- Cobalt TiNor
- February 16th, 2012
- #Credit #Capitalism #Equifax #Experian #TransUnion #Reposession #Charge-Offs
So I have come to a harsh realization at the time of this writing that despite having worked at an international credit card company, and coming to knowing a good amount about the credit industry, I have found that the subjective views of those making the credit decision are more important than your actual history.
In my past I had a willful repossession of a vehicle which was fully payed off about 6 years ago. I have another vehicle loan that was charged off for $504 because of an issue with gap insurance and that as well was fully paid off, I believe that has been a little longer than six years. I have a secured credit card which I have eleven times out of twelve paid off the entire balance by the due date each month for the last five years. The most recent thing on my record is a dumb $50 cell phone bill that I haven’t heard from or had on my credit report for about 4 years and change. Now this cell phone company sold that debt off to a collections agency who decided they were going to get me by reporting to the credit agencies. I don’t even remember owing this balance.
The only thing on my report that’s been active and open on my credit report the last five years is my credit card. My three credit scores were 595, 605, & 645 after two companies pulled my credit reports. When the third companies pulled it they got 575, which means that I have a report that dropped a minimum of 20 points with two pulls. Needless to say that’s not good.
With these credit pulls I have been offered 9.99%, 12.99%, 14.99%, 15% and 17%. At this point I wish I had another year before I made any moves, but I don’t. I was always told that having a credit card and paying it off in full every month would dramatically increase your credit scores, but nay, in five years my credit score still is as bad as new credit or worse.
So what I say to you is do not believe the lies, these are not sciences or scientific, these businesses use arbitrary and uncalibrated measurements.