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     | Monday, June 19, 2000 - 06:01 pm  I just ordered my credit report from equifax. It shows no deliquents, 12 latepayments in 7 years. 1 latepayment about a year and 1/2 ago. The others were 2 years ago or older...all student loans. 3 inqueries in 6 months. I did have some charged off credit card loans from college days which I contacted and paid off over a year ago, every single one! I even paid one thing that wasn't mine. However, those do not show up on my *equifax* credit report. I do own a home with equity, cars, etc...none have had a latepayment. several car loans paid off with no lates in the past 5 years. I am trying to purchase a boat and get this...with 50% down..like 70 grand! and I cannot get a 50k loan! I mean they flat out practically said my credit sucks! And my income has increased 100% each year for the past 5 years....this year I am above the 30+% tax bracket. I have 100k in stocks and retirement, and I'm 32. My assets to depts are 3 to 1. No dependents. So the only negatives I see is are some big latepayments (90 days) from 2 years ago...unless what they send you it not what everyone else gets! My question is this...the report I ordered from equifax is totally useless as obviously I am not getting all my information because I can't get a loan to save my life! I find it hard to believe on this latest loan attempt with 50% down they won't even talk to me, what fool is going to put down 70 grand if he is not going to make a payment!...this can't be from those late payments can it??? I can't even get a credit card! and I don't want one either...but I applied for the heck of it just to watch it get denied. I even got turned down for overdraft protection on a freakin checking account! Lenders MUST get stuff on reports we don't (besides the beacon score)...does anyone have any email addresses at equifax?? I never get a reply the normal routes. This is BS and a scam! I want my real info...because this is NOT my real info. If they are going to show me my report, show me the real one lenders get, because the one I got must be fabricated to keep the masses hopeful....mine at least is a total crock of crap if they say this is the report the lenders get. I mean if my credit sucks I want to know why and why I keep getting turned down, but I cannot find it in the report from *equifax* Thanks! shawn
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| | Monday, June 19, 2000 - 06:32 pm If you're so anxious to get the raw data of your report go to http://www.consumerinfo.com/ and they'll give you a report that has what a lender would see. They used to give out Experian reports, but they dropped Experian for Equifax.
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| | Monday, June 19, 2000 - 06:49 pm Thanks I'll try that, I've ordered from 3 places whats one more. I just don't get...one time I couldn't even write a 30 dollar check because they use some equifax check thing that denied me. Yet I order my report from the equifax site and it just doesn't look *that* bad....unless 2 things: a)12 latepayments are = to being the antichrist. or b) it sucks bad, yet they don't show all the stuff for the reason it sucks so bad. only way I got car loans was to pay like 18% interest...thats nuts. Between this and the IRS I'm about *this* close to bailing on the so called real world.
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| | Monday, June 19, 2000 - 07:02 pm Consumerinfo.com won't give the same info as the lenders who declined received. For each decline, you should have gotten a letter advising which bureau was utilized. THAT's what you need to request a copy of, and by law you are entitled to those reports free of charge. Include the decline letters with your requests. It sure is odd that they won't make a loan with a 50% LTV. But then again, maybe they wonder how they're going to catch you when you're sailing the world's oceans? It's different with mortgage, houses don't usually move. Cars don't usually leave the country and repo people are quick to reposses. I bet a boat in international waters is difficult to repo. My guess is that your score is below the lenders minimum. And yeah, chronic lates can do that. Check your reports from the other bureaus too and maybe those reports will look better. ASK what their guidelines are, which reports they look at, etc.
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| | Monday, June 19, 2000 - 07:39 pm Christine, yeah...boat loans are naturally tough for those reasons, though normal practice is 20% down which makes it even more confusing. But still I can't even get bank overdraft protection on a checking account.. Yes,the reason is always that my beacon score is low...frankly my experience says lenders look at nothing else unless your beacon is close, then they will look at the rest of your life but ONLY then, otherwise all the rest of those papers you send in with your loan are in the waste basket.. but this lender said my credit looked bad like there was some gawd aweful stuff on there. Which I'm not denying...though I know I paid them all. But if its on there, I want to see it..and its not on there. Well looking through my files, I had already ordered from that site before....this info was obtained from experian. Now that report does show more (if this is the same one)...it shows the 2 items that were bad depts which I paid off over year ago...(about 5-6 months at time of report) at that time or report it had not yet showed them as paid. Keep in mind, I contacted all these companies and paid them but I also notice on the report, even though it shows 2 bad debts current (which is incorrect at time of report and hopefully has been noted now), it has a history number of 10. None of the remaining 8 are UNaccounted for on the creditor breakdown! What is this history number? why do they not account for all of that? How do I know its accurate?? What the heck is up with that? if they're going to show that shouldn't they clue me in on what it is? How do I know its not like one of the others where some jerk bought my car drove it to california, got a ticket, never paid it, then cali put it on my credit report. Oddly enough I found out 9 years later. I'm getting to old for this runaround...but my guess is that the beacon score is mysterius because they wrap your entire lifes credit into that number...even if it is no longer on your report, its the only explaination to why paying off old stuff, and it drops off your report does nothing to improve it, and if that the case I surely think they should be able to tell you if you're wasting your time. Thing about it is, if you're 40 and live 40 more years...but lets say your beacon is so low it's numerically and mathmatically impossible to improve your credit and lets face it...it is based entirely on that, which I think is highly likely, I know I would want to know....heck save me time to go fishing and forget about buying stuff. this is nuts..
