each report and removed all private information including the account numbers. I replaced those with #1, #2 etc. Needless to say #1 on TU is the same account as #1 on EX and EQ but not the same as #2, etc.

Message Edited by judydyoung on 11-18-2009 03:25 PM

[Anonymous]

Just to update - I filled out the online dispute for TransUnion and Equifax, and we will be mailing a letter to Experian.

My mother was approved for a First Premier credit card afterall, we will be making first payment December. This account has already shown up on her credit report, but there has been absolutely no change to her score. Is this because we have to wait until after a first payment has been made?

From everywhere I have looked and read and seen - a positive revolving account can make a significant point difference in the credit.

Anyways with the disputes - I disputed Citifinancial, Target, Global Payments, and Asset / Pacific Bell. I know that last one we just paid it off 11/03 so its not even been 30 days but I did so anyways because we are on a time limit.

Oh yeah, also - it was strange - we got our first ever myfico alert - and it shows that the remarks on the credit report are changed to say dispute in process. But it doesnt mention at all that theres a new entry on the reports (First Premier card)

Message Edited by judydyoung on 11-18-2009 03:33 PM