I have a book that states you can request the credit bureau's to add good credit ...say if Equifax has a good credit item listed but Trans does not, you can request Trans to put it on there.....my question is this.....what if the acct is a closed account? Will they still add it? Or does it have to be an open acct?
2006-06-22 11:42:31 · 4 answers · asked by Hippyghost 1 in Business & Finance ➔ Credit
I am a mortgage loan officer, and work with credit issues everyday. As to what you are referring, I have heard of this but never done it. Would be curiuos to see if you as the consumer can get all three bureaus to report the same information.
The reporting is done from the creditor's side. They report to whomever they choose.. typically depends on your local region. For example, smaller based creditors in the SouthEast will typically report to Equifax. Larger national companies may report to all three. How they would gather the information is more my question.
Now, in regards to how to improve your scores, I believe you are getting some mixed advice. You must understand how the scores are built before you can determine what will impact good or bad.
Majority (but not all) of your credit score will be based on the past 24 months. So in other words, if your credit history over the past 2 years is mostly bad, your score will reflect that. Old credit may hinder scores slightly, but will not comprise the majority of your score.
Old negative items may not have a major impact on scores, but can prevent you from getting over the 700 score mark and maybe even hinder you with certain lenders.
My suggestion to anyone trying to improve credit is this: Get on time with ALL current open credit, add good POSITIVE credit to help push scores up, and depending on your purchasing goals you will work on your old negative items now or later. For example, looking to buy a car or home within 90 days... leave the old stuff alone. Looking 1-2 years down the road, pay it off. Why?
Paying off old negative items will update the item to something within the past 24 months (Date of last activity) and will be factored more highly in your scores. So paying it off now will bring your scores down! (Yes, that does sound contrary, but it is what happens.) If you want to buy something sooner than later, do what you can now to boost your scores (i.e. Good credit) and then attack the old stuff after you buy what you needed.
If you attack it now with a long term goal in mind, your scores may suffer in the short term, but with the added positive credit and paying off of old credit, you will have sweet scores in the long term.
See the information below on where to find the good positive trades and how to work them to your benefit.
Good luck!
2006-06-23 05:08:43 · answer #1 · answered by Anonymous · 3⤊ 0⤋
It can still be added if it is a closed account, but like the person said before me, it's not going to make that much of a difference. I would worry more about trying to take care of the bad stuff listed on your credit score.
2006-06-22 11:51:13 · answer #2 · answered by chelle 4 · 0⤊ 0⤋
Most of the time when things are added to your bureau like you are talking about, it does not change your score. It would only be there for trade reference purposes. Another problem you may have is getting transunion to add the tradeline if the creditor only reports to equifax.
2006-06-22 12:03:18 · answer #3 · answered by bike bandit 2 · 0⤊ 0⤋
Don't sweat the small stuff. Your problem is the BAD credit items. Take care of the bad and the good items will take care of themselves.
It will be very difficult to get anything worthwhile on credit unless you take care of every one of the bad ones.
www.daveramsey.com
2006-06-22 11:47:46 · answer #4 · answered by snvffy 7 · 0⤊ 0⤋