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| | Monday, June 19, 2000 - 07:43 pm opps i mean the remaining 8 are *not accounted* for on the creditor breakdown... so it's like they are saying you have 10 bad dept listings, but we're only going to show you 2...
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| | Tuesday, June 20, 2000 - 08:11 pm Shawn, I'm almost positive the reason for your bad credit score is the 12 late payments. That will drag your score down to the pits. How far? I don't know, but to give you an example, I have 6 lates all together- and my score was under 600. (This won't get you too much- lucky to get an apt with that score) Today, over 2 1/2 years later, I'm finally getting "real" (what I call real) credit card offers again - and it's only been this past week (I got 2 of 'em). I don't know what my credit score is today, but 2 months ago, the e-loan site said it was a 640 (enough to get a secured credit card, or an unsecured, low limit, high interest card, with yearly fees). I suspect that today it's around 650-660. By the way, I heard you state that you might end it. Please don't do that- It's just a boat- no reason to die over a boat- you said yourself you don't even want a credit card. Just pay off all your debts (so no more negative info can ever be posted on your credit report- you said your salary has increased 100% each year for the past 5 - which by the way I am a little jealous about- so you should have some money to burn) and wait 5 years to but the boat. None of your credit mistakes will be around after 7 years of the mistakes... you said that most of them were 2 years out, in another 5 years, it will be like they never happened. But your credit score does increase even with them still on the report, as time goes on.. so maybe in another year, your credit score will be better- enough to buy that boat. By the way, I agree, late payments shouldn't be a mark against you- no payments should- If you paid your bill, even though late, you are not a huge credit risk, and chances are that the company even made some easy money off of your late payment in the form of fees. My favorite charge is the "over the limit fee". If I'm over the limit, what makes you think I can afford the extra fee you tack on because of it? I had a friend who's minimum payment wouldn't get him under his limit, so every month he was charges an over the limit fee, and he was never dwindling down his account. This in my opinion is criminal. I finally paid it for him to get under. The credit industry sucks! -Dan
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| | Tuesday, June 20, 2000 - 09:31 pm Hi, dan nooooo never said I would end it =) said I was commenting that somewhere in that score formula there must be a mathmatical impossibilty that if a person is at a certain age they can never get good credit. Yes, after today I think once you have 120day lates I am looking at a very lonng haul and will have to make compromises. Have your friend write a letter to that credit company. Was it providian? they are notorious for that. btw...even though my income has increased 100% I definently do not have money to burn. I'll give you an idea of how the credit bureaus and the IRS make you want to go zone somewhere and forget about trying to get ahead. In a few years when I plan on having kids, I plan on working for someone again... My actual takehome has only increased slightly...maybe 20%. Being self employed and single roughly 40+% of my income goes to taxes and social security which has to be paid ontime 4 times a year. (when you work for someone they help pay things like social security), in order to reduce taxes, another 15% goes to retirement, which If I am lucky I will not croak before I see it, or the stock market won't crash, If I take it out early I will be charged my tax rate plus a 10% penalty. Out of that you figure 15+% is business cost. Not to mention my health insurance is brutal because I don't get group rates or it's not paid by an employer. Heres an example. Lets say you start a business and make 125k / year (an example). Your taxes will be roughly 35+k. balance=90k. Your cpa will want to invest in a retirement sepira plan to reduce your taxes due, maximum contribution 15% so thats another 20k. Balance=70k. You will have incurred business expenses lets say of 10k (a cheap estimate). Balance=60k. If your state has state taxes, subtract roughly another 7k from that. 53k. Now you also paid more for health insurance, Its 3 times as hard to get a loan because you are self employed, you work roughly twice as many hours a week, if your income is sporadic and you don't send off a 10 grand check to the govt every 3 months you will be charged big penalty plus interest, not to mention you don't have job security. The benefits were basically you got to put money in your stocks in your retirement account and take home slightly more. Now if you make that money working for someone else you would probably show a signifigant change in lifestyle given the credit advantages, the work benefits such as when you deposit in a 401k, the emplorer matchs a certain %, etc.....but a self employed person typically dont see jack except more in a retirement account and an extra bone to chew on at home. It's taken 4 years to save up for my boat downpayment and only reason I was able to do that is that I live simply. I don't buy cloths from major stores and not that often, I cook myself, I also prefer quiet at home than going out. My car is used, my house is small. No credit and just a little more cash doesn't do alot of good. But you know...life is headaches no matter what, but what really counts in life is wives, kids, family and puppy dogs so I don't let any of this credit get me mad for more than a few hours...credit is only good for material things. Instead I go play with the dog and am happy =) And...I'll still get a boat, might be older, might be shorter and might need some work...life could be worse...
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| | Tuesday, June 20, 2000 - 09:43 pm Oh also....I know whatelse hurt me major. I tried last year to get that boat and being desparate I did not specify I did not want more than one inquery, so the dealer contacted marine lenders and before I knew it I had 10+ inqueries from marine lenders on my report in a period of like 24 hours. Once you get your credit going positive do NOT make that mistake I made...
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| | Wednesday, June 21, 2000 - 12:23 pm Appreciate your rundown on self employed life and taxes. There's definitely much to be said for being an employee, if you can stand it. As much as you don't like credit, I'd highly recommend you get a couple of (possibly secured) cards anyway. It WILL help your Scores.
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