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Credit Score Question

October 19th, 2011 at 04:28 am

I finally put on my big girl panties and ordered my credit reports and credit score to make sure all was in order. Thank goodness I did, because I noticed a HUGE error in regards to my old mortgage. About 2 years ago, I gave up my house through a Deed In Lieu of foreclosure. It went as planned as far as I was concerned...I got the confirmation that it was back in the banks name and my loan was closed. I got no further communication from the mortgage company since then.

About a month ago I got my credit reports from both Equifax and Trans Union, both claimed that the mortgage loan for $500K was still open AND I was over 120+ days late on it. WTF!!!!!???? Of course I called the mortgage company right away and they confirmed it was closed through a Deed In Lieu 2 years ago and they have no idea why the credit bureaus were never notified. Supposedly they will be informing all 3 credit bureaus the correct info within the next 10 days.

Here is my question:
My credit score now is 589. (Horrible I know!!) With them thinking I still have a $500K loan under my name and over 120 days late on it.
After this information has been rectified to a Deed In Lieu in 2009. Do you guys think my credit