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debt ratio wrong?! Got My Fico


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14 replies to this topic

#1 Bullcrappy

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Posted 24 April 2012 - 02:27 PM

Well got a rude awaking. i have had TrueCredit (transunion) service and it has me with scores between 670-698 for all three reporting agency's

Decode to pull my scores from MyFico.com and i have 630/623 (no score from Experian?)

In any case a large ding per My Fico is that i am utilizing 107% and 98% of available credit which is not true.
i have 3 credit cards which i keep under 30% (in fact all three are under 10% right now)
A mortgage that i have not been late on in 2 years.

From what i see i have an old Capital One act. that had been charged off and gone to collection. it says avail. credit limit 1000.00 but Balance 2718.00. so mi believe this is what is throwing my ratio off???

See below and please tell me what i can do.

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thanks for any help!
Bull



#2 Bullcrappy

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Posted 24 April 2012 - 08:27 PM

anyone? no one ?

#3 DiamondDan73

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Posted 24 April 2012 - 08:44 PM

Welcome to the woderful world of CRAP1!!!. Yes, that card is killing your FICO score. There are only three things you can do.

1. Pay it off and your UTL will go way down.
2.Open a new card with a limit of $4,000 and that will offset the CRAP1 ballance and get you to 50% utl.
3.Do nothing and wait until 06/13 when it is due to fall off.

If you dispute the account, CRAP1 will verify whatever you dispute and update the TL as a CO which will really kill your score. Then they will update every month as a CO and your score will fall every month until it falls off in a year.

I speak from pesonal experiance.

#4 Bullcrappy

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Posted 25 April 2012 - 09:48 AM

If i can not get a PFD but NCO offers me a payoff amount what status should i request? "Paid off in Full" - acct closed?? NCO is not on the credit report but i guess they can change the Cap1 acct on my report?


Welcome to the woderful world of CRAP1!!!. Yes, that card is killing your FICO score. There are only three things you can do.

1. Pay it off and your UTL will go way down.
2.Open a new card with a limit of $4,000 and that will offset the CRAP1 ballance and get you to 50% utl.
3.Do nothing and wait until 06/13 when it is due to fall off.

If you dispute the account, CRAP1 will verify whatever you dispute and update the TL as a CO which will really kill your score. Then they will update every month as a CO and your score will fall every month until it falls off in a year.

I speak from pesonal experiance.



#5 georgeb

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Posted 25 April 2012 - 09:52 AM

If you cant get a PFD which sometimes it just wont happen I say go with the next best thing of paid in full closed. Dont except the paid for less than the amount and also make sure they put the verbage paid in full and they update to $0 balance and not subtract the settle amount from the original balance. It still looks bad and a paid charge off. I am dealing with that right now with jefferson capital system

#6 DiamondDan73

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Posted 25 April 2012 - 02:59 PM

I personally would not do anything. The account is gong to fall off in one year. The SOL on the account should be expired. If NCO is not on your report now and they appear on your report that is a violation. That would be continued colleciton activity. If you don't need it off just leave it alone.

#7 Matti

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Posted 25 April 2012 - 04:56 PM

I personally would not do anything. The account is gong to fall off in one year. The SOL on the account should be expired. If NCO is not on your report now and they appear on your report that is a violation. That would be continued colleciton activity. If you don't need it off just leave it alone.


+1 - If you can stand to wait a year, I say do it.

#8 hegemony

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Posted 25 April 2012 - 05:08 PM


I personally would not do anything. The account is gong to fall off in one year. The SOL on the account should be expired. If NCO is not on your report now and they appear on your report that is a violation. That would be continued colleciton activity. If you don't need it off just leave it alone.


+1 - If you can stand to wait a year, I say do it.


+2

paying them anything is like rewarding someone for letting their dog crap in your lawn.

#9 Bullcrappy

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Posted 26 April 2012 - 08:55 AM

Thanks all, that was my first take as well. and i have been rebuilding credit over last two years. think i was on right track and had what i understand now to be FACO scores from 685-699. I decided to run my FICO score from MYFICO.com and it was 630/623.

digging deep it had my utilization at 107% !!!! which ever card i have now i keep under 30%.
ass you can see below the Cap1 is being counted towards my utilization.
Credit Limit 1000.00 and a BALANCE of 2718.00!
How can they count this towards my percent when i can't utilize it??
MyFico.com predicts a 100 point jump if i reduce my utilization!

