Credit Report

[blackntan]

Hey guys,



I've had credit problems for years now (bad decisions in college), and I've been working with creditboards.com for the past 6 months, and have finally cleaned things up enough to get approved for my first credit card in probably 5 years!!!



So if you're having problems, get over there and read. They really are to credit as autopia is to detailing....

 

[Jngrbrdman]

I paid for one and it showed that my name is spelled wrong on my credit report. That must be why I always get turned down everywhere.

The spelling of your name matters very little. The length of your credit history and what kind of credit you have is what matters as well as what your available credit lines are and your current balances. Whether or not your name is spelled right is irrelevant. Your address doesn't matter to them nor does your employer. Those are just things to help narrow it down when they are looking for accounts that have been reported to you. Credit approval is a complicated process that has many different points that factor in.



Correcting your name is easy. You just need to send them a copy of your drivers license and SS Card and they'll update your file. Chances are that you are being denied for some other reason rather than your name though.

 

[imported_garyo]

As a former loan officer (retail and commercial) the FICO score is not the end all be all of lending. The big exception to this rule is mortgages (which are usually sold on a secondary market based on FICO scores to companies like Freddie and Fannie) and some remote quick loans like credit cards. A note on mortgages...most local banks keep a portfolio of mortgages that they don't sell on the secondary market for certain customers. This allows them flexibility to do things outside of the box such as no PMI on loans with less than 20% down but without horrible interest rates, 100% financing with standard rates, loans to people with less than perfect credit without high rates (see a pattern?)...gaining access to these loans is the nirvana of borrowing.



The best credit advice (besides paying off judgments/collections/past dues, etc.) is to go to a local banker that has lending authority (vs. someone that has to get loans approved by someone in a different city) and establish a good relationship (credit relationship). With a good payment history most lenders will bend over backwards to get your business (realize that banks will give you just enough rope to hang yourself).



There is no quick fix for bad credit. Good strong credit is established over extended periods of time. Good lending institutions like to see that someone can make payments over the long haul and not just in 2-3 month or even 12 month burst. Therefore buying something on credit and paying it off 3 months later really doesn't help establish good credit. That said neglect in paying things on time and/or judgments and collections can destroy credit in a matter of months.



We had a saying in the credit world...."take care of your credit and your credit will take care of you".