Results 1 to 7 of 7

Thread: Removing Things On Credit Report... Raising Score Questions

  1. #1
    Banned
    Joined
    Aug 2011
    Location
    Aboard The Spaceship
    Posts
    4,787
    Thanks
    3,183
    Thanked 10,142 Times in 3,290 Posts
    My Mood
    Breezy

    Default Removing Things On Credit Report... Raising Score Questions

    Okay so I am still in the process of disputing things and getting them removed from my credit report. I've gotten several things removed but I still have more to go. You can basically have anything you want removed if you challenge it enough. Theres always incorrect information- from the date opened, to the credit limit, etc etc. So basically I can have any of the items below removed completely from my report for this reason if I want to remove them. I checked them all, and I can get every single one of them removed on a technicality due to the FCRA. The question is... should I? Will it help or hinder my score? I'm thinking it will help my score, but I know closed accounts look bad... but the payment history looks good.


    1.) So I went through a chapter 7 bankruptcy to get rid of medical bills, but in the process (since its ch 7 after all) I lost all my credit cards because filing for bankruptcy closes them all regardless of how much you owed or didn't owe. So now I have several marks on my credit report of credit cards with a long history of on-time payments and $0 balances that are now closed due to the bankruptcy. Since they have a perfect payment history listed, should I also challenge and remove these? Or should I leave it (at least for now) to reflect my payment history? Will it raise my score or hurt it?

    2.) One of my credit bureaus lists my old job that I haven't worked at in over 4 years on my report as my current employer. It says on my report its verified, though they verified it a month before I quit. The other 2 bureaus have my employer listed blank. Should I leave the old employer on my report? Will it add to my credibility if I leave it on there, or cause more problems since I've been self-employed for years now and it does not reflect that?


    Obviously these things are not a big deal and don't really matter, but my goal is to raise my score and credibility as quickly as possible so I don't have to worry about it as much in the future. But I just want to know if doing these things will help? I've read a bunch of credit repair books, but these issues were not addressed.

  2. #2
    Featured Member Vamp's Avatar
    Joined
    Jul 2004
    Location
    Missouri
    Posts
    1,111
    Thanks
    271
    Thanked 757 Times in 289 Posts

    Default Re: Removing Things On Credit Report... Raising Score Questions

    The thing to keep in mind about bankruptcy is that it changes how lenders look at your credit report. The bankruptcy now shades the information they are looking at. So what might of been a big deal before isnt anymore.
    Quote Originally Posted by GlamourRouge View Post
    1.) So I went through a chapter 7 bankruptcy to get rid of medical bills, but in the process (since its ch 7 after all) I lost all my credit cards because filing for bankruptcy closes them all regardless of how much you owed or didn't owe. So now I have several marks on my credit report of credit cards with a long history of on-time payments and $0 balances that are now closed due to the bankruptcy. Since they have a perfect payment history listed, should I also challenge and remove these? Or should I leave it (at least for now) to reflect my payment history? Will it raise my score or hurt it?.
    Even though they are closed, they still show a positive history. This can only work in your favor now. When you tell them that your bankruptcy was about medical bills, this positive payment history will verify that. If these cards had alot of late payments, lenders wouldnt believe the medical bill reasoning. Every credit report tells a story.

    Quote Originally Posted by GlamourRouge View Post
    2.) One of my credit bureaus lists my old job that I haven't worked at in over 4 years on my report as my current employer. It says on my report its verified, though they verified it a month before I quit. The other 2 bureaus have my employer listed blank. Should I leave the old employer on my report? Will it add to my credibility if I leave it on there, or cause more problems since I've been self-employed for years now and it does not reflect that?
    Lenders do not look at the employer listed on credit reports. Why? Because they are almost always out of date. No worries at all with this info being on there.

    Quote Originally Posted by GlamourRouge View Post
    Obviously these things are not a big deal and don't really matter, but my goal is to raise my score and credibility as quickly as possible so I don't have to worry about it as much in the future. But I just want to know if doing these things will help? I've read a bunch of credit repair books, but these issues were not addressed.
    When was your bankruptcy finalized? That date is important. Three years after that date is when lenders will start considering you again. It is still difficult but it is a beginning.

    To start rebuilding credit I would suggest getting a secure credit card with a 28day grace period. A secure credit card is where you deposit $500 and the bank gives a credit card for $500. The money you deposit is NOT touched until the account is closed or defaulted. The grace period is important. If you pay it off every month you wont have interest. The interest rate on secure cards is usually very high. They will still do a credit check. USbank has a good secure card that approves everyone.

