I need to ask the experts-New Scores are In

[Anonymous]

I just signed on with this forum and I am trying to figure all this stuff out. Don't even know how to write a new thread yet, so I'm replying to one. I filed bk 4/05 and it was dismissed in 7/05. I never tried to pull my report until after I had applied for credit to purchase a tempur pedic bed. I figured I'd be denied due to bk and I was, but the score that came back was 00619. I never understood what that ment. Was my score not even 1 or does it translate to 619??? Anyways, this prompted me on my credit repair crusade. It was a 7 month battle, but between all my online disputes and writing each agency a couple of times a lot was accomplished. I had one account that was showing up as a collection and had no idea who they were because no correspondence was ever sent stating they were taking up any of our accounts. I fought it for so long and EQ kept saying info was reported back correctly, so finally I tried to contact this co, left a message and no one returned my call. Amazingly, I wrote a letter of this experience to EQ and my next report came back that the account was deleted. Then I did the same thing with EX and wrote that EQ had deleted the account then POOF, it was deleted from EX too. It never even showed up on TU. lol I also asked EQ to delete all account history and to have the comment only say included in bk and they did that to. Anyways, I thought all was good until I recently found that EX also has the late info so I have just put in an online dispute to have the same thing done for them as well. Hopefully they are just as easy as EQ to honor my request. I only have one account that I don't know what to do about because it says account closed, sold to another lender. I had made so many attempts to try to get it to say included in bk that the co itself wrote me and said that the acct was sold and that it has already processed numerous disputes. I dedided to just leave this one alone. Don't know what else can be done. But putting 2 and 2 together, I now think the collection agency I had removed took over this paticular acct, but I am definitely not going to ask EQ and EX to put it back on after my 7 mo battle. lol  Anyways, any info passed on would be appreciated.. thanx 

[haulingthescoreup]

Hi, marlynne, welcome to the forums. Are you on Firefox? I ask because your post is a giant blob, which happens with Firefox, if you didn't see the click box at the bottom left that maintains the paragraphs.

Right now, I don't think that many of us can work our way through your post. Could you please edit it to insert paragraphs? Click on the "edit post" box at the top right, and add the paragraphs. If you're on FF, look at the bottom left and click the box that says "Automatically convert carriage returns to HTML line breaks." That should make your post more readable.

[frugal]

Well...this has been a journey.  My new scores are in and they have been Up and Down in the last 3 months of the One year stretch. The  scores I posted last time on the forum went down from a 607 to a 585 for EQ scores. However, I was in the process of paying off that (long dreaded Student Loan) and paid off all of CC -leaving them with a 1-2% balance on all three.  

 I have paid it off  by Student Loan and it came off my reports and my score shot up this month to a 614 (EQ) and 637 (TU).   I have just 3 months to go from it being my ONE year anniversary to get my EQ score over 660.  I know I can do it!  This has been my goal since June of 2007- when my score was a 471. 

I have one thing in my collection that has been paid and fighting to get it removed from Collections, which will make my points go up.  Thanks to all on this forum.

[Junejer]

Nice job frugal. I remember reading your thread when I first joined the forum. It's good to see how well you're doing. I am pulling for you to reach your goal of 660 across the board.

[frugal]

Thanks ByrdMan.  I know encouragement like you and every one on this forum has helped me and will continue to help me.  Your scores give me motivation.

[frugal]

This is an update prior to my one year anniversary of my dreadful Fico score being 471 last 6/07.  As of today (11 months) my scores are as follows: EQ-634, and TU-651.    I feel I will go over my goal I set last year of  660.  I dont' know if my Fico will hit, but my fako TU will go over. It has taken a lot of work and a lot of paper, letters and being very frugal.  This has changed me in so many ways, and now I'm helping my sister clean up some of her stuff.  I have a long way to go, but I see the light at the end.  I feel empowered.

Also, it feels good seeing CC offers come in the mail that has 0% APR, with no annual fee.  I have one CC with one @ 0% APR and locked in at 9.9 APR. The best thing about it is, I just throw CC offers away and wait for something better.  Its funny now because, when I started last year I only got CC offers wtih $250-$300 CL with  $79 Annual Fees and 21.99% APR.  I did not fall victim to something I had once done. I used it to my advantage, but I had to start somewhere. Goodbye to those cards and hello to better offers.   Thanks to all.

Message Edited by frugal on 05-12-2008 04:38 PM

[Anonymous]

WTG Frugal! I have enjoyed reading about your journey! Keep it up, you are so close!

[RobertEG]

Frugal, your achievements since you initial posts are inspiring!  Great job!

Only one caution.... now that you are in the position to get new credit, be careful  New credit, introductory low APRs and BT rates, etc/ require a careful balancing of financial planning against FICO planning.  You are now at that plateuau, so consider the pros and cons of each.

Securing new credit or low BTs against existing credit can be a financial gain in reducng interst, if done wiselly.  BTs are something I would look closely at.  They hit you with a 3% one time, up front fee, which if in the extreme you did every month, would be 36% annual rate.  So you have to consider that.  And if you dont pay it off in the intro period, it reverts to  your regular card APR.

As for FICO, as opposed to financial, effects, new accounts, if you apply, will cost you a hard inq  So will many CLIs. They may also lower your avg age of credit.  Also, if you get a new card with a low CL, then minimal charges against it can easily shoot your %util on that card up to high leverls.

If you are stable with your current credit, have it under control, and are seeing FICO increases, think long and hard before you get the golden feeling of improved credit rating, and start appiing for new credit that is optional, and not necessary................

[frugal]

Thanks for the encouring words.  RobertEG thanks for the insight. I have been follow most of the tips in your message.  Two weeks ago I was in an electronic store and I was thinking about getting a card, but I asked who do they pull from? They replied EQ, because I knew that was "iffy" on getting approved and may have a hard hit as a result...I decline.   I started off with the CC that were made for people with Bad Credit...but I used them in order to get where I needed to get.  I do understand what you are speaking of; however, I would rather have a card with 0% APR and 9.9 to take presence over the $300CL with 21.99%. I have paid those cards off and don't use them. and I hate paying the large amount on Annual fees. But I still use the cards as though they have a $300 CL.  I proud to say, I am a DEADBEAT  

RobertEG, I didn't know that a higher CL will bring down scores, so thank you for that info. 

[haulingthescoreup]

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@frugal wrote:

RobertEG, I didn't know that a higher CL will bring down scores, so thank you for that info.

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Wait, what? I don't think my coffee has kicked in yet, because I didn't see that.

High CL's will NOT lower your scores. They may raise them if you have balances, because your total util will drop, but they won't lower them.