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Ah, Such is Life . . .

Here's a couple of memes I did today to cope with my disappointment of having to wait yet another year for a house . . . Yeah, they beat our scores down 15 points for my hubby, and 40 for one of mine. I fortunately, didn't ask for an update from Equifax, so that one is three points down because I opened a checking account for my business. Live and learn . . . Now we have to go open a few of those credit building loans. Lots of 'em!!!

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I usually say we live in a shoe box, but when I saw these puppies in a tomato red egg sandwich box, well it just fit our situation so well, I had to have them. They made me smile in the midst of my deep depression. I needed that.

I have another version of the first one, but I have to go back up my laptop so my son can reset it over the weekend. I'll post that version later on.

Comments

Do I understand correctly that paying off a car loan caused your credit score to go DOWN? Ditto with opening a checking account, but it's not overdrawn?

I suspect something is wrong. There has to be some other problem. And why aren't all your scores the same?

If you need loan payment history, get a title loan on the car. Make payments on time, and use that money for the down payment on the house, moving expenses, or just invest it in an IRA or even CD.

Is there something that should be dropped? Sometimes a letter asking for old data to be removed can work.
 
You understand correctly Jack. I payed it off in full and thought that it would raise our score. But the score only went up a couple of points. And when it never got reported as being paid off, I opened a dispute to get it and another item taken off my husband's report. I had the car taken off one of mine. His score went down 15 points on both reports. My score went down 22 points. Went up 2 points on the report where I let the loan stand. And I shall let it stand without a whimper now. It's not an old debt like the other item was. The loan was set to run until October.

What I figure happened, now I've had the time to think about it, is that the car loan was the only active piece of credit history we had. When I forced a dispute to clear it, now we have nothing to show any more for a good payment history. We got penalized for that. So we're running right out Monday to open a couple credit building loans. As soon as we pay off one, we'll open another, or maybe have two going at once, so we can build faster - hopefully. They are certainly affordable.

As for the bank, I had a savings account I wanted to add a checking account to, so no overdrawn anything. Brand new account. Score went down 3 points for that. But, apparently, only on one report. Transunion. We have other accounts there, so I don't know why they needed to check my credit. Happily, at the time it was good.

I will know for future times, that once I've paid off a loan early, do not immediately ask for it to be wiped off my report. Or maybe, I'll not pay it off early in the first place. Anyway, it's done, so all we can do is work our donkeys off to get it back up there again.

I was pretty depressed yesterday, but I'm much better today. Just will keep on, keeping on!
 
I'm glad you're feeling more optimistic! What a lousy thing to have happen!

Good luck with your house/housing situation. And your credit score!
 
Until you've had long term credit, proved that you DO keep up your payments and honour said credit agreement, you won't have a decent credit rating.

It's tough but there it is.

It's all about reliability I suppose.
 
dither- yes, I get that. The loan was four years old, almost five years old, in good standing. So we had kept up our payments faithfully. But, it was the only active history we had. I didn't consider that when I asked for the account to be shown paid in full.

Moreover, some years ago, thanks to a disreputable mortgage company in our area, we were served up a predatory refinance loan (for our first house) that sent us into bankruptcy. Us along with 51 others. While the company officers went to prison for their illegal practices, none of us were compensated, and our credit was ruined. We came to realize that during the 17 years we owned that house we'd been in two such loans. Only the first one had been in our favor, and I'm forever sorry we left them. And no, the bankruptcy doesn't show anymore.

So, getting new credit hasn't been easy. Can't prove how reliable we are if no one gives us the chance. Therefore, the credit building loans.

As I say, though, I'm feeling better about it. This place is tiny, but cheap, so we'll deal for another year or so. Next year we'll try again.
 
Sorry you even have to deal with this. It should be as simple as you pay your bills on time, you have good credit. Then, you have those jackholes like that predatory lender. Dante should free up some space for those folks. Just not sure if they warrant the fourth, or ninth ring.
Glad you continue to fight.
 
Thanks Winston. We have qualified for a credit card, happily, at our credit union. And now, a house opportunity has presented itself. Another mobile home in a much better location actually. I'm hoping to get more info tomorrow. We may actually have options for it even with our present credit. So, here's hoping!
 

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Anita M Shaw
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