Help with a new user, and getting his credit picture in focus.

[Anonymous]

Hello all I am new to these boards after deciding to take charge of my credit profile, after all you need credit to have a half way decent life now a days, as my current situation is unacceptable to me now. My end goal for the next1-2 years is to have 720 fico score and a really good auto fico score for the loan. In my current situation will Polly not be able to do it without some help from you guys. I’m going to explain myself here in this post and I would be very thankful if you guys would read it over and give me some much needed advice

Here is my sorry abridged of course. Back in 2004 I wanted a dodge srt, 4 but I didn’t have any credit at all at the time. After much convincing I had gotten my father to cosign for my loan from chase bank which is at a craptastic 16.5% rate (I still have 1 year left on the loan). It was all I could get approved for at the time and I lived with my parents , so I didn’t really care since I had the car of my dreams. After then I had gotten nearly 100's of credit card offers and then the big mistake came from bank of America. I had gotten approved for a 17,500 dodge rewards credit card although that was a dangerous amount for a 20 year old kid to have.  I used it responsibly for a while.  I had bought a laptop and put my trip to California and las Vegas on it my max balance was like $5,000 not much after a while I had lost my job in construction apparently no one needed homes on long beach island built anymore. Then I fell behind badly on my finances. And finding a job as a carpenter is very hard in my area with the housing market the way it was.

During the summer months of 2006 was when I was really up the creek without a paddle. I fell behind so much I was aug,30d sept,60d oct,90d nov,30d on BOA. At the same time I also had a Providian/wamu card which was late 30 days in October. right there Providian had sold my debt to sst Columbus bank and they also report 30 days late the same month as wamu (WTF) so I have 2 dents there when in my eyes there should only be one. As it stands now I was only late on more time for bank of America to this day due to a auto payment scheduling error which I was unable to fix due to their auto payment internet tool being "temporary out of service" and not auto taking the debt out when the payment was suposed to be paid (30 days late). In Aug 2007. My total credit History is as follows

Chase Auto loan started 07/2004 still current paid not late as of 5/15/08 the loan ends 7/2009 (was a 6yr) however transunion reports 30 days late in October 2006 when Experian doesn’t show a late

BOA credit card started 10/2005 closed by credit grantor it’s not in collection but I still pay them like you normally would I guess cause they are making a penny on the interest I still owe them 2800$ and I haven’t been late since the 30d in aug of 07.

Wamu/Providian opened in 9/2005 the debt was sold to another bank or whatever and both wamu and the sst Columbus bank both report 30 days late the same month and both show up as separate delinquent which really sucks cause that counts as 2.

Crap one credit card never late opened 7/2007 cl 2000

Chase credit card never late opened 7/2007 cl 600.

Hsbc best buy never late opened 10/2007 cl 2,000.

Hsbc gm rewards card didn’t get it yet in the mail but approved for 600$ 5/2008.

My total installment loans are 6,185
And my revolving debt is 6,146 (I have since paid about 3,500$ to credit cards after this report was made)

As far as my other data goes I have no public records or bkr.

How does it look for me is there light at the end of the tunnel or am I hopeless my current scores are 630 tu 589 eqf 645 exp I didn’t think those scores were that bad but it is below the national avg I think however, I do know that there are people who are less fortunate then I am who are off worse.

I did purchase the myfico 30$ thing like the boards suggested , and I did the little fico future thing and it said the best thing to do was to pay down all debt over 2 years and I should be at or over 700 on all three which is good. They said deq accounts and account history was the thing that was hurting me the most. I assume trying to write a GW letter to maybe chase, BOA, and wamu/sstcolumbus, might have a chance in hell of helping me. And saying that I lost my job at the time and now I’m current and to have mercy. What do you guys think? I dunno if deleteing the timeline from boa would be better then trying to battle the 5 lates off of the card through gw.

Now as I said my goal is 720+ fico so I can get a real good loan in July of 09 when my srt loan is up I plan to sell it for my new car. I make really good money now I am a nuclear security officer at a power plant making about 4,000 gross a month and I get plenty if overtime every week (which I haven’t included) I live with my dad and brother and I don’t have any rent (I help out with the bills every once in a while since my mom has passed away

[Anonymous]

bump for much needed help

[Anonymous]

welcome to the forum,boostsaves.

