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Old 08-19-2016, 09:55 AM   #21
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Well I tried to get: https://www.annualcreditreport.com/index.action

TransUnion shows long history of single credit card.

Equifax asks me questions about nonexistent loans and then denies showing my report. Allegedly this is common practice so you are forced to pay them for report.
I ran my annual credit report about about a week ago and had a similar problem. I was able to answer the questions from Experian and TransUnion and received their reports.

I decided two out of three was sufficient.
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Old 08-19-2016, 10:01 AM   #22
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Originally Posted by eta2020 View Post
Well I tried to get: https://www.annualcreditreport.com/index.action

TransUnion shows long history of single credit card.

Equifax asks me questions about nonexistent loans and then denies showing my report. Allegedly this is common practice so you are forced to pay them for report.

My credit card reports it for free. So I see Equifax giving me 660 score.
I might pay because of your non existent loan comment. My sis-in-law and I share the same first and last name..not a common surname and do not live the same town. She was applying for a Target card and got turned down because they said she had 2 many open credit lines like 20. And it was Equifax I believe. She knew that was wrong, checked into and found out they had put hers and mine both in her name. The part that really ticked me off what they told her to go line by line and eliminate the ones that were not hers instead of freezing it and doing it themselves. She had access to all my account numbers and info. of course it wasn't a problem but it could have if she wasn't family.
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Old 08-19-2016, 10:35 AM   #23
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Originally Posted by eta2020 View Post
Well I tried to get: https://www.annualcreditreport.com/index.action

TransUnion shows long history of single credit card.

Equifax asks me questions about nonexistent loans and then denies showing my report. Allegedly this is common practice so you are forced to pay them for report.

My credit card reports it for free. So I see Equifax giving me 660 score. I think having single card and buying cars or anything large in Cash means I am a credit risk
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I ran my annual credit report about about a week ago and had a similar problem. I was able to answer the questions from Experian and TransUnion and received their reports.

I decided two out of three was sufficient.
You can do a paper one. It's trivial. You just send in a form with a copy of your drivers license and a copy of a utility bill.

I don't think it's all that horrifically scamified...they are simply trying to decide "if it's you". Those loans you don't recognize when it's trying to see "if it's you"...I'd bet those are NOT your loans, and they AREN'T paid-up regularly.

Once you get your report on paper, there are instructions for how to challenge the junk on the report. I'd do it...you'll at least get a better rate on your homeowner's insurance.
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Old 08-19-2016, 10:58 AM   #24
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I haven't worked in 14 months. When I quit my score ran between 835 and 843. I moved and had a few credit reports run for an apartment and utilities and was crushed when that caused it to drop to 819! It has floated between the 820s and 830s since. For the last 15 years the only credit accounts I have had are 3 credit cards that are paid off every month and my newest of the 3 accounts was opened in 1990!


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Old 08-19-2016, 11:30 AM   #25
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You can do a paper one. It's trivial. You just send in a form with a copy of your drivers license and a copy of a utility bill.

I don't think it's all that horrifically scamified...they are simply trying to decide "if it's you". Those loans you don't recognize when it's trying to see "if it's you"...I'd bet those are NOT your loans, and they AREN'T paid-up regularly.

Once you get your report on paper, there are instructions for how to challenge the junk on the report. I'd do it...you'll at least get a better rate on your homeowner's insurance.
No in my state they are not allowed to take FICO into consideration for Insurance Rate.

But I will be requesting my report via US Mail.
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Old 08-19-2016, 11:56 AM   #26
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I used to have multiple mortgages, but they dropped off my credit report a few years ago. Now, my only credit is 3 credit cards, one of which rarely gets used. I use the other 2 to pay as many of my regular expenses as possible, and pay them off in full every month. The expenditure is always a small fraction of my total available credit.