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#10 DiamondDan73

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Posted 26 April 2012 - 04:21 PM

You are pretty much stuck between a rock and a hard place. If you pay it off, yes your UTL will drop but CRAP1 will report as a recent charge off killing whatever increase in UTL you will get. If I were you, I would freeze EQ and apply for one of the many CU's that give out $10,000 CL credit cards like candy. The only way to "fix" this for now is to get a credit card with at least a $10,000 credit limit. You already have a mortgage which is the only reason anyone would even consider paying this off. Unfortunately CRAP1 is the worst to deal with on account like this. They will play hard ball. Out of curiosity what is the reason you need this off your CR?

#11 hegemony

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Posted 27 April 2012 - 10:17 AM

get higher limits on other cards and at least you can lower your overall utilization without paying scumbags.

#12 Bullcrappy

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Posted 27 April 2012 - 12:27 PM

thanks guys. I see so even though it already says "charged off as bad debt" if they update it it dings me again. and I'm then still left waiting the year anyhow. I do have a mortgage and have not been late in 2 years. i have not really needed credit as i have had been using cash/savings for years.

But with 6.0 rate on my mortgage i thought i would like to refi and save a couple hundred. Also possible get engaged but did not want to pay entire amount out of pocket (i could i guess)

The mortgage dings were when i tried to get BoA to refi and could not and got into a game of chicken, i backed down when i got to 90 days behind. then paid it all up...they just would not work with me and i was stuck due to lack of and bad credit. I obviously made things worse and was not well thought out.

i got old items removed and did a few PFD and got 4 credit cards (1 prepaid and other 3 1000.00 and under) and been paying them and keeping under 30%. Got my FACO scores to all new 700 but was super disappointed when i just ran my FICO to see my real numbers.

If can't get Cap1 to do a PFD or take some % payoff for a "Paid in Full" CLOSED then i will wait. The Closed paid in full would help right? obviously get my utilization down and not much of ding since it wont be listed as charge off?

thanks again.






You are pretty much stuck between a rock and a hard place. If you pay it off, yes your UTL will drop but CRAP1 will report as a recent charge off killing whatever increase in UTL you will get. If I were you, I would freeze EQ and apply for one of the many CU's that give out $10,000 CL credit cards like candy. The only way to "fix" this for now is to get a credit card with at least a $10,000 credit limit. You already have a mortgage which is the only reason anyone would even consider paying this off. Unfortunately CRAP1 is the worst to deal with on account like this. They will play hard ball. Out of curiosity what is the reason you need this off your CR?



#13 DiamondDan73

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Posted 27 April 2012 - 01:05 PM

have you tried to refi yet? You should be able to do so with the scores that you have. The lender will tell you if you need to pay CRAP1 or not. Did you check to see if your loans are with freedy/fannie? You can refi thru TARP2 as well.<br><br>I would talk to a lender before you do anything. They will tell you what you need to do.

#14 Bullcrappy

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Posted 27 April 2012 - 01:25 PM

Not sure who my mortgage is with. I pay bank of America...

i just didn't think anyone would touch me with 630 FICO scores... and if they did rates would not be much better then what i have now.

Tarp will not help me i don't believe as i can afford my mortgage...

i will talk to amortage broker i just dont want any hard pulls till i know i am going to get approved. i was shooting for 700 credit scores but that seems at least a year away now :sorry:

thanks

have you tried to refi yet? You should be able to do so with the scores that you have. The lender will tell you if you need to pay CRAP1 or not. Did you check to see if your loans are with freedy/fannie? You can refi thru TARP2 as well.<br><br>I would talk to a lender before you do anything. They will tell you what you need to do.



#15 Bullcrappy

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Posted 08 May 2012 - 04:11 PM

NCO no longer has the Acct.

I guess Cap1 took it back? I know from all my reading Cap1 does not do PFD.

it is past SOL and should fall off in a year but i want ti gone sooner because it is destroying my credit number do to the utilization issue i mentioned above...

should i call cap1 or wait for a letter?




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