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Ang1368

How Much Will this Help?

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Hello. 

I will get straight to the point. Up until 4 years ago my husband & I had good credit. For 22 yrs our scores stayed around 750-760. Suddenly, 4 years ago we came upon hard times. As a result we got behind on several things. To be honest I couldn't bare to look at our scores and don't really know just how low they went. When I finally looked at mine all 3 were around 550. We finally got caught up on everything but we did settle a $14,000 home equity line for $7000 2 years ago. Everything else has been caught up and have had on time payments for 3 years now. I have been monitoring my credit on Equifax.com and have watched my score increase steadily and am quite proud. I finally decided to add my husband to my Equifax account and found that his scores were quite a bit lower. I couldn't understand this and upon further investigation I found that an old auto loan that was paid off in Aug 2017 was being reported as 60 days late and left owing $7000. This same account is accurate on my credit reports and shows that yes, it was as much as 60 days late at one time but had been on time every month for 2 yrs prior to the pay off in Aug 2017. I have submitted a dispute to all 3 CA's. My question is this.  Do you think once this is corrected it could increase my husbands score significantly? When I say significantly I am asking is it possible it could increase by 75 or 100 points? Given the fact that it hasn't reflected that this account has been in good standing for almost 4 years? 

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Hard to say without a ton of account detail.  However, generally speaking, if the loan tradeline is corrected to be consistent with what's reported on your report, AND all other account reporting is roughly similar to yours in terms of number and severity of past delinquencies, then there's good reason to believe that his score will immediately improve to something in the ballpark of your current scores. 

 

Whatever the score improvement prospect, you want to address this ASAP (kudos for getting on top of your husband's report).

 

Personally, I prefer seeking a report correction with the reporting firm (i.e. the bank that carried the auto loan).  I find it to be more direct, and for there to be less room for miscommunication, than working through the CRA intermediaries.

 

However, there are others here who tend to recommend going through the CRA dispute route.  Since I respect their opinion and experience, I'll simply note my preference and rationale.

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2 hours ago, hdporter said:

Hard to say without a ton of account detail.  However, generally speaking, if the loan tradeline is corrected to be consistent with what's reported on your report, AND all other account reporting is roughly similar to yours in terms of number and severity of past delinquencies, then there's good reason to believe that his score will immediately improve to something in the ballpark of your current scores. 

 

Whatever the score improvement prospect, you want to address this ASAP (kudos for getting on top of your husband's report).

 

Personally, I prefer seeking a report correction with the reporting firm (i.e. the bank that carried the auto loan).  I find it to be more direct, and for there to be less room for miscommunication, than working through the CRA intermediaries.

 

However, there are others here who tend to recommend going through the CRA dispute route.  Since I respect their opinion and experience, I'll simply note my preference and rationale.

I should add that I have contacted the bank that carried the loan. They are sending me a letter of pay off. 

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Make sure that the scores to which you are referring are FICO scores.  FICO scores are actually used by credit grantors to evaluate your creditworthiness.

 

The skores that Equifax advertises on its site are fake skores that aren't used by lenders, so they aren't very useful as a reference point.

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6 hours ago, cv91915 said:

Make sure that the scores to which you are referring are FICO scores.  FICO scores are actually used by credit grantors to evaluate your creditworthiness.

 

The skores that Equifax advertises on its site are fake skores that aren't used by lenders, so they aren't very useful as a reference point.

So should I find another way to find out my FICO? Am I wasting my time and money on Equifax? If so, what would you suggest?

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12 minutes ago, Ang1368 said:

So should I find another way to find out my FICO? Am I wasting my time and money on Equifax? If so, what would you suggest?

Be sure to read the newer posts.

 

Note - Discover Scorecard for Experian has a recent glitch of 'possibly' showing double the amount of existing accounts.

 

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are you working from paper copies of your reports mailed to you from the four major CRAs?

 

what exactly did you dispute and what means did you use>?

 

now is not the time to worry about scores; get the reports clean and scores will follow.

 

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9 hours ago, cv91915 said:

Make sure that the scores to which you are referring are FICO scores.  FICO scores are actually used by credit grantors to evaluate your creditworthiness.

 

The skores that Equifax advertises on its site are fake skores that aren't used by lenders, so they aren't very useful as a reference point.

 

I just want to clarify that Equifax does sell an "Equifax Score" that is not a FICO product.  However, they also sell an ongoing FICO monitoring product called "Score Watch". 

 

This is a product jointly marketed by Equifax and myFICO, available from either website, the service tracks changes to tradelines on your Equifax report as well as changes to your Equifax FICO Score (mortgage FICO 5 score).

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I called the Credit Union where I am wanting to get a car loan. They said they use Experian's score only. How do I go about getting an accurate Experian score?

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11 minutes ago, Ang1368 said:

I called the Credit Union where I am wanting to get a car loan. They said they use Experian's score only. How do I go about getting an accurate Experian score?

Name of CU?

 

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2 hours ago, hegemony said:

are you working from paper copies of your reports mailed to you from the four major CRAs?

 

what exactly did you dispute and what means did you use>?

 

now is not the time to worry about scores; get the reports clean and scores will follow.

 

I disputed it online thru Equifax and I also called the bank where the car loan is thru. I am going to get paper reports as well. I realize Ive got to get the reports clean and the scores will follow. Im just in desperate need of a new car. Well not new. Just new to me. Ive been holding off for the last 4 years and am really frustrated to see this inaccurate info cause I know it has to be hurting my husbands score. I just want to get the best interest rate possible.

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30 minutes ago, Ang1368 said:

Perfect Circle Credit Union

I assume you already read this.

I would call your CU back and ask them what version of EX they use. (i.e., 02, 08, 09, auto-enhanced, etc.)

 

See above for free FICO scores list.

 

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Up to 84 months.  :swoon:  

 

Also brilliant advice from a CU to think of a car as an investment.  :lol:  

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