Credit Score - Please Help!!! - Posted by Alexander

Real Estate Investing Real Estate Financing
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Posted by Adam (NY) on October 05, 2003 at 12:23:31:

With all due respect for what you do, I take issue with your comment that:

------------> There is nothing wrong with a healthy disagreement.

From my limited exposure, I haven’t seen credit reports to be wildly inaccurate. Yes, there will be mistakes, I won’t dispute that.
But, you think a recent charge-off, plus three distinct 30 day lates are all mistakes?
I’m of the opinion that the original poster would be best served by addressing their issues with credit that might be mis-managed, rather than trying to “game” the system.

------------> I consider the charge-off and the late payment as being inaccurate for one reason, he disputed them. Now, many, many people dispute items that are accurate on their credit reports, but unless the OP says they are accurate I take it as being inaccurate.

If the items are indeed accurate and his, then yes he has more to work on than his credit reports. He needs to get his finances in order.

The credit reporting agencies have a program that will accept items to your credit reports that may not be yours. If they only match a few identifying factors about a person they can insert info on your credit reports. I have seen it happen so many times that it is hard not to assume that info is not accurate unless they tell me its accurate.

Adam M.

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Credit Score - Please Help!!! - Posted by Alexander

Posted by Alexander on October 03, 2003 at 24:01:26:

Hello. We have the most frustrating time resolving my wife’s credit score. She had score of 700+ 1 month ago. She got charged off collection and 2 late payments within 1 month and her score dropped to 500’s. We are disputing the information. Meanwhile it is taken forever and we need to get line of credit.

Meanwhile my score went down from 720 to 650 from 1 late payment (30 days).

We have great great credit history otherwise 14 years with no late payments. It does not make any sense that our scores would be in 500’s or 600’s with credit history like that.

Can anybody suggest any solutions other than the typical disputing the information on the reports?

Please help.

Sincerely,

Alexander.

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Re: Credit Score - Please Help!!! - Posted by Clare Z

Posted by Clare Z on October 05, 2003 at 22:15:05:

Here’s the deal. You can try all the shortcuts you want, but the bureaus do it the way they do it and it is easier and faster to just go through them per their rules.

If these charges are not true, dispute them through the bureaus that are reporting them (might be all 3 or 4, or could be just one). If they are true, pay up ASAP and wait for time to pass.

I work in credit reporting and have had people try to take shortcuts and it does not work.

Another thing you can do, if the charges are not true - is to dispute with the creditor and they will contact the bureaus themselves. Either way, you are looking at 30 days or so before anything changes, probably more.

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Re: Credit Score - Please Help!!! - Posted by Michael Pine

Posted by Michael Pine on October 04, 2003 at 11:57:11:

I get this question all the time frmo borrowers…

I have never been late in my entire life, I had a 740 credit score, now I have 1 30 day late and 1 charge off and my credit is 520?

The more current a problem is, the more leverage it has against you. Would you feel secure lending some your money to someone who appears to be in the middle of a bad spell? or would you wait until things were settled down and back to normal.

I do recommend sending letters disputing the claims against you. If they do not reply in a timely fashion they fall off the report. I also recommend getting the letter out on a Friday of a holiday weekend. They have 30 days tell you why its there or remove it, so use the calander to your advantage.

Best wishes,

Michael Pine
email: Michael_Pine@yahoo.com
AIM: Mortgagebroker71

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Re: Credit Score - Please Help!!! - Posted by Adam (NY)

Posted by Adam (NY) on October 03, 2003 at 15:34:01:

First I am not advertising. I am not here to break the TOS rules. If someone had informed me that I was breaking them I would have modified my responses to suit.

And second, if you look through all of my posts you would find some very good information. I even had a protracted discussion wth the person accusing me of advertising. I would guess hurt feelings.

The problem is that there are too many vairiations to his question. For example, I can’t explaine the 1-2 punch on here, it would take too long. I don’t want to give out bad information or information that could hurt he OP. Unless the OP wants to post the specifics of his credit report on an open thread then there is no way to give specific help. This is why I ask them to contact me if they need more help. Credit report information is very private and it should remain that way. I have had people email me from this board and I have provided the information they needed.

If the MOD would like to discuss my posts please email me and inform me of what I have done wrong.

Thanks, Adam M.

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Re: Credit Score - Please Help!!! - Posted by Jim V

Posted by Jim V on October 03, 2003 at 24:20:26:

It’s amazing how those charged-off collections just show up like that without any late payments.

Before seeking a new line of credit, it might make some sense to clean up your issues with current late payments.

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Re: Could you explain to me… - Posted by Jim V

Posted by Jim V on October 03, 2003 at 23:43:24:

How you find no significance in the original post comment that:
Wife has a just reported charge off plus two new 30 day lates. Husband has a new 30 day late.

If I was looking at extending credit to them, I’d be real concerned that they are having problems meeting their existing payment obligations.

Your solution is to try to make the derogatory information disappear? That doesn’t solve the problem, it extends it.

I don’t believe it’s necessary to publish anyone’s credit file, perhaps you could just explain how the original poster could get the credit line they desire considering they have very recent credit dings.

I can guarantee you won’t hurt my feelings, no matter how you respond.

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Re: Could you explain to me… - Posted by Adam (NY)

Posted by Adam (NY) on October 04, 2003 at 06:56:24:

How you find no significance in the original post comment that:
Wife has a just reported charge off plus two new 30 day lates. Husband has a new 30 day late.

------> The OP didn’t say if they were accurate or inaccurate. Didn’t say what type of charge off it was. Whether the tradeline is accurate in every manner. There are so many more things going on than just 30 days late.

If I was looking at extending credit to them, I’d be real concerned that they are having problems meeting their existing payment obligations

----->So would I. That is why recent chargeoffs and late payments affect your FICO score so much. They are considered more important than a late that happened 4 years ago.

Your solution is to try to make the derogatory information disappear? That doesn’t solve the problem, it extends it.

------> I don’t know if the charge off and the late payments are accurate, do you? The only one that does is the OP, and he didnt say. I assume that they are not his. And since I do, I would try and remove it from his credit report.

----->I don’t believe it’s necessary to publish anyone’s credit file, perhaps you could just explain how the original poster could get the credit line they desire considering they have very recent credit dings.

They would need to work with someone in that field, not me. I can only help in one manner.

I can guarantee you won’t hurt my feelings, no matter how you respond.

------> I am not here to hurt peoples feelings, I am here to give the best advice possible given the fact in the posts. If the posts don’t have the pertinent info I cannot help, no one can. I have seen too many people give down right bad info to people regarding their credit, it is depressing. I have seen posters tell someone what the Fair Credit Reporting Act says but they were giving completely wrong advice. Repairing or fixing a persons credit is not as easy as everyone says it is. It’s not as simple as saying “dispute everything.” You have to know what you are doing before you start. I recommend everyone to read the Fair Credit Reporting Act. It will explain what the CRAs can and cannot do.

Feel free to email me.

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Re: Different philosophies. - Posted by Jim V

Posted by Jim V on October 05, 2003 at 01:09:44:

Adam,

With all due respect for what you do, I take issue with your comment that:

I don’t know if the charge off and the late payments are accurate, do you? The only one that does is the OP, and he didnt say. I assume that they are not his. And since I do, I would try and remove it from his credit report.

From my limited exposure, I haven’t seen credit reports to be wildly inaccurate. Yes, there will be mistakes, I won’t dispute that.
But, you think a recent charge-off, plus three distinct 30 day lates are all mistakes?
I’m of the opinion that the original poster would be best served by addressing their issues with credit that might be mis-managed, rather than trying to “game” the system.