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I have a credit problem
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I have a credit problem - May 21, 2012, 05:48 PM

Short story:

I had a credit card, paid to $0 balance very soon after opening with no problems.

A year later, I was hit with an annual fee, and didn't know it.

3 months delinquent and $160. I paid to 0 immediately.


We ran my credit today for a home loan. I have a 90 day delinquency for that account.


It isn't right. I didn't know about that fee and now it disqualifies me for certain home loans. I have ZERO delinquencies in my past and no other credit problems. but this one incident destroyed me.

What can I do?

I'm on the phone trying to get the credit company to report it as an error.


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Last edited by Tecknojoe; May 21, 2012 at 05:55 PM..
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May 21, 2012, 05:58 PM

I just got off the phone with the credit card company:

They are filing a dispute to report it NOT as a delinquency, because ALL of the money that was owed was only fees and not from me spending.

Does this type of action erase the delinquency and return my credit as if this incident never happened?????


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May 21, 2012, 06:36 PM

Yes, I had an issue with one of my student loans. Lender sent me a payment even though I was in school and deferred. Several long phone calls, threats and some ignorant cusotmer service reps later I had a 60 day delinquency removed and a letter for my CU showing it was in process to be removed. Right after insurance, lenders are the worse.


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May 21, 2012, 06:39 PM

Quote:
Originally Posted by LVegaJr View Post
Yes, I had an issue with one of my student loans. Lender sent me a payment even though I was in school and deferred. Several long phone calls, threats and some ignorant cusotmer service reps later I had a 60 day delinquency removed and a letter for my CU showing it was in process to be removed. Right after insurance, lenders are the worse.
So would it be worth it to get a statement from the credit card company saying that they submitted a dispute and it's already in the works?


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May 21, 2012, 06:53 PM

Yup, once the creditor updates the bureau(s) you should be in good shape again. You should double check your records at the bureaus after the update though to make sure the update was recorded correctly (it can take a few weeks).


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May 21, 2012, 07:04 PM

Quote:
Originally Posted by Tecknojoe View Post
So would it be worth it to get a statement from the credit card company saying that they submitted a dispute and it's already in the works?
Yes, cus i don't trust some smuck in their "we fucked up and are so lazy to fix it" department to get everything done in a expedited fashion.


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May 21, 2012, 07:14 PM

Banks have very little incentive to reporting good news and fixing mistakes. Bad credit = the ability to charge more for the same loan.


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May 21, 2012, 07:32 PM

Annual enrollment fees do not count against your credit score because it is not a purchase.
Had this problem with AMEX once. It was fixed but the fix took 90 days.
Credit bureaus do NOT move with expediency.



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May 21, 2012, 07:34 PM

Quote:
Originally Posted by Heist View Post
Annual enrollment fees do not count against your credit score because it is not a purchase.
Had this problem with AMEX once. It was fixed but the fix took 90 days.
Credit bureaus do NOT move with expediency.
nor do the CC or lenders that fuck up to begin with. Most banks accept a written letter from the lender saying they fucked up and are processing the removal of the issue so I'd def get that Joey so you can move on your house stuff.


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May 21, 2012, 07:48 PM

Yes, the problem is only exacerbated by the fact that you have to make sure all 3-agencies are notified and the changes append to each of your credit scores.

It's time to demand that a law be passed that reporting must be accurate - and if a mistake is made, once verified, all agencies must make corrections within 5 business days.

Each day after the 5th that it is not corrected, the reporter and the reporting agency incurs a $2 fine for every point the score went down.

If a creditor can take my credit score down in with a single push of a button, they should be able to correct my score with the push of an opposite button. Not file a report and then I have to wait around and twiddle my thumbs for a quarter for a new report.



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May 21, 2012, 08:11 PM

Damn. I actually have to agree with Heist. WTH???


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May 21, 2012, 08:39 PM

Quote:
Originally Posted by MudDawg View Post
Damn. I actually have to agree with Heist. WTH???
Just like yesterday was a solar eclipse, from time to time it happens.




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May 21, 2012, 08:52 PM

Even a broken clock is right twice a day.

Double damn!!!


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May 21, 2012, 09:51 PM

Since you're not using that CC, why not get one with no annual fee and close the one that keeps biting you? The only reason for a card with a fee is if you're using it regularly and getting some added value for it.

I have one card with an annual fee - an AmEx Blue Cash - but I pay it knowing that the increased cash back percentage I get on gas and groceries will cover that fee in just a few months of usage. It also gets paid off every month. My other card doesn't have an annual fee, and it's only for backup in case the store doesn't accept AmEx.


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May 21, 2012, 11:24 PM

Quote:
Originally Posted by bcr229 View Post
Since you're not using that CC, why not get one with no annual fee and close the one that keeps biting you? The only reason for a card with a fee is if you're using it regularly and getting some added value for it.

I have one card with an annual fee - an AmEx Blue Cash - but I pay it knowing that the increased cash back percentage I get on gas and groceries will cover that fee in just a few months of usage. It also gets paid off every month. My other card doesn't have an annual fee, and it's only for backup in case the store doesn't accept AmEx.
It only did this once, and I closed it immediately when I had to pay their bullshit fees. Then they tried to charge an extra 2.50 the next day so the account would go overdue again1!!!! I made them wipe that shit out too. It's been closed now but the damage on my report fucked my house buying thing up for a few months now.

Quote:
Originally Posted by Heist View Post
Yes, the problem is only exacerbated by the fact that you have to make sure all 3-agencies are notified and the changes append to each of your credit scores.

It's time to demand that a law be passed that reporting must be accurate - and if a mistake is made, once verified, all agencies must make corrections within 5 business days.

Each day after the 5th that it is not corrected, the reporter and the reporting agency incurs a $2 fine for every point the score went down.

If a creditor can take my credit score down in with a single push of a button, they should be able to correct my score with the push of an opposite button. Not file a report and then I have to wait around and twiddle my thumbs for a quarter for a new report.
Agree

Quote:
Originally Posted by LVegaJr View Post
nor do the CC or lenders that fuck up to begin with. Most banks accept a written letter from the lender saying they fucked up and are processing the removal of the issue so I'd def get that Joey so you can move on your house stuff.
Word I'll get on that tomorrow. thanks

Quote:
Originally Posted by Heist View Post
Annual enrollment fees do not count against your credit score because it is not a purchase.
Had this problem with AMEX once. It was fixed but the fix took 90 days.
Credit bureaus do NOT move with expediency.
Yea that's bullshit. It took them 1 day to FUCK ME UP, and now it'll take ooooooooooo 90 fucking days? And it's not even supposed to be shown as a delinquency in the first place!!!!!!!!!!


I'm so frustrated because even though i'm not jumping out of my pants to get into a house, I just didn't know about this until I actually went to consider a home loan again.


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