    Pay it off each month. It wont erase the bankruptcy but it will go a long way to show how serious you are and once the bankruptcy falls off this positive credit will still be there. Which will give your new credit a huge boost.

    The last thing I would suggest is not having your credit report pulled at all after this. One the biggest mistakes people make after bankruptcy is every six months applying for new credit to see when they start qualifying. It trashes what is left of your score and gives the impression to a lender that you are eager to get into debt again. So no hard hits after you get the secure card for at least the first two years, if you can help it.
    Nature knows no indecencies; man invents them. ~ Mark Twain


  3. The Following User Says Thank You to Vamp For This Useful Post:


  4. #3
    Banned
    Joined
    Aug 2011
    Location
    Aboard The Spaceship
    Posts
    4,787
    Thanks
    3,183
    Thanked 10,142 Times in 3,290 Posts
    My Mood
    Breezy

    Default Re: Removing Things On Credit Report... Raising Score Questions

    Quote Originally Posted by Vamp View Post
    When was your bankruptcy finalized? That date is important. Three years after that date is when lenders will start considering you again. It is still difficult but it is a beginning.

    To start rebuilding credit I would suggest getting a secure credit card with a 28day grace period. A secure credit card is where you deposit $500 and the bank gives a credit card for $500. The money you deposit is NOT touched until the account is closed or defaulted. The grace period is important. If you pay it off every month you wont have interest. The interest rate on secure cards is usually very high. They will still do a credit check. USbank has a good secure card that approves everyone.

    Pay it off each month. It wont erase the bankruptcy but it will go a long way to show how serious you are and once the bankruptcy falls off this positive credit will still be there. Which will give your new credit a huge boost.

    The last thing I would suggest is not having your credit report pulled at all after this. One the biggest mistakes people make after bankruptcy is every six months applying for new credit to see when they start qualifying. It trashes what is left of your score and gives the impression to a lender that you are eager to get into debt again. So no hard hits after you get the secure card for at least the first two years, if you can help it.
    Finalized last year, May I think. US Bank does not take people who have had bankruptcy. No major bank does. For checking accounts they do, but I already have that. I've already read a ton of books and articles, and I know my order of bankruptcy-friendly new credit will be: Capitol One CC, Valero gas card, Orchard Bank CC, Target Card, Best Buy Card, Barclays Virgin America CC, then a car loan. I probably won't get all of those though, but that's ranked in order of easiest to hardest to get vs how it will help your credit score. I can already get a car loan right now if I really wanted, if I put 25%+ down. Most don't even pull credit with 25% down anymore because they offer in house financing.

    So basically I'm not r
    eally worried about new credit, more just how to fix the damage still on the credit report. I wrote to the hospital and they removed my debts completely, even though they were discharged in bankruptcy. I've also gotten almost everything removed now except for a couple accounts, because you can always dispute things on a technicality.

    You can disput
    e each credit inquiry because they have to have a thing proving you authorized it, and they won't have that, so you can get it removed. That's if you get denied. If you're approved, its accurate obviously. And after 12 months, hard inquiries don't affect your credit score at all anyway. You can also get approved if you are initially denied by calling them and sending in your last 3 months bank statements. All they really care about for the cards I listed is that you have a score over 550 and make good $$$ regularly.

    Luckily for m
    e, they have also reported my bankruptcy filing date incorrectly on my reports (yes!!!!), so I am totally challenging that in another year once the bankruptcy files have been transferred to a different location for being old (this happens after 2 years). I am also changing my last name again, which will aid in getting it off, because the last name on my credit report, the last name I filed bankruptcy with, and the last name I currently use are a.) all completely different, and b.) all 100% legal. So I'm pretty sure everything negative will be gone from my report in a year and a half. And even if not, it doesn't matter because my score should either close to or back in the 700s by then so it shouldn't matter.

    I basically just want to know what to do about existing information on my credit report thats neither bad (no lates and zero balance) nor good (obviously it says included in bankruptcy because all your cards have to be regardless of balance). I know eventually I will need to remove these things before I challenge the bankruptcy, but that won't be for at least another year, probably 2 years just to be on the safe side. I just don't know what to do until then, if I should leave them for the credit history aspect, or if they are actually hurting my score because they say included in bankruptcy and are closed despite a zero balance.

