What's the real deal?

[Anonymous]

I have tracked my scores - all three of them - for about the last 1 1/2 years.  I have worked really hard to bring my scores up, disputed items, paid things on time, haven't opened new accounts, etc., yet my score is lower now than it was a year ago.  I don't get it and further, it doesn't help when I'm trying to buy a house.  Can someone explain this to me please?

[Junejer]

Hi Keeanah, welcome to the forum. Read the Credit Scoring 101 thread, if you haven't already.

In order to assist you, we are going to need some details. What are your current scores? What do your CRs consist of? What are your CCs and the balances/CLs on each. Any tardies? Give as much detail as you can and we can give you an assist. GL.

[Anonymous]

Well, I have 2 credit cards in my name, one for JCP = $400 limit, 0 balance

One visa - $600 limit, $0 balance (just paid today so it's not hitting my score just yet - $492 balance is hitting score)

I have 2 more credit cards that I have access too (AU accounts) - Bank of America - $1000, with $950 balance (also paid off today)

Chase - $600 limit with $590 balance (again, also paid off today).

I have a bankruptcy 2 1/2 years ago discharged.

I also have my studen loans which were consolidated 1 1/2 years ago and have had timely payments ever since.  Before that however, all of them were showing multiple times as being late 120+ and I'm not sure how to fix it because first they were with Sallie Mae, then transferred to another lender and then a 3rd, and so really what started out as $30,000 in student loans, is now $80,000 on the consolidation..HELP!?  Now, they're only showing one account with the 80k, but all the rest are still on there showing "transferred to another lender" or "being paid through insurance"  I have disputed multiple times to get them to show as "paid collection/consolidation" but to no avail.

My scores now are TU 532, Ex 556, EQ 555

Last year, they were 590 - 600.  HELP !!!

[Junejer]

Kee, it's the utilization that is killing your score. You should see an increase, but I would let one card report a small balance, like 1-9% of the credit limit.

How in the world did the SL go from $30M to $80M? That isn't very clear to me. What am I missing?

[sunrise]

Sounds like it is a cc util problem.  If your payments haven't posted yet, then your score is based off of what is showing.  And, it is a fairly high util right now.  Try to let one cc report a 2% balance and keep the other one paid off each month.  Try to rotate the cards in doing this.  You should get a decent score boost from this.

Also, have you gone over your reports with a fine tooth comb?  Something else might be going on here.  If you haven't had any lates or baddies since the BK, then your scores should consistently go up.  Make sure nothing new has hit that you are unaware of.

[sunrise]

byrdman.....wise minds think alike.....at the same time!! 

Check out our post times....we were giving the same advise at the same time!!!

[Junejer]

sunrise, I just saw that...funny.

[Anonymous]

I had applied with Countrywide Home Loans last week to try to get pre-qualified for a home.  When she told me what my scores were, I immediately rant them myself and sure enough 2 of the 3 were exactly what she told me she had.  She sent me those reports via email today and I went through it with a fine tooth comb. 

All three lenders that had the student loans before are showing as a collection account, debt being paid through insurance, account closed (no available date), account transferred or sold.  All of that is wrong, they should *all* be showing as "collection account paid" because I consolidated them.

Some of the entries on the report for the student loans are reported over and over and over (up to 6 times on one entry).  It's a total mess and it's totally confusing.  I have disputed them multiple times with the CA, but the past student loan companies refuse to change the reporting.

Also, I have some minor collection accounts that have also been disputed multiple times as being included in the bankruptcy, but haven't been fixed on my credit report yet.

How many times do you have to dispute stuff?

Thanks for all your help!

[Anonymous]

Oh yeah, and as far as how 30k becomes 80k.....late fees, interest, penalties.....etc.

And right now, I'm on an income contingent plan and I have no idea how I will *ever* pay them off because my $265 a month payment doesn't touch the $540/month they want in interest, so at the end of the year, the interest is capitalized and added to the loan, but I can't afford $540 per month to pay just the interest!

Any advice there?!

[Anonymous]

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@Anonymous wrote:

Oh yeah, and as far as how 30k becomes 80k.....late fees, interest, penalties.....etc.

And right now, I'm on an income contingent plan and I have no idea how I will *ever* pay them off because my $265 a month payment doesn't touch the $540/month they want in interest, so at the end of the year, the interest is capitalized and added to the loan, but I can't afford $540 per month to pay just the interest!

Any advice there?!

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Whoa whoa whoa! Why in the heck are you applying for a home loan and trying to get a mortgage if you can't afford the student loan debt you already have? If there is one thing you don't need is more debt. And where would the down payment come from?