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paj315
Joined: 22 Jan 2010
paj315's page
Posts: 4
120 Magic Points
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Subject: A little discouraged...since starting credit repair my score
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Tue Feb 16, 2010 2:51 pm
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I started this credit repair process back in December. I have gotten one judgement removed (which initially raised my score 8pts) and have asked for verification for several collections (which seems to have lowered my score 18 pts). Also opened a credit card, which I was told should HELP my score since I had no revolving debt previously, but lowered my score 8 pts as soon as it reported.
No new inquiries, the inquiry for the new credit card is not showing on the Experian report that I am basing the score drops on (it shows on TU).
I have a student loan that has been on time.
No new collections have been added the only difference is that a couple CA that I have asked for verification or a PFD from have started reporting on the accounts again after, on some, more that a couple of years of not reporting.
When can I expect things to begin to turn around? And start going up instead of down. |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4285
127 Magic Points
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Tue Feb 16, 2010 2:59 pm
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Hello paj,
Getting your credit on track is sometimes a lengthy and discouraging thing. It will not happen over night. You may have gotten a new credit card but by looking at the date of your post it really has not had enough time to start working to your benefit. Credit cards can build your score but first they have to show you make payments on time and establish a history of good payments. This is not done in a few months. In time it will help. Generally the older a line of credit (credit card) with a good payment history the better it will improve your score. As for the point system I will let others address that question since I do not know enough about it to truly be of assistance. |
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Aaron
Joined: 08 Feb 2010
Aaron's page
Posts: 2675
48566 Magic Points
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Subject: Increasing credit score
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Wed Feb 17, 2010 7:11 am
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Hi paj,
I agree with fireyone in this, that credit score cannot be increased within a short time. You need to have a lot of patience while trying to improve the credit score.
Sometimes, taking a new credit card can lower your score. It takes some months before the score rises again, depending on your payment history on this card and others. However if the inquiry regarding the new credit card was done without your knowledge, you can get it disputed with the credit bureaus. This can increase your score by some points.
Moreover, some listings does not always show up on the reports of all the 3 credit bureaus. So if the inquiry regarding your new credit card is showing on the report of Transunion, and not on Experian's report, it's fine. Other than this, once you start paying the dues to the collection agencies, and they get reported as paid, your credit score will gradually start to improve. 
Hope this helps.
_________________
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4285
127 Magic Points
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Thu Feb 18, 2010 3:45 am
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| Thanks for explaining this better. Credit history is very important. Do not expect to get a credit card and have it do wonders. You must use it responsibly, make payments on time, use no more than a third of available credit on the card and with all that the credit card can really help raise your score. Good luck/ |
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cinnamngrl
Joined: 01 Nov 2008
cinnamngrl's page
Posts: 1455
6339 Magic Points
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paj315
Joined: 22 Jan 2010
paj315's page
Posts: 4
120 Magic Points
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Thu Feb 18, 2010 4:00 pm
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| Quote: |
| depending on your payment history on this card and others. However if the inquiry regarding the new credit card was done without your knowledge, you can get it disputed with the credit bureaus |
Payment history is perfect for this credit card and I have never had any others. I have a student loan that has a couple of late payments in the past but has been on time for over 12 months now.
Of course I expected them to make an inquiry when I applied for the card, so it was with my knowledge. I am not disputing that. What I was try to say is that the inquiry only shows on the transunion report and I am saying that my score dropped on the Experian report. I do know that an inquiry can make the score drop but it alone shouldn't have dropped my Experian score if it doesn't show up on the experian report.
| Quote: |
| once you start paying the dues to the collection agencies, and they get reported as paid, your credit score will gradually start to improve. |
Am I correct that my score will not increase by just paying off collections, they have to totally deleted inorder for the score to raise, right?
| Quote: |
| who are the collection agencies? have they responded to your letters? Is evidence of the debt? what state do you live in |
I live in Indiana. And I have several agencies all for very low amounts. In most cases less than $100. IC Systems is the one that startedre-reporting me as currently deliquint, but I think their SOL is about to run out. I think Indiana's SOL is 6 years and this debt was from 2004.
Another is Helvey and Associates, another is Statewide Credit, another is Medical and Dental BS.
Another is for a gas bill from 2006, is it true that for utilities there is only a 2 year sol to collect but it can stay on your report for 7 yrs?
So far I have had no response from any of the CA's. none. at. all. Except that IC systems is reporting again. I started disputing with the CRA and that accomplished almost nothing but getting some personal info corrected. In January I sent DV letters and PFD letters(to some of the smaller debts). Here at the end of the month their 30 days will be up. |
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Aaron
Joined: 08 Feb 2010
Aaron's page
Posts: 2675
48566 Magic Points
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Subject: Reply
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Fri Feb 19, 2010 12:03 pm
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Hi paj,
As far as I understand, your score may have dropped with the Experian report not because of the inquiry, but may be because of the collections being reported on the Experian report, not with the TRansUnion.
Payment details plays the most important part in development of the score. However, if the listings regarding the collections can be removed, your score will rise all the more.
One more thing is that, there is no time limit within which the company may answer back to your debt validation letters.
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