Chase Auto loan started 07/2004 still current paid not late as of 5/15/08 the loan ends 7/2009 (was a 6yr) however transunion reports 30 days late in October 2006 when Experian doesn’t show a late

                             If you were not late I would first contact Chase auto and ask them to correct it.

                          Always remember that when you dispute with the CRAs they update.

                          Chase MIGHT tell you to dispute as *never late*     then dispute

BOA credit card started 10/2005 closed by credit grantor it’s not in collection but I still pay them like you normally would I guess cause they are making a penny on the interest I still owe them 2800$ and I haven’t been late since the 30d in aug of 07.

                             send a GW to the address on your CR.....see if they will remove the late.

                             IF one of your new CCs has lower int.rate  transfer as much of this account as you can.      When an account is closed with a remaining bal  it MAY hurt your total UTIL as....the CL does not count but the amount owed does.

Wamu/Providian opened in 9/2005 the debt was sold to another bank or whatever and both wamu and the sst Columbus bank both report 30 days late the same month and both show up as separate delinquent which really sucks cause that counts as 2.

                                Is this account still open?   They have been sued for their practices.

          I would first start with them....send a letter that you were never late ...please correct my CR.

          Im not real sure about this BUT I think that I would dispute Wamu as *never late* with the CRAs reporting.

FICO likes to see CC total CL under 10% and some cards with Bal $0.  You will see score increase as the new CC age. They are concidered new for approx 1 year.

Also as long as you do not have a bunch of late pays  they stop hurting after 2 years.

Message Edited by HappyDays on 05-16-2008 09:48 AM

[Anonymous]

Thanks for posting Happydays

                             If you were not late I would first contact Chase auto and ask them to correct it.

                          Always remember that when you dispute with the CRAs they update.

                          Chase MIGHT tell you to dispute as *never late*     then dispute

see here is the thing i dunno if i really was late or not i dont think i was but 2/3 cra show late then i may have really been late. again i dont want open up the can of worms but at this point with 2/3 its worth a shot.

send a GW to the address on your CR.....see if they will remove the late.

                             IF one of your new CCs has lower int.rate  transfer as much of this account as you can.      When an account is closed with a remaining bal  it MAY hurt your total UTIL as....the CL does not count but the amount owed does.

im not worried about the balance i can pay it off, i was thinking of talking to a supervisor over the phone to maybe get him to remove the lates as a condition of my paying the complete account off or just getting a total delete of the entire line. I dont know whats better for me since i have 5 lates in 2006 and one in 2007 personally i think just having the dam thing deleted would just help me out more in the long run since thats 5 lates just axed right off the bat. but that is my oldest tl besides my auto loan.

                                Is this account still open?   They have been sued for their practices.

          I would first start with them....send a letter that you were never late ...please correct my CR.

          Im not real sure about this BUT I think that I would dispute Wamu as *never late* with the CRAs reporting.

on my experian cr the sst columbs account is listed as closed, but the wamu providian one is listed as open but hasent reported since march 2007

on my equifax cr the sst columbus account is listed as closed by customers request when i never requsted it closed it says paid zero balance but its still reporting 4/2008. but is it really since its close? the wamu providian says transfered/sold still says open but stoped reporting 2/2007.

on my transunion cr the wamu account is listed as purchesed by another lender closed stop reporting on 3/2007  the sst columbus account is listed as account closed by customer still reports in good standing 4/2008

In this suitation what should i do try to hammer away and get these lates removed or just push to have these deleated off my report.

FICO likes to see CC total CL under 10% and some cards with Bal $0.  You will see score increase as the new CC age. They are concidered new for approx 1 year.

Also as long as you do not have a bunch of late pays  they stop hurting after 2 years.

As far as a Closed account goes should i just try for deleteion like how does that work like should i just try to get it deleted since its closed or is that a nono since its still reporting but closed?

Message Edited by boostsaves on 05-16-2008 12:41 PM

Message Edited by boostsaves on 05-16-2008 12:43 PM

Message Edited by boostsaves on 05-16-2008 12:43 PM