Looking To Increase My Score

Mar 012011
 

As you can see in my sig my score is not great. I am wondering if my score is ever going to go up. The thing that is hurting me the most is a 90 day late in Dec 2010 on my Nelnet student loans. I moved and they never sent me any paperwork saying my loans went out of deferemnt after I graduated. I tried getting them to remove the lates and they will not budge. I have had probably at least 7 or 8 collection accounts removed in the past 2 months across all 3 of my reports. I currently have only one credit card and never been late for 14 months now. My utilization is high right now at about 70% and will have this card payed off in March or April. Will I see a significant jump in my score paying my utilization down to a 0 balance or will the 90 day late sting my score for a long time?

Federal Student Loan Rehab – The Law and You .. please read

Feb 182011
 

there have been many posts recently regarding SL rehab and i think some of you guys are not fully understanding what this means. 

 

in short, after you rehab a loan, the CRAs are required to remove the DEFAULT STATUS ONLY.  see below for the exact language.

 

they will not delete your defaulted loan history.  they will not delete your lates.  they will not delete the tradeline. 

 

what happens on your CR is this…

your loan status field is changed to PAID OR PAYING AS AGREED, the loan balance will be zero, and the loan will be closed and possibly marked TRANSFERRED TO ANOTHER LENDER in the remarks field. 

the closed loan will stay on your report for 7 years from the date it was closed, and the lates will fall off 7 years from the date the late payment was due.

 

on the bright side, you reset the 10 year maximum loan repayment period  and your new loan will stay on your report until paid in full plus 10 years.  so the new loan it will outlast your old loans and if you pay on time every month you will have the positive history for much longer than you will have the negative history.  also, any privileges lost by going into default are restored, and adverse actions such as wage garnishment and collection activities are ceased.

 

please note that i am not taking into account GW adjustments.  it is possible that down the road you may be able to talk the lender of the defaulted loan into deleting the tradeline, but this is NOT required by law.  they are actually required by law to report accurately, and any GW adjustment or ‘mistake’ in your favor is not the norm.  if you have personal experience to the contrary please chime in.  we’d like to know how you did it.

 

 

 

 

20 USC § 1078–6 (C)

Upon the sale or assignment of the loan, the Secretary, guaranty agency or other holder of the loan shall request any consumer reporting agency to which the Secretary, guaranty agency or holder, as applicable, reported the default of the loan, to remove the record of the default from the borrower’s credit history.

 

34 CFR § 682.405   (b)(2)

The guaranty agency must report to all national credit bureaus within 90 days of the date the loan was rehabilitated that the loan is no longer in a default status and that the default is to be removed from the borrower’s credit history.

 

the applicable law for FFEL (stafford) loans is  20 USC § 1078–6, found here http://www.law.cornell.edu/uscode/uscode20/usc_sec_20_00001078—-006-.html

the applicable regulation for FFEL loans is 34 CFR. § 682.405, found here http://law.justia.com/us/cfr/title34/34-3.1.3.1.40.html#34:3.1.3.1.40.4.40.6

the terms for rehabilitation of perkins loans are essentially the same as stafford loans.

Please help this newbie with disputing latenesses on CR…

Jan 292011
 

Please inform me on how to begin the disputing with the credit bureaus and credit card companies….Also on using goodwill letters since I know much of my lates are valid…Step by Step please, I am a newbie :)

 

Should I hire a repair company?

Macy’s Phone GW

Jan 132011
 

Thanks to everyone on this site. Macy’s deleted all of my lates with a phone call.

Can Anyone Explain this Dispute Saga?

Jan 062011
 

A few months ago, I pulled my credit report, and found TU reporting 9 120 -day lates on my Sallie Mae loans. In 2004 I was behind on my loans, but took advantage of a Sallie Mae Program to bring them up to date, not report lates, in return for enrolling in auto-pay, and not missing a payment. I paid off the loan in January, 2007. EQ amd EX reported the loans per my agreement: paid, closed/never late. So, I disputed with TU online. They investigated, and 10 days later, updated, removing the lates. I was relieved. Until… A week later, EX and EQ suddenly began reporting the lates! What happened? So, I contacted Sallie Mae. They called me back. I called them back. They haven’t called back. So, like an dispute happy idiot, I disputed with EQ and with EX. To my great dismay, EQ VERIFIED! And now, TU is reporting the lates they just removed after their own investigation! Oh, my god, what have I done? Well, Today, EX finished their investigation. And they REMOVED the lates! They are now reporting Paid/Closed/Never late. So, a statement: I am at wits end here, and have learned a lesson about disputing. And a question: if Sallie responded to EX last, and stopped reporting the history, is there a good chance that Sallie retracted from all the bureaus, and I might see them come off the other CBs soon, too? If not, how do I get EQ to report what they had been correctly reporting? And TU, which just weeks ago had retracted after their own investigation? But mostly, can anyone make sense of this? What the hell have I done???

