Question about credit reports

[Ns1]

Okay, so I just orderd a credit report for myself from all 3 companies. The scores I got were...


730/731/742

All of them state that one negative factor contributing to my credit score was a high debt/available credit ratio.

Now, I have 2 credit cards...

Capital One Limit 750
Bank One/Sony Limit 2750

When I click for further information, it informs me of...

Balance <capital one>
Balance <bank one>
Balance <old sony card>

Sony card used to be run by CitiBank, but I guess they sold all their accounts to bankone, however, my old balance on the CitiBank card is still displayed on my credit report. Will this go away by itself, or do I need to call them and fix it?

 

[Yossarian]

how long ago did that change take place? if it's more than a few months ago, you should write them and fix it.

 

[Cable God]

www.creditboards.com

 

[WHipLAsh13]

TO be honest you really don't need to worry about it. Any score over 725 is excellent.

 

[Cable God]

He DOES need to worry about it because it is INACCURATE information. The MORE we let CRA's get away with, the more they'll not follow federal guidelines, and the MORE I'll have to sue......

 

[Ns1]

I think it happened late 2002? Long enough ago that the BankOne card shows up and the CitiBank card is still there...

 

[Viper GTS]

Originally posted by: NeuroSynapsis
I think it happened late 2002? Long enough ago that the BankOne card shows up and the CitiBank card is still there...

It was just a couple months ago, I had a Sony card too.

IIRC the date was something like Feb 21st that the sony card became inactive.

Viper GTS

 

[Vic]

Originally posted by: cablegod
www.creditboards.com

A putrid swamp of credit ignorance and misinformation.


First, NeuroSynapsis, those are very good scores. AAA credit. No worries. You could qualify for the best of any financing (providing other factors, like income, etc., were in line), so what is the problem?

Second, 4 negative factors will appear on EVERY credit report, regardless of how high the score is or how perfect the credit may be. The factors are the real reasons used in your scoring, but in some cases their impact may be minimal where in other cases they might be more severe. Once again, no worries.

I would recommend calling to fix the issue of the old Sony card balance still appearing. It's what is known as a "duplicate", the most common of all credit report errors, and the most easily fixed.

edit: However, if this did just happen a couple of months ago, as Viper said, then you should give it a chance to clear itself up. Credit reports are not real-time. They lag about 2-3 months behind. This lag is an issue that cannot be fixed, it is because you have 30 days after the due dates to make your payments (without being reported late on your bureau, however late fees to your creditor may apply), and then the creditors may take up to 30 days after that to report payment status. That is how it must work in order to be accurate and (I repeat) cannot be fixed.

 

[Cable God]

Well Vic, I guess that "misinformation" didn't help me win several lawsuits and thousands of dollars over non-permissible purpose inquiries on my reports....

 

[Vic]

editted at mod request, my apologies to cablegod, hopefully no permanent offense was taken... too much coffee this morning I guess.

 

[Thegonagle]

I think they're telling you that your balances are close to the limits. Pay those down and your already excellent scores will further improve.

Try to get the errors fixed. You may need to do it in writing.

 

[Fingolfin269]

Since there are apparently two knowledgable people posting in this thread...

My score really sucks. I'm 27 years old and for the past two years I've done a great job at being on time with everything. Anything truly negative on my report came from 2+ years ago while I was still in college, or is something having to do with a student loan just out of college.

Do you all know if there is any chance that banks will help me remove their reporting me as being a late payer on some old student loans? One really bad thing is that the loans show up as separate lines since they were taken out at different times (different years/semesters) even though they are all through the same bank. However, they each count as a negative item. About 1.5 years ago I consolidated those loans into one loan under that same bank.

It just sucks because I am being heavily penalized for 6 different student loans that were really for one college education and are all from the same bank. Am I pretty much screwed until 7 years goes by? I'm currently paying off a car and my student loans. That's it. The total amounts are under $30,000 which is less than what I make in a year. I haven't been late on a payment in 2 years and my credit still sucks horribly. I really have no idea what to do.