When BofA and Amex began making FICO scores available for free, I was concerned that my lack of installment loans, such as a car loan or mortgage, would hurt me. According to the blurb that came with the FICO scores, it actually has, along with the fact that I have "too few accounts". However, given that my score always comes in at around 840, give or take, I can only imagine what it would be if I had an installment loan or two on my credit as well.

bingybear's advice to make sure you only use a small fraction of your available credit, and to pay the balances off in full every month, is what I do, and it seems to have worked for me. It's great to have a high FICO score - I only wish I needed to borrow money
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Old 08-19-2016, 12:02 PM   #27
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The last time I looked was about two years ago and it was a tad over 800, I don't remember the precise number. I have four credit cards, paid off in full if I use them, no mortgage or car loans.

I agree the OP should dig a little deeper to find out why it is so low. He is probably paying higher insurance rates than he should be because the companies think he is irresponsible because of the low credit score.
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Old 08-19-2016, 12:19 PM   #28
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Originally Posted by eta2020 View Post
Well I tried to get: https://www.annualcreditreport.com/index.action

TransUnion shows long history of single credit card.

Equifax asks me questions about nonexistent loans and then denies showing my report. Allegedly this is common practice so you are forced to pay them for report.

My credit card reports it for free. So I see Equifax giving me 660 score. I think having single card and buying cars or anything large in Cash means I am a credit risk
I have credit around 800. From what I gather from sites like creditkarma - the amount/number of cards is a factor in your credit score. Having only 1 card is probably a factor in the lower score.

I have 4 Visa cards (one was Amex - but costco made us change). One I don't use much - but it's over 20 years old - so it helps because of the length of time. The others offer points and/or cash back... As others said - I use my best points one for everything and pay it off each month. Even my health insurance payments are set up to autopay from the points credit card.

I'm on the fence about opening another card or two - just to improve my credit.... If an awesome points/mileage card deal comes along, that will push me to do it.
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Old 08-19-2016, 12:30 PM   #29
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Always over 800 here too. Just 2 Credit cards NOW. One I had closed the account because I never used it, but it did nothing for my score.


However, I have leased cars for 15 - 20 years so that may help.
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Old 08-19-2016, 12:30 PM   #30
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I have credit around 800. From what I gather from sites like creditkarma - the amount/number of cards is a factor in your credit score. Having only 1 card is probably a factor in the lower score.

I have 4 Visa cards (one was Amex - but costco made us change). One I don't use much - but it's over 20 years old - so it helps because of the length of time. The others offer points and/or cash back... As others said - I use my best points one for everything and pay it off each month. Even my health insurance payments are set up to autopay from the points credit card.

I'm on the fence about opening another card or two - just to improve my credit.... If an awesome points/mileage card deal comes along, that will push me to do it.
Well I was able to get other 2 reports and they were flawless with single credit card over decades. (or more like last X years)

I doubt I would not be able to negotiate lowest mortgage rate if I wanted it.
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Old 08-19-2016, 01:13 PM   #31
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Not to derail this thread (much), but I have a question about this issue.

I have 12 different credit cards, but only use half of them somewhat regularly (various reasons involving hotel/airline points, cash rebates, etc.).
The other half I use about once a year simply to keep them active.

I've always been told that I shouldn't close old credit cards because that's a negative on my score. Frankly, I don't really care about my score except that it is a factor in my insurance rates.

Should I close the cards I don't use much or not?
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Old 08-19-2016, 01:53 PM   #32
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I can see my FICO score whenever I log in to my American Express account. My score is usually >800 (no debt and I have not worked in 6+ years).

Factors mentioned as affecting my score negatively:
1) lack of recent installment loan information (no student debt or car loans)
2) the age of my oldest account and/or the average age of my accounts is relatively low (my oldest account is 20 years old, but I did open new credit card accounts in the last 5 years which brought the average age down).

In the Spring, I charged an expensive trip to my credit card. It used up less than 10% of available credit and I paid it off immediately. But my credit score still took a 50 point tumble the following month. It recovered slowly over the next 3 months but it seemed excessive.
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Old 08-19-2016, 02:02 PM   #33
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I've always been told that I shouldn't close old credit cards because that's a negative on my score. Frankly, I don't really care about my score except that it is a factor in my insurance rates.

Should I close the cards I don't use much or not?
I guess what I would do is simply close them over a span of time, such as two or three years so there would not be a sudden change. Or you could just put them in a drawer and let the issuers decide when to close them for non use. This would also spread the change out over time.

