Credit Scores

[Meya]

You might find the latest resource from Finance Globe interesting in this matter:
http://www.financeglobe.com/Finance/CreditRepairGuide/

Hey Mike, thanks so much for the info! I found the entire linkage to be helpful for all of us that are thinking about credit repairs. I love to read the articles, and give feedback to my girl Mary Tompkins, she know that she has her facts well put together.

I wish I could have read this article a couple of years ago. I think my scores would be a little higher than what they are now.

[Finance Globe]

Thanks Meya.

I know that the resource can be a beginning of a new category. I mainly posted this for the club, but I hope that people will not overlook this when trying to improve their credit.

[Tracy]

Ok, I'm not sure if this is the place to post this question, but I did read that it's better to reply than start a new thread so here goes:

I told my best friend about this site because both of us are trying to rebuild our credit. She said she read something about [edited] on another website which is supposed to help remove inquiries from your credit file?

Have you ever heard of that? If so, what is it and does it work? We were talking about how I pulled my reports a few days ago and found out that there are about 10-12 inquiries from where I went to two car places trying to get a car. I was trying to decide which would give me the better deal so I let both of them pull my credit report. I still don't know why each dealership pulled like 5 or 6 each. It's ridiculous! Anyway, let me know if you've heard of this [edited] thing, whether it works and if so, how to do it....

Thanks!

[Meya]

Hi Tracy! There is many questions about removing inquiries from your credit report that seems to not be a problem when people apply for credit. When you read something on line (or anywhere) that may have worked for someone else, it does not mean that it will work for you. It has been posted on forums that nothing happend for a lot of individuals who went this route. Also there has been numerous postings about people running around her cry becasue their credit report is all messed up because of what they tried to do to remove the inq.

Ohhhh noooo, dont cry now peoples, dont go and call all 3 cb's to help repair your report now, this is just like a bank robber who was caught and now pleading to police to let him go home and crying to the judge saying "Im sooooory, please your honor, I wont do it again!"

There is a cost when you try to remove inq through pulling your credit reports on a daily basis, you can actually split your file. This is something that you do not want to happen if you are "rebuilding" your credit because you do not know which file that a creditor will be looking at when you apply for something. One file may be bad and another good (or a mixture), and let's say that you did not have any baddies on your report but have a mixture of longterm credit history and short term history. If the file splits, the long term history can be seperated by the short term history, and when you apply for credit, the creditor might only get the short term history credit report and they will simply tell you that you dont have enough credit history and your scores are too low.

This can happen with tu and eq only, experian is not going for the bs when it comes down to dropping inq, they have a big enough file waiting for you. What people dont seem to realize is that creditors knows what you are doing when you pull your report everyday, they see the "new acounts" and "no inq" from it. If you are trying to rebuild credit, it takes time, more time than it will for a 2 yr inq to fall off. If you just purchased a car, I dont care if they caused you to have 50 inq from it, the cb will narrow it down to one in 30 days, if they don't then call in to dispute it, I am positive that they will remove the other 49.

If you want to know more about the question you asked, google it up and i bet you will see the same thing I just told you. If you are looking for support to help rebuild your credit you have came to the right place, we love to stay by our fellow members and share real world credit experiences. I am doing the same myself and it has taken me over four years to get my financial act together (maybe shorter for others) and I enjoyed every minute of it. Members here have shared so much valuabe info until I feel like a prof financial analyst ( I wish). Welcome to the Finance Network, there is a lot of info for you to read upon, take your time, we are not going anywere....lol. Ps, any response that you make will be seen by everyone, no matter how long ago the last posting was. Dont worry about where you put the first posting, you did the right thing and you will get used to navigation real quick.

Hope this helps!

[sophie]

The most important thing I can say is that you must check all three agencies because if you don’t your liable to be missing something and then when you actually try to purchase an item they may only check the one you did not.

[stiletto]

I have been working on my credit score since 2006. I have an Orchard Bank Mastercard that I pay in full every month and a BoA secured Visa that I just opened. I had 2 First Preimer credit cards, but closed them out because of their crazy fees. I started out with a score in the high 400's. Now it is in the mid to high 500's. My question is "How did you do it"? Did you pay off all of your old debt? Please advise. I am getting a little frustrated. What else could I do? I have paid alot of the old debt off. Just need a little uplift from someone who have been in my shoes.

[hjm331]

Stiletto, I tell everyone the same thing when they ask this question and it's a one word answer: TIME! That's the only your scores will go up. Make sure you make your payments on time and don't go over your limit and you will be fine. I know it's hard waiting for your scores to go up but you have to look at the brightside. You said that your scores were in the 400's and now they're in the 500's? That's really great news. Before you know it, they will be in the 600's and GOD willingly in the 700's. Good luck with it, we will all be here to support you through this never ending process.