 

[Cable God]

Originally posted by: Vic

Originally posted by: cablegod
Well Vic, I guess that "misinformation" didn't help me win several lawsuits and thousands of dollars over non-permissible purpose inquiries on my reports....

Right... first, only people with bad credit think that inquiries harm their credit. I've personally pulled many, many reports (always with permissable purpose) of people who had over 800 scores and yet dozens of inquiries (of course, all "hard" pulls too, I wouldn't see a "soft" pull).
In case you didn't notice, most of the people on creditboards seem to have bad credit. Collections and bankruptcies appear to be FAR more common there than in the general populace. I have news for them: that's the reason their credit scores are so low, not those few inquiries. If they weren't such deadbeats, then creditors wouldn't be pulling their credit to find out where they've run off to. I have no sympathies, especially as creditboards seems to have become more focused on how to scam that thousand bucks than how to actually help people improve their credit (probably because that would require actually using credit wisely and paying bills on time :Q :roll: ).

Second, scammers like you are why I record and document each and every time a customer gives me permission to pull their credit. More and more creditors are doing that. Soon you will have your own voice giving that express permission played back to you in court. Enjoy.

Scammers like ME? Whoaaaa there buddy. How in the hell are you an "elite" member here with an ATTITUDE like that? I SUED Citibank becase they pulled ALL 3 of MY reports for NO reason. I have NEVER dealt with them in ANY way. Same goes for a few others. I don't sue for the sake of it. I sue because it is my RIGHT to when they do NOT have MY permission to pull MY reports.

 

[waggy]

I would get the errors fixed. Granted as Vic said you have darn good credit scores.

I would get the CC down and pay them off each month ( yeah i know darn hard to do but worth it). that will help raise it some.



VIC: so Inquireies do NOT hurt the CC report? ohh i always thought it did. heh i want new credit cards (have one from when i was 18. a crappy 13% FCNB one.) since i always pay it off each month the interest does not bother me. but i hate the customer service. plus they charge $7 to pay by computer! bah!

 

[Cable God]

Edited for over harshness

 

[Ns1]

I think I'm going to wait 2-3 more months and check them again since I guess it was pretty recent.

Do those scores seem right to you when you consider I'm only 20? I'm not sure how much age matters in this.

Vic-
How DO you know all this info?

 

[Vic]

Originally posted by: cablegod
Vic seems to be one of those famous collection agencies like NCO.... He's irritated that there are smart people out there who KNOW their rights and EXERCISE those rights...

Hardly. I do not now nor have I ever worked for a collection agency. Nor am I particularly fond of collection agencies. But I believe that collection agencies wouldn't exist if people paid their bills AND I believe that if someone borrows money, they have a moral obligation to repay that money under the terms that they agreed to. Credit is not a "right", though they are certain legal regulations to which both creditors and consumers must adhere to. Regulations which I agree to and think are good, although I do think there are abuses on both sides.
You, "sir", have no idea how many consumers give creditors express permission to pull credit for the purposes of applying for a loan, and then attempt to deny that permission and sue later.

Waggy: http://www.myfico.com/myfico/CreditCentral/CreditInquires.asp?fire=1
Inquiries can affect your credit score, but not nearly as much as some people would have you think. NO ONE has poor credit merely because of inquiries, there must always be other factors.

 

[Vic]

Originally posted by: Fingolfin269
Since there are apparently two knowledgable people posting in this thread...

My score really sucks. I'm 27 years old and for the past two years I've done a great job at being on time with everything. Anything truly negative on my report came from 2+ years ago while I was still in college, or is something having to do with a student loan just out of college.

Do you all know if there is any chance that banks will help me remove their reporting me as being a late payer on some old student loans? One really bad thing is that the loans show up as separate lines since they were taken out at different times (different years/semesters) even though they are all through the same bank. However, they each count as a negative item. About 1.5 years ago I consolidated those loans into one loan under that same bank.