Equifax disputes…

Dec 282010
 

First thanks, especially to AndySoCal who has been very helpful. This has been so helpful, and myFICO is proving to be worth every penny. My scores have already gone up considerably, from a 606 to a 715 on TransUnion in just two months! But, Equifax just dipped from a 702 to a 670, and I’m looking for a little input, and wondering if I went overboard disputing with them.

 

So, first TU: they were my worst score. They 6 innaccurate accounts. Two collections I disputed online and they deleted. And, they had misreported 120 lates on 4 student loans from June/July of 2004, accounts that were at the time deferred, and I have since paid, rehabbed, closed. Under the terms of the defer agreement, Sallie Mae agreed to delete the lates. But TU was reporting them. I disputed with Sallie on the phone, and they said the would retract. But, they dragged their feet. So I disputed with TU, and bam, TU investigated and deleted the lates within two weeks.

 

Now to Equifax. They had not reported the lates on those same loans–until LAST WEEK! I saw my score drop from 702-681, so I got a free credit report–and here is what I found:

 

1) EQ is now reporting the 120-day lates. TU has removed. Experian never had them. So I disputed online with EQ, too. I am pretty sure they should come off if they properly investigate. Not sure how they suddenly appeared, though!

 

2). I am an authorized user on my wife’s citicard. It has a credit limit of $24,500. But that limit wasn’t reported, and it was listing my credit utilization as over 100%! So, I checked the “Please verify details” dispute box on the account, and added a comment that read simply “please note the correct credit limit of $24,500.” Was this a mistake on my end?

 

3)   And lastly, as I had written before, Chase was listing two 30-day late payments from late 2004 on a credit card they bought from another company. I know I was not paid late because I has an auto-deduct, this was a glitch when the the card company changed hands. I asked Chase to confirm and Chase said they had no records, but they would not delete. Standard. Now, I know these will come off soon, and aren’t likely killing my score. But, I hope to buy a home in 2011, and the difference is between a line listing two 30-day lates, vs. four 30-day lates over the last 7 years. TU and EX both have the correct info.   So I disputed.

 

I want accurate info, and I want my reports cleaned up. But this whole experience, while going reasonably well, has felt a little like dealing with organized crime. I’m nervous that disputing this stuff will just anger them! TU, I have to say did a nice job. responded quickly and favorably to the online requests. I have no idea what I’ll get out of EQ even though I am clearly, materially in the right on these counts.Meanwhile, the disputes have lowered my score to 670.

 

Any thoughts?

WFNNB-Victoria Secret Dispute Results!

Dec 082010
 

So after several GW letters for 2 30 days, 1 60 day and 1 90 day late, I decided to dispute the late payments as never late. I found some old threads that said WFNNB didn’t keep records of lates beyond 2 years. So I submitted online disputes with EX, TU and EQ as never late. EX reported today that they removed the lates! So I’m hoping the others will follow suit :smileyhappy:

Why removing a Charge-Off isn’t always a good thing!

Dec 022010
 

Today, DW’s last CO (CapOne) naturally fell off on EQ as the DOFD hit 7 yrs. It was reporting 1 60 day late and 4 other lates 90 days or worse on EQ and reported as a paid CO. It was never paid, but CapOne sold the debt and after a zillion GWs and even PFDs post-sell off, we let it go.

 

I played mental ping pong as to whether or not we wanted it off early. The lates are bad, as is the CO itself, but this was her oldest revolving TL by over 5 years. Well, it fell off today and in anticipation of a pending demise, I pulled her FICO scores on 11/29 and again today after seeing the change. Her EQ FICO dropped 8 points! Yeppers, the length of history helped more than the CO and lates hurt. When engaging in repair with respect to OC accounts, don’t always be eager to get those old COs removed. You can sometimes lose points when removing old COs.

 

BTW, for any FICO scoring folks, the AAoA remained unchanged and she wasn’t rebucketed because she still has a CA reporting. It was her 3rd oldest TL, but oldest revolving.

 

capital One deleted 3 30 day lates

Nov 122010
 

                         GW does work I called Cap1 and   I asked for my 2x 30 day and 1 60 day  lates to be deleted.  I was bounced around a few csrs but all in all it took about 30mins.  we started talking about sports..JETS..anyway..She is sending me a letter stating that my lates are deleted and returning late fees..and that I should receive a letter in the mail in 10 days..

                         I’m new to the forum but have been lurking around gathering info..Thank you all so very much..2 more ccs to go both with 3 lates..

 

 

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