Credit reports

[Grant H.]

Credit is a fickle bee otch...

It can be useful, but if you don't use it enough you get penalized for it more than if you misuse it.

One of my buddies has made some poor financial decisions, and has been working to fix it. He's in a strange spot because he's behind on payments, but not very far, so what do the big CC companies do? Offer him more CC's at horrible interest rates, or up his limit.

Credit can be very useful, or it can be the path to indentured servitude in modern society...

[CoGirl303]

yeah I went from A to C. They can sell the debt, usually for pennies on the dollar. You can probably make an offer of around %10 to the collection agency and settle (get it in writing). If it is legally your debt you should pay the debt you created, or file for a legal bankruptcy, or continue to suffer the consequences.

Yes, I'm aware of the second portion if your comment. The debt is being settled Monday. I made arrangements Friday. Waiting on the confirmation email with the signed and dated letter stating once its paid they will no longer continue to report or attempt to collect.

This loan was supposed to have been deferred due to hardship 6 months after I graduated college but someone on their end screwed up and its been costing me ever since. Tried countless times to work with them and get my credit back in good standing, have all the documentation and submitted it numerous times, to no avail.

Makes no sense all my other student loans were deferred except for that one. But I settled for 25% of what was owed (they wouldn't take 10%), so piss on them. I was hoping they would take me to court so I could show the Judge all the documentation of the deferral and get it thrown out but no one wanted to go that far for some odd reason. Gee I wonder why?


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[KevDen2005]

Here's a new question on this thread. So I have been doing the repairs to credit over this time period and making some huge successes. I challenged a couple items with each credit bureau. Now, one credit bureau has definitely agreed to remove an item that I challenged and I instantly got a 60 point increase. Although my credit score has been increasing with the other bureaus they were all pretty much the same and rising a few points per month. Now I have two bureaus that have nearly the same score with a third bureau that is nearly 60 points higher than the other two. What issues arise from this situation? Will the other bureaus see that and leave me where I am or are they likely to agree with what the first bureau did?

[cstone]

The credit bureaus definitely monitor what the other two are saying about debtors. Trying to decipher why they make decisions is like trying to figure out the cost of a specific airline seat on any given day. There is an algorithm for that. We’ve never seen it and the people who wrote it are all dead so good luck with that.

Keep your score as high as you can get it. Don’t try to micro manage your score. Above 750 and you are facing diminishing returns on your efforts. Everyone can get credit. It’s just about the interest rate you can get from lenders.

[Wulf202]

No issues.

It may be you looked at it when one moved your score and the others just hadn't updated yet. Also one will almost always be higher, they don't all grade on the same scale. The max points vary between bureaus.

[KevDen2005]

No issues.

It may be you looked at it when one moved your score and the others just hadn't updated yet. Also one will almost always be higher, they don't all grade on the same scale. The max points vary between bureaus.

I have seen that they all vary from bureau to bureau but they have all been within 15 to 20 points of each other, not a range of 60 points. My thought is that it somehow hurts me. I don't know how, but what I have learned about credit thinking, "this will certainly be good for my credit when I pay this bill" and for some reason it isn't. So I'm sure it's gonna screw me somehow.

[Irving]

It shouldn't hurt you any more than if all three scores were equal to your lowest score. I have all different scores, and part of that reason is because at least one of the reporting agencies doesn't show about half of my cards, so my credit history doesn't look the same depending on which agency I'm viewing. Sounds like you've been making good progress though. Have you increased limits here and there as a part of your effort?

[KevDen2005]

I haven't increased limits only because I thought they may do a credit check and was worried that would lower my score. When I first posted about this I needed every point for sure. Now I've made significant progress but I still was worried about lowering if they checked my credit.

[Irving]

I don't believe that requesting a higher limit counts as a hard inquiry. Remember that doubling your available credit helps your debt:available credit ratio way faster than making payments of any amount.

[00tec]

My Cap1 and Home Depot do not do hard pulls when requesting increases.