  5. #4
    Featured Member Vamp's Avatar
    Joined
    Jul 2004
    Location
    Missouri
    Posts
    1,111
    Thanks
    271
    Thanked 757 Times in 289 Posts

    Default Re: Removing Things On Credit Report... Raising Score Questions

    Quote Originally Posted by GlamourRouge View Post
    [/FONT]I know eventually I will need to remove these things before I challenge the bankruptcy, but that won't be for at least another year, probably 2 years just to be on the safe side. I just don't know what to do until then, if I should leave them for the credit history aspect, or if they are actually hurting my score because they say included in bankruptcy and are closed despite a zero balance.
    As I said Usbank is one of the few banks with a secure credit card that has decent terms. They will approve anyone for the secure credit card. The problem with credit cards that are advertised for people with bankruptcies is the horrible terms. Insane fees and no grace periods. They take advantage of people by forcing them to pay interest. I have compared alot of the secure credit cards on the market and Usbank is the one I recommed to people. One credit card should be all that people with bankruptcies have, from my experiance.

    As I said above a credit report tells a story and some things need to remain to tell the full story, I think.
    Nature knows no indecencies; man invents them. ~ Mark Twain


  6. #5
    Featured Member Vamp's Avatar
    Joined
    Jul 2004
    Location
    Missouri
    Posts
    1,111
    Thanks
    271
    Thanked 757 Times in 289 Posts

    Default Re: Removing Things On Credit Report... Raising Score Questions

    If a place, in this case car dealership, isnt pulling your credit report for the financing..... then they wont report your payments to the credit reporting agencies either. To pull credit reports and post informtion there is a fee involved. If they arent paying the fee for the pulll, they arent paying the fee to post information.
    So if you are getting the loan to help build your credit.... it wont.
    Nature knows no indecencies; man invents them. ~ Mark Twain


  7. The Following User Says Thank You to Vamp For This Useful Post:


  8. #6
    Banned
    Joined
    Aug 2011
    Location
    Aboard The Spaceship
    Posts
    4,787
    Thanks
    3,183
    Thanked 10,142 Times in 3,290 Posts
    My Mood
    Breezy

    Default Re: Removing Things On Credit Report... Raising Score Questions

    The dealership told me the would report it, they just don't need to pull credit if they have some sort of collateral like a large downpayment.

    US Bank won't approve with a bankruptcy on your credit report, even with the secured card. They say: "We may be unable to approve your application if your credit bureau reflects a bankruptcy, you are less than 18 years of age, or if your Security Deposit is less than $300."

  9. #7
    Featured Member Vamp's Avatar
    Joined
    Jul 2004
    Location
    Missouri
    Posts
    1,111
    Thanks
    271
    Thanked 757 Times in 289 Posts

    Default Re: Removing Things On Credit Report... Raising Score Questions

    Quote Originally Posted by GlamourRouge View Post
    The dealership told me the would report it, they just don't need to pull credit if they have some sort of collateral like a large downpayment.

    US Bank won't approve with a bankruptcy on your credit report, even with the secured card. They say: "We may be unable to approve your application if your credit bureau reflects a bankruptcy, you are less than 18 years of age, or if your Security Deposit is less than $300." https://applications.usbank.com/oad/...6&theme=usbank
    Without getting into the particulars of how I know..... USbank will approve anyone for a secure credit card. Disclosures are disclosures. But everyone I have sent them with a bankruptcy was approved.

    As far as the dealership I would request that they verify in writing they will be reporting to the credit beaureus. If they make a big deal about puting it in writing then they are lying. No one gets upset about putting something in writing if they are going to do it anyway.
    Nature knows no indecencies; man invents them. ~ Mark Twain


  10. The Following User Says Thank You to Vamp For This Useful Post:


Similar Threads

  1. Replies: 6
    Last Post: 01-28-2009, 04:10 AM
  2. Replies: 16
    Last Post: 04-10-2008, 01:09 PM
  3. Credit Report and how to improve your score?
    By malloryknox in forum Dollar Den
    Replies: 4
    Last Post: 03-13-2008, 03:11 PM
  4. Raising Fico Score?
    By whirlerz in forum Dollar Den
    Replies: 9
    Last Post: 02-01-2006, 06:24 AM
  5. Replies: 4
    Last Post: 03-27-2005, 01:55 PM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •