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  1. Oops. I've missed paying rent for the last 260+ months. Bye bye, 800 club. ER
  2. You need to use the Visa card, a very small charge, then pay the bill in full. With the $500 limit, I would not charge over $50 in the first month. Stick to ordinary purchases (go out for breakfast, or buy coffee and pastry at Starbucks) since some lenders watch closely what you buy the very first time. The first use of a new card will lower your FICO score. But a small charge, paid in full, triggers a small boost a month later for "You have shown recent and responsible use of a credit card" (or similar words.) Not sure what this means in points, but this is a positive move. ER
  3. As far as I know, rescoring uses the latest information, not some forseeable future. A lender may take note of your plan, especially if it's set up to succeed (like an escrow that pays the debts before you touch the money.) But the FICO and comparable scores will not guess at any possible future. You might pay all your debts, or you might instead throw it all down the sewer ... risk exists. Like I said, I'm no expert, just a guy who reads this board. ER
  4. Thanks ER. Do you think it would do any good to call the lender and ask if they can report to the CB's that the account is up to date? Also can you tell me how the rapid rescore works. I have already paid the mortgage company part of the down payment so they are waiting for me to get them my 2011 tax return, I have the return in hand I just want to wait to see if my credit score will go up in the next couple weeks, then Ill hand over the tax return, at that time they will pull my credit rating. Thanks Sorry, I haven't signed a home loan since the 1980's. I only know what I have read here, but you might ask in the mortgage forum. (Longer wait for answers there, I know.) If I have it right, you hand over your proof of payment and some fee like $100. The lender gets verification that the facts are correct and asks for your score on the basis of this latest correct information. That's the score they use to grant and price the new loan. But lending laws may have changed since the last time I paid attention ... happens a lot ... so you need a better source than me. ER
  5. My Creditboards screen, near the top right (where it shows my ID) has underlined links for "Sign Out" and "Help". ER Edited to add, just tried it, works for me.
  6. The lenders have their own schedules. I'd expect 15 to 45 days. There is a rapid rescore option that mortgage lenders can use, if you have a deadline. You know, though, that a valid report of a 60-day late will probably stay on your record for seven years. The damage to your credit scores will decrease as time goes on, but they don't usually erase valid items from a report. ER
  7. This is probably not some new item. A fresh 60-day late would hammer down your score -- much more than just 9 points. ER
  8. EastRidge


    Yes, Care Credit has bumped the interest rate to near 27%. We have FICO's in the 800's and no issues ever with GEMB. (We pay in full, so no problem there for us.) The card is handy for a number of things: Dental, since they just put it on the tab, and vetcare for pets, since we can go home now without paperwork. I like the setup, except for that awful interest rate. "Promotional" interest rates are partly supported by your dentist. My experience is that the major items (implants, ouch) are more likely to be on a cut rate, since a zero rate builds sales. I never saw a promotion on ordinary care, for me anyway. One note if you are applying: Once you get a line set up, that limit is hard to increase. (Hard inquiry, turned down, for us.) Stuff like dental care can bust past the estimate since not all problems are obvious on the initial exam. We wish we had asked for a 20 percent cushion when we applied. ER
  9. Just wondering if you know that the BOA message is official. (Maybe you do -- I get all sorts of strange e-mails from "banks.") One way to check is to call BOA automated on the phone and enter your "new" credit card number. If BOA spits out your data, cool. You don't need a live representative to get that far. ER
  10. Were these the only 5 collections accounts? If you had, say, 17 collections and now have just 12, there's not much to distinguish before from after. But if you went from six down to one, that's major and you should expect a better score. Other less-likely reasons include age and number of accounts on the record. And FAKO is FLAKO at times ... ER
  11. If you have any debt that is collectable, it can go to a collection agency. It's very bad to have any account list as a collection, no matter how the story began. Since they have your data: Best move, in my opinion, is to contact them and sort out what you do owe, before that mark goes onto your credit report. I'd take the approach of "Oops, that card expired, and I've been meaning to get back to you with the right one." As long as they think you are a "live one" customer, they are likely to show some goodwill. Most high-volume businesses just want your money. ER
  12. Chase Mastercard and Dillard's (store) each did that to me. Each card hung around on my reports for maybe three or four years. The sad part (for me) is that the "old" card had a balance due, which stuck onto the record since I could not pay down the "old" account. When I reached a zero balance, I disputed each one as "incorrect balance, card is paid in full." Not sure just what worked, but the "old" accounts dropped off soon after. The hit to your credit is short-term, but I'd avoid running up big balances on the "new" card. (Computer analysis by a third party might see "evidence of high risk".) Like any new card, use it gently and pay in full. ER
  13. Sometimes the "facts" are just something they pinned on you. Say they can't find a Josie Jones at 902 South St. but you are Joe Jones at 702 South St. ... or whatever. The "partial match" gets stuck on your record. If you pay a false claim, it just encourages them to keep doing more of the same. Sometimes it is your real debt. But I'd think any CD that cost you $185 would be hard to forget. ER
  14. Legally, they could go to the limit - 7 years and a bit more - but Citi and HSBC stopped sooner for me. Most of my bad news dropped off at 6 years, 9 months. On that schedule, a 60 date late from Sep. 2004 could turn into a 30-day late in June 2011 and good standing in July, 2011. But that's just my experience, and like all credit board advice, it may not work for you. The 60-day late is much more serious than a 30-day late. If you can turn that 60 into a 30 (play with the credit estimators, you will see) then you get a big boost. I use the FICO® Estimator through Bankrate dot com. Go to their front page and type FICO estimator in their search box. No charge, except for lots of ads, and you can make up any story that you like. ER
  15. I dropped from the high 90's to zero on several cards, but kept most of them. I (more or less) dropped them to 80, 60, 40, 20, zero percent in steps. Any single payment "looks like" a one-time event, but a pattern of steady, large payments may look different. Still, in these hard times, there's more trouble ahead. It might not hurt to establish more permanent credit on the basis of the record that you have. (And use only a token amount -- like, get Home Depot and buy lightbulbs.) This may be another sign that you have stepped back from the edge, since at least one card is nowhere near maxed. But stop at one application per year, anything more is one more red flag. ER

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