It just sucks because I am being heavily penalized for 6 different student loans that were really for one college education and are all from the same bank. Am I pretty much screwed until 7 years goes by? I'm currently paying off a car and my student loans. That's it. The total amounts are under $30,000 which is less than what I make in a year. I haven't been late on a payment in 2 years and my credit still sucks horribly. I really have no idea what to do.

I'm sorry, but (as you said) you're pretty much screwed until the 7 years go by and the late payments drop off. If information on your credit report is true and factual, then you cannot get it removed.

Keep up the good work and your credit will improve over time. In fact, I doubt you'll have to wait all 7 years to have good scores, as long as you keep making all your existing payments on time (as you have been for the past 2 years). Give it another year or two, and even though those late payments will still appear on your report, your scores should come up.

If those student loans are government insured (and they probably are), whatever you do, do NOT default on them. The federal government is not limited to the 7 years and can hold those defaults against you for the rest of your life. Sure, the defaults themselves would only appear on your credit report for 7 years, but you could be denied any type of involvement in any type of government loan (for example, FHA or VA mortgage, whether as buyer, seller, loan officer, or realtor) until the defaulted balance is paid back.

Just an FYI. Keep your chin up

 

[Vic]

Originally posted by: NeuroSynapsis
I think I'm going to wait 2-3 more months and check them again since I guess it was pretty recent.

Do those scores seem right to you when you consider I'm only 20? I'm not sure how much age matters in this.

Vic-
How DO you know all this info?

Suffice to say, I look at a lot of credit reports. It's part of my job. As you know a lot about your job (or should), I know a lot about mine.

And, unlike what cablegod would have you believe, I am a consumer advocate who likes to help people with their credit. That's why I waste my time posting this stuff here. But I believe that the only way that people can help themselves with their credit is by educating themselves, and by using credit wisely and paying their debt on time, as they agreed to.
If anyone tells you anything else, they are filling you full of BS.

For being only 20, you have EXCELLENT credit scores. Technically, age does not matter (that would be illegal discrimination), but "length of credit history" is 15% of your credit score. I can only assume that you began using credit as soon as you turned 18, and have been using it wisely and paying all your bills on time ever since. :thumbsup:

 

[Cable God]

Originally posted by: Vic

Originally posted by: cablegod
Vic seems to be one of those famous collection agencies like NCO.... He's irritated that there are smart people out there who KNOW their rights and EXERCISE those rights...

Hardly. I do not now nor have I ever worked for a collection agency. Nor am I particularly fond of collection agencies. But I believe that collection agencies wouldn't exist if people paid their bills AND I believe that if someone borrows money, they have a moral obligation to repay that money under the terms that they agreed to. Credit is not a "right", though they are certain legal regulations to which both creditors and consumers must adhere to. Regulations which I agree to and think are good, although I do think there are abuses on both sides.
You, "sir", have no idea how many consumers give creditors express permission to pull credit for the purposes of applying for a loan, and then attempt to deny that permission and sue later.

Waggy: http://www.myfico.com/myfico/CreditCentral/CreditInquires.asp?fire=1
Inquiries can affect your credit score, but not nearly as much as some people would have you think. NO ONE has poor credit merely because of inquiries, there must always be other factors.

Vic, I agree. Anyone who borrows money SHOULD fully pay it back and on time and in full. I agree fully. You calling me a scammer, on the other hand, is way out of line. If I have NO relationship with Citibank, or any other company, and I didn't apply for anything with them, they have NO right to pull my reports. The reason I am proactive in my credit being accurate 100% is that it is my right. I have NEVER been late on paying ANY of my creditors. I just KNOW I DID NOT apply for credit with some of the companies that pulled my reports. I disputed them asking for PROOF that I applied for credit with them, or that I have ANY type of relationship with their company, and they could not. And they refused to delete the inquiries. I was left with NO choice but to sue and recover my $1000 per violation of the FCRA, which I got, PLUS full deletion of the inquiries, which made my scores go up 3-5 points PER inquiry deleted. SO, YES, hard inquiries DO drop your score a bit. They DO add up. The difference in a 719 score and a 720 score is this, GMAC will do a 0% loan on a new car with a 720. NOT on a 719.

