YACreditT: FICO score went down. Need suggestions

[dabuddha]

Situation: I paid off all of my debt last year (March 2003) and have not applied for any credit whatsoever for over the last year. My score was going up slowly but I just checked it today and it dropped almost 20 points since January! I just applied and was accepted for a Wells Fargo secured credit card. Would it be beneficial to get another secured credit card or just stick with one? Here's what Equifax says about my score:

You have too few accounts being reported as recently active More information
There is a lack of recent revolving/charge account information on your credit file

Plus the standard "You didn't pay off your bills etc etc." Also how should I use this secured card to get the most benefit out of it? Charge everything on it and pay it off in full every month? Any suggestions would be really appreciated

 

[XZeroII]

What do you care? Do you people enjoy worrying about stupid stuff?

 

[dabuddha]

Originally posted by: XZeroII
What do you care? Do you people enjoy worrying about stupid stuff?

wtf are you talking about?

 

[Passions]

ROTFL PWZONED!!!

 

[XZeroII]

Originally posted by: dabuddha

Originally posted by: XZeroII
What do you care? Do you people enjoy worrying about stupid stuff?

wtf are you talking about?

Why do you care about your FICO score??? It doesn't mean jack. If you are responsible with your credit, then there is no reason to worry, is there? It went down 20 points. Who cares? It's all arbitrary anyway.

 

[Ketteringo]

You have too few accounts being reported as recently active More information
There is a lack of recent revolving/charge account information on your credit file

So just make at least 1 purchase on every credit card that you have each month, and pay them off in full. E Z P Z.

 

[LuckyTaxi]

It's been said that if you have credit cards with zero balance, you should use it monthly by purchasing something and then paying it FULL. Use it once in a while, but dont let it sit there collecting pocket lint.

 

[FeathersMcGraw]

Originally posted by: XZeroII
What do you care? Do you people enjoy worrying about stupid stuff?

Credit score affects the interest rates you will receive when applying for loans or credit, so it's important to anyone who cares about their personal finances and doesn't want to wind up paying more in interest than they have to.

But what do you care? Do you enjoy posting stupid stuff?

 

[LuckyTaxi]

But what do you care? Do you enjoy posting stupid stuff?

Yea, too many of these ppl around these days.

 

[FelixDeCat]

Well every two years or so I order a copy of my credit report from the three main bureaus - equifax, trw & transunion.

I always check to see whos been looking at it, erroneous information being reported, etc. One year I was furious to find out a copy of my credit report went to a womans shelter. I called the president to find out why and they denied everything. They had no permision to get a copy of my credit report. Ive never been married, never beat any women and wasnt dating anyone. So WTF were they doing w/my credit report? :|

Anyway, several years ago I had a few bumps on it as well. If you dispute them and the source doesnt back up the info, it will be removed. I challenged all items in my report and 50% were removed. I called them up after they wrote back to me w/the results and the customer service rep just cleaned up the other 50% w/o even a question!! Too cool.

So order your reports and challenge everything you can. Check to see whos been getting your report. Check for aliases, incorrect names and addresses, phoney entries, etc. Ive had all of them and my report stays as clean as whistle.

 

[Kraft Single]

Originally posted by: XZeroII
What do you care? Do you people enjoy worrying about stupid stuff?

Some people care because they want to be able to own a house someday or a car without paying a very high interest rate. Do you?

 

[FeathersMcGraw]

Originally posted by: FelixDeKat
Well every two years or so I order a copy of my credit report from the three main bureaus - equifax, trw & transunion.

Do you order directly from each, or do you use one of their three-in-one products (or something similar from another company)?

 

[FelixDeCat]

Originally posted by: FeathersMcGraw

Originally posted by: FelixDeKat
Well every two years or so I order a copy of my credit report from the three main bureaus - equifax, trw & transunion.

Do you order directly from each, or do you use one of their three-in-one products (or something similar from another company)?

I order from each, and I get them for free. You can them for free if you were denied credit or employment within the last 90(?) days, or if you believe your were a victem of fraud. If you write a small request to each bureau for a copy of your report, and you havent gotten a free one in the past year(?), you can order one to "investigate the possibility of fraud".

 

[dabuddha]

Originally posted by: FelixDeKat
Well every two years or so I order a copy of my credit report from the three main bureaus - equifax, trw & transunion.

I always check to see whos been looking at it, erroneous information being reported, etc. One year I was furious to find out a copy of my credit report went to a womans shelter. I called the president to find out why and they denied everything. They had no permision to get a copy of my credit report. Ive never been married, never beat any women and wasnt dating anyone. So WTF were they doing w/my credit report? :|

Anyway, several years ago I had a few bumps on it as well. If you dispute them and the source doesnt back up the info, it will be removed. I challenged all items in my report and 50% were removed. I called them up after they wrote back to me w/the results and the customer service rep just cleaned up the other 50% w/o even a question!! Too cool.

So order your reports and challenge everything you can. Check to see whos been getting your report. Check for aliases, incorrect names and addresses, phoney entries, etc. Ive had all of them and my report stays as clean as whistle.

Did you challenge even valid or paid off accounts?

I have 4 negative items on my history still ( I was a stupid college kid at the time )

They're all paid off though. What about getting 2 secured credit cards from 2 different banks? Would that be better than having 1?

thanks for all the info.

 

[dxkj]

BTW: YACT != YACCT

 

[dabuddha]

Originally posted by: dxkj
BTW: YACT != YACCT

This isn't strictly about credit cards though It's a credit thread. But I'll modify the title to be more specific.

 

[FelixDeCat]

Did you challenge even valid or paid off accounts?

I have 4 negative items on my history still ( I was a stupid college kid at the time )

They're all paid off though. What about getting 2 secured credit cards from 2 different banks? Would that be better than having 1?

thanks for all the info.

Actually paid off ones are the best to challenge as it is less likely the source will bother to provide backup for the bureau. This will have to be done in writing first however. After the bureau writes you back w/the results of their investigation you can call them and argue. I think they will clear them up anyway, but just in case calling is an option, but only after you follow the process.

In a way I find it stupid that you have to be in debt to have a good credit rating. IMO if youve borrowed large amounts and paid them back successfully that should be enough. Maybe you should buy a house or a new car instead of just getting multiple cards.

 

[dabuddha]

These are my four dispute options for each account:

This item does not belong to me.
I have never paid this account late.
This is a fraudulent account.
Fraudulent charges made on this account.

What's appropriate

 

[FelixDeCat]

Originally posted by: dabuddha
These are my four dispute options for each account:

This item does not belong to me.
I have never paid this account late.
This is a fraudulent account.
Fraudulent charges made on this account.

What's appropriate

Well really only you can answer this. Do you dispute anything that was reported? The word "never" is an all encompassing word. Perhaps you disagree w/only part of it. If there is a few lines to add a brief description of your beef, do so.

What I did was reference each line in a separate cover letter desribing in detail how my recollection differed w/the record.

 

[dirtboy]

If you closed or cancelled your accounts, that is why. Open, unused credit is good and the more the better.

 

[dabuddha]

Originally posted by: FelixDeKat

Originally posted by: dabuddha
These are my four dispute options for each account:

This item does not belong to me.
I have never paid this account late.
This is a fraudulent account.
Fraudulent charges made on this account.

What's appropriate

Well really only you can answer this. Do you dispute anything that was reported? The word "never" is an all encompassing word. Perhaps you disagree w/only part of it. If there is a few lines to add a brief description of your beef, do so.

What I did was reference each line in a separate cover letter desribing in detail how my recollection differed w/the record.

Ahh ok. With equifax, it lets you dispute anything on your report online.