[Meya]

You are right HJM331. This is starting to be an important topic, I think you should start a club for postings like these (ie, best way to build credit) actually there is one that is already here but is not being used. You should just take over that one. Ask the owner of the club to add you as a moderator to it and then you could go from there. I have seen you answer these questions on the credit card review board and in here a lot of times. I think this will be beneficial for the new members that are building/rebuilding credit. Tell me what you think!

If you do decide to do it, please let me know so that we can work together to re-route the postings here to the club. There are a lot of New Topics here under this category and they are starting to become duplicates. Not that anyone has does something wrong, they are just not familiar with the board as of yet and that is to be expected. I really think this will be a cool Idea and a great way to meet new people.

Ps, I just double checked the clubs.
1. Rebuild Your Credit is owned by FG and I believe that this is the one that he asked for someone to volunteer as a moderator. I think you will be a great candidate for the club.
http://www.financeglobe.com/SocialNet/clubs/rebuild/

2. Maintaining your credit is also by Fg, take a look at this one
http://www.financeglobe.com/SocialNe...aintaincredit/

3. Credit Card and scores is by SthepNY, I think this club speaks for itself in regards to what our credit scores was when we recevied a certain card.
http://www.financeglobe.com/SocialNet/clubs/scorecard/

I think that bringing everyone over to the "Rebuilding your credit" Club will be your best shot.

[MaryM]

Checked my score this morning and it went down 5 points. I don't get it. I havent' applied for anything since last month and actually got a credit card increase so my ratio should look even better. I figured it would have gone up because of that.

[Meya]

You will be alright MaryM, don't worry about it.

[Lyyssa]

At the beginning of this year dh and I started making serious moves to improve our credit. I was all ready to go. Fired up!! I had read all the articles, testimonials, visited websites, etc. I knew our credit scores weren't that great and I was prepared to dispute.

So we get our credit report and to my dismay... it's accurate! The only thing we had to dispute was they said we lived at addresses we were never at, and those came off with ease. There was one collection on my report from 2004, but it was deserved. I sent in a letter anyway, saying that the collector's said it would not be reported.

So what was keeping our scores so low? Mostly history and uti. I had been in the habit of getting bored with a card, or not using one, and then just cancelling it. I hadn't kept a cc for more than 9 months. In fact, when we originally set off on this credit clean up it was our intention to cancel ALL of our credit cards. In the end we chose to cancel four (all four of them refused to budge on APR or cli). We were left with 4, one in dh name, one in mine, and 2 store cards for dh.

So after reading more articles, we decided to open up two new cc accounts to transfer those other high interest cc to 0% Citis for 12 months. Together, they were just shy of $4000. We are hitting them aggressively, and are scheduled to be paid off by August. Other than the 2 Citis I opened a Penneys, Chase and HSBC Direct Rewards Discover ( I have issues with that last one). DH opened one Citi and a Home Depot.

And all we're doing now is playing the waiting game. We're letting our new accounts grow and make us look extra pretty, and also paying down our uti. Right now, both of us have low to mid 600s. We did a Fico simulator (which we were told is very accurate), and by Christmas my score should be in the high 6's, and dh in the low to mid 700s! In two years we'll definitely be reading to go shopping for building loans (we're wanting to add another room and sunroom to our house).

I'm very excited and positive.

Amex better be ready for me next year when I'm knocking on their door.

[trinity3]

Hi everyone,
Can anyone please tell me where I can monitor my true fico scores and monthly or daily activity on my credit reports, including any deletions that may occur?
Thk U in advance

[Meya]

Your true fico score will come from Myfico.com. They have a 30 day free trial for your equifax report and a score watch (where they monitor any changes to your report). Make sure that you cancel within the 30 day range if you do not want to pay $89 per year for continuance. If you want to monitor all three, the closest one that will give somewhat accuracy (not fully) will be mycreditkeeper.com. You can see all three cb's and scores once per month. I would say truecredit.com but hey are soooo off with your scores, this is what everyone calls Fako scores (along with mycreditkeeper). You can view your report every 24hrs with them. The price should be $14.95 per month with truecredit, and $9.99 per month with mycreditkeeper.

I hope this helps!

[Lyyssa]

I'm amazed! I have been monitoring mine and my hub's credit report like a hawk for the last two weeks. I've been waiting for one big payment to show that it was PIF. Finally, got an e-mail today!! My Eq score went from 604 to 633!! Hubby's score went from 620 to 679!! I'm in shock, I was hoping it would go up, but I didn't know it would be this big a jump. I'm tempted to buy our other scores to look, but hubby's wanting to hold off until after we pay some more stuff next month.

It's always great to see results!!

[Meya]

Who are you monitoring your credit through?