On another note, companies SHOULD make people SIGN in their own writing, giving permission to pull reports, because CA's WILL insert BOGUS collection accounts into people's reports who are seeking a mortgage, BECAUSE they KNOW 99% of ALL conventional lenders WILL REQUIRE them to pay the Collection account off in full before closing the mortgage. It's pretty much an extortion act. How do I know? NCO placed a collections account in my reports listing the original creditor as T-Mobile. I have NEVER used T-Mobile. I have ALWAYS been a Nextel customer, nor have I gotten anyone a phone with T-Mobile. They placed this there a WEEK after my mortgage company pulled my reports. I Fed-Exed a dispute letter to NCO, and called them on their bluff. *Poof*. It disappeared and I never heard from them again, because 1.) T-Mobile told me I have never done business with them, and I had a letter to prove it. NCO KNEW if I were denied a mortgage based on THEIR false information, that I would have them on 2 violations and could get statuatory damages of $1000 per violation, plus punative damages in the amount of the mortgage that I was denied on based on THEIR false information. They deleted the day AFTER receiving my FedEx letter and proof.

 

[Vic]

Originally posted by: cablegod
Vic, I agree. Anyone who borrows money SHOULD fully pay it back and on time and in full. I agree fully. You calling me a scammer, on the other hand, is way out of line. If I have NO relationship with Citibank, or any other company, and I didn't apply for anything with them, they have NO right to pull my reports. The reason I am proactive in my credit being accurate 100% is that it is my right. I have NEVER been late on paying ANY of my creditors. I just KNOW I DID NOT apply for credit with some of the companies that pulled my reports. I disputed them asking for PROOF that I applied for credit with them, or that I have ANY type of relationship with their company, and they could not. And they refused to delete the inquiries. I was left with NO choice but to sue and recover my $1000 per violation of the FCRA, which I got, PLUS full deletion of the inquiries, which made my scores go up 3-5 points PER inquiry deleted. SO, YES, hard inquiries DO drop your score a bit. They DO add up. The difference in a 719 score and a 720 score is this, GMAC will do a 0% loan on a new car with a 720. NOT on a 719.

On another note, companies SHOULD make people SIGN in their own writing, giving permission to pull reports, because CA's WILL insert BOGUS collection accounts into people's reports who are seeking a mortgage, BECAUSE they KNOW 99% of ALL conventional lenders WILL REQUIRE them to pay the Collection account off in full before closing the mortgage. It's pretty much an extortion act. How do I know? NCO placed a collections account in my reports listing the original creditor as T-Mobile. I have NEVER used T-Mobile. I have ALWAYS been a Nextel customer, nor have I gotten anyone a phone with T-Mobile. They placed this there a WEEK after my mortgage company pulled my reports. I Fed-Exed a dispute letter to NCO, and called them on their bluff. *Poof*. It disappeared and I never heard from them again, because 1.) T-Mobile told me I have never done business with them, and I had a letter to prove it. NCO KNEW if I were denied a mortgage based on THEIR false information, that I would have them on 2 violations and could get statuatory damages of $1000 per violation, plus punative damages in the amount of the mortgage that I was denied on based on THEIR false information. They deleted the day AFTER receiving my FedEx letter and proof.

Well, in those somewhat extreme and unusual (in my opinion) cases, I would have to agree completely with you, and with your course of action.
I apologize for calling you a scammer. I see that I was out of line. Please accept my apology.
Like I said, there are a lot of people out there who are abusing their consumer protections in this area as an attempt to extort money. It appears you're not one of them as I initially ASSumed. Once again, my apologies.
OTOH, having every borrower sign a signature authorization prior to credit pull would not help, IMO. Too many unethical lenders already use their willingness to be out-of-compliance as a selling point to uneducated consumers. A fast, no signature credit pull would just be another one to that list.