A few folks here worked in the finance industry so I'd see if they have suggestions.
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Old 08-19-2016, 02:21 PM   #34
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Dave Ramsey says eventually your credit score will revert to zero after you become debt free. He also believes this is a good thing. I have to disagree, mainly because of insurance rates.

Mine is about 820 and DH's is 846. Why they are different I'll never know. He barely knows where we bank.
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Old 08-19-2016, 05:06 PM   #35
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Dave Ramsey says eventually your credit score will revert to zero after you become debt free. He also believes this is a good thing. I have to disagree, mainly because of insurance rates....
Dave Ramsey is wrong.
You would have to be dead before you could have a zero credit score, and that is probably only after you have been dead for a long time.
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Old 08-19-2016, 05:09 PM   #36
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Not to derail this thread (much), but I have a question about this issue.

I have 12 different credit cards, but only use half of them somewhat regularly (various reasons involving hotel/airline points, cash rebates, etc.).
The other half I use about once a year simply to keep them active.

I've always been told that I shouldn't close old credit cards because that's a negative on my score. Frankly, I don't really care about my score except that it is a factor in my insurance rates.

Should I close the cards I don't use much or not?
If they really bother you, then closing a few, say 4 or 5 of them would not do much to your credit score, and then the effect would only last about 3-6 months.
Unless the 4 or 5 you close are many years older than all your other cards.

In other words, keep an ancient CC open even if used just once per year.
I have one that is 16 years old..... barely used.
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Old 08-19-2016, 05:11 PM   #37
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Dave Ramsey says eventually your credit score will revert to zero after you become debt free. He also believes this is a good thing. I have to disagree, mainly because of insurance rates.

Mine is about 820 and DH's is 846. Why they are different I'll never know. He barely knows where we bank.
FICO has no effect on Insurance rates in Massachusetts.

It's funny Warren Buffet has FICO of 712-718. I wonder if it effects his insurance.

If I find my is low because I don't use credit I certainly will not start getting Credit Cards and Mortgage or Auto loan.
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Old 08-19-2016, 05:46 PM   #38
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If they really bother you, then closing a few, say 4 or 5 of them would not do much to your credit score, and then the effect would only last about 3-6 months.
Unless the 4 or 5 you close are many years older than all your other cards.

In other words, keep an ancient CC open even if used just once per year.
I have one that is 16 years old..... barely used.
That's the kind of information I was looking for. Thanks for the tip.
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Old 08-19-2016, 08:49 PM   #39
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Dave Ramsey says eventually your credit score will revert to zero after you become debt free. He also believes this is a good thing. I have to disagree, mainly because of insurance rates.

Mine is about 820 and DH's is 846. Why they are different I'll never know. He barely knows where we bank.
Uh, yeah...not so much. No debt here, a HELOC (with a 0 balance) and several CCs (paid off each month) and like others, a 800+ score.

Sent via mobile device. Please excuse any grammatical errors.
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Old 08-19-2016, 09:37 PM   #40
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Well I was able to get other 2 reports and they were flawless with single credit card over decades. (or more like last X years)

I doubt I would not be able to negotiate lowest mortgage rate if I wanted it.
I suspect the one credit card is a big issue. If you have, say, a $10k credit limit and the day they check it you have $3-4k charged on it you would be at 30-40% usage. If the credit limit is lower it could be even higher. That would cause a big hit on your score. You say the other reports are flawless, but what did they give you as a score? Or did they not give a score, just a usage report?

I don't quite understand your last sentence ("I doubt I would not", does that mean you think you could?), but if you mean you think you could get a low rate mortgage with a crappy FICO score and no significant income, you're very likely wrong.

Hmmm...rereading your posts I'm assuming you are retired, but you don't say that. If you have income the mortgage would be easier. But if your FICO score is low it would still be very difficult to get a good rate. Getting a mortgage is incredibly more difficult than it used to be. Even with 7 figure assets and an 800+ FICO score we had to jump through more hoops than a show dog to get a refi, just because we were FIREd and had no significant income.
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