Adding a Card = +70 points to FIC0 -- CC Recommendations?

[Anonymous]

To echo what some of the others have said, I highly doubt you'd see a score boost simply by opening a new CC. If anything, don't be surprised if your score drops since you'll A. be hit with a hard inquiry, and B. your AAOA will drop considerably as you only have 2 other tradelines reporting. Not to mention, those 2 tradelines are both tainted with lates. 

However, as long as you continue to use the new credit card responsibly (keep utilization low and never miss a payment), it will help raise your scores and overall credit profile over the long term. Patience and persistence will pay off once you get the hang of the scoring game, I wish you the best of luck!

[dynamicvb]

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@Anonymous wrote:

@NRB525

Thanks for the welcome. 

On Monday, first thing I'm going to do is called the loan provider. I looked closer and its showing 3 (90 days) and 7 (120 days) lates! This is good, while clearly a major problem! I'm confident there is actually a mistake. I will call my university on Monday, have them print out a proove enrollment for each semester and then cross reference with the lates. I'd hedge my bets that the lates will coincide with the deferments. Hopefully, this can be cleared up easily.

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Is this a Stafford loan? Depending on what it is and the terms, you may have to pay on it immediately whether you are in school or not. For some of the Stafford loans, there is no deferrement unless you specifically request one.

On the simulators, most people around don't believe in them and I have not made up my mind as I have not seen evidence whether good or bad. They are just a guess, but if you don't have many open accounts then you may get a boost. My wife recently got a card after years of not having anything but a student loan and a recent car purchase on her CRA's She got a 56 point bump when it reported. This was in line with what the simulators said would happen. Actually a little higher. She put me as an AU on that same card and I saw a 17 point jump on EX and a few less on all the rest. 

I do have a Capital One that has never reported and the simulators say it should give me a 50 point boost when it reports, so I'll let you know as it should report at any time. 

At the same time, what I have learned is we are all different when it comes to whats on the CRA's and no one outside of the mathematicians at FICO really understands the algorithm that makes up each score, so something that helps one person's score may have no effect on another

[Anonymous]

@dynamicvb Thanks for your reply. They are all private loans. I double checked to make sure I don't potentially overwrite any benefits I could take advantage of. 

I may have to put my plans on hold to refinance the student loan, however. I never graduated or earned any degrees I do have 62 credits and I checked to see if I qualify for any Associates degree at all, and it looks like I need to take 6 additional clases, two minimum semesters. 

My other option is to simply find a lender who will refinance without requiring a degree being earned. I don't know how common they are. All I know is Sallie Mae does require graduating. I'll probably call them to see if there is a way around it.

So, I either finish a Associates Degree or find a lender not requrinig graduation

Any thoughts, advice? This is rather important to me so I might even open up a new thread for this topic alone.

[Anonymous]

Another update on the Conduent Student Loan goodwill adjustment.

Here is the situaiton. The original loan was to ACS. They sold the note to Reliamax. Afterwards, ACS were sued, changed names to Congruent.

I sent them a letter offering an explanation for the late payments and  a potential error. They replied, paraphrasing, "we are no longer the ones handling the loan, please refer to Relia Max". To me, it makes sense ONLY Congruent can make adjustments to a report they submitted. I will, however, call Reliamax and see if they actually can do anything to help me out in this situation and if they are indeed the ones to talk to.

If no one is willing to look into it and I'm getting the run around, IS THIS A POTENTIALLY GOOD THING?

Would any advise opening a dispute on all of the negatives? There seems to be alot of confusion since they renamed there company etc.

Pros/Cons? Is it worth the effort if only a 1% chance of success?

[Anonymous]

**Edit - Double Post **

I'm hoping this could be a case where no one can edit it or even respond to a dispute if I'd open one through a credit bearuea on all cases. I've actually read where in some cases, they couldn't respond within 30 days, so the dispute was sucessful. Advice, thoughts?

I would be ecstatic if this were the case but I won't get my hopes up

[dynamicvb]

I would need to ask one of the Finaid folks at work, but I’m pretty sure private loan has payments that start immediately. Regardless you make a good point if I understood that the lates were with a company that no longer has the loan. Chances are they won’t care enough to even respond to a dispute so you may be able to file a dispute with the I was in school reason along with your school documents and get them removed. The only risk I see is since these are likely some of your oldest accounts and the entire account could be deleted which will lower your AA of all accounts, which may hurt your score, but I’m also fairly certain the lates being gone will help more.

[Anonymous]

Okay, I called ReliaMax and it was as I expected. They cannot adjust a credit report that ACS/Conduent sent in years ago --makes all the sense in the world

I am going to dispute all the negatives to each of the bureaus.

Is it a straight forward process? Advice, or links to learn more, would be appreciated.

1. I do in fact have to submit the dispute to all 3 bureau's, correct?

2. Do I have to pay, if so, how much?