On your issue with Citibank, I don't know. Are you sure those weren't soft pulls mistakenly labeled as hard pulls?
As for NCO, they are obviously fraudulent and deserve the punishment that I hear they are receiving. OTOH, their sudden insertion of that fake collection account AFTER you applied for your mortgage loan should not have hurt you. The initial credit report used to approve your loan should have been good, and provided your loan closed in a timely manner, should not have expired before your loan closed (so there would have been no need to pull new credit which would have shown the collection). Also, collections for less than $250 and/or newer than 30 days old are ignored, and do not have to paid prior to closing.

 

[Cable God]

Well, in those somewhat extreme and unusual (in my opinion) cases, I would have to agree completely with you, and with your course of action.
I apologize for calling you a scammer. I see that I was out of line. Please accept my apology.
Like I said, there are a lot of people out there who are abusing their consumer protections in this area as an attempt to extort money. It appears you're not one of them as I initially ASSumed. Once again, my apologies.
OTOH, having every borrower sign a signature authorization prior to credit pull would not help, IMO. Too many unethical lenders already use their willingness to be out-of-compliance as a selling point to uneducated consumers. A fast, no signature credit pull would just be another one to that list.

On your issue with Citibank, I don't know. Are you sure those weren't soft pulls mistakenly labeled as hard pulls?
As for NCO, they are obviously fraudulent and deserve the punishment that I hear they are receiving. OTOH, their sudden insertion of that fake collection account AFTER you applied for your mortgage loan should not have hurt you. The initial credit report used to approve your loan should have been good, and provided your loan closed in a timely manner, should not have expired before your loan closed (so there would have been no need to pull new credit which would have shown the collection). Also, collections for less than $250 and/or newer than 30 days old are ignored, and do not have to paid prior to closing.

No harm no foul. This is the internet after all. I know for a fact those Citibank pulls were hard inquiries. If they were soft, I would have went after Equifax, Experian, and TransUnion, because I opted out of all promotional offers with them a long while back. Most mortgage copanies that I know of, pull a tri--merge report when you apply, and one right before closing. The initial one was 100% clean. A week later the collections acct was there from NCO right at $750. It was gone before they pulled it again 4 days before closing because I called them on their bluff. Like I said, 99% of all conventional lenders require unpaid collection accounts to be paid in full before closing, and I wasn't about to let NCO extort $750 out of me. Maybe some subprime lenders will overlook collections and whatnot, but no prime lender will. I would NOT go to any closing meeting with a prime lender with a collection account on my reports, be it a day or a year old.

 

[Vic]

Originally posted by: cablegod
No harm no foul. This is the internet after all. I know for a fact those Citibank pulls were hard inquiries. If they were soft, I would have went after Equifax, Experian, and TransUnion, because I opted out of all promotional offers with them a long while back. Most mortgage copanies that I know of, pull a tri--merge report when you apply, and one right before closing. The initial one was 100% clean. A week later the collections acct was there from NCO right at $750. It was gone before they pulled it again 4 days before closing because I called them on their bluff. Like I said, 99% of all conventional lenders require unpaid collection accounts to be paid in full before closing, and I wasn't about to let NCO extort $750 out of me. Maybe some subprime lenders will overlook collections and whatnot, but no prime lender will. I would NOT go to any closing meeting with a prime lender with a collection account on my reports, be it a day or a year old.

No, that guideline I gave (<$250 or 30 days) is Fannie Mae / Freddie Mac. Not sub-prime, which tends to be even more lenient.

In addition, all Fannie/Freddie automated underwriting "conditional loan approvals" (DU/LP runs) come back with a "Credit Expires by" date that is usually 90-120 days from the time of credit approval. Provided the loan closes within that timeframe, only 1 credit report (of course a tri-merge) should be needed from application to funding. Supplements (requests to the CRA to confirm and/or correct inaccurate information on the credit report, usually duplicates which affect the debt ratio) are somewhat common.

Anyway, doesn't make what NCO did right. Not at all. I had an experience with a fraudulent collection many years ago, so I sympathize. The collection agency was very out-of-compliance and out of line, and I wish I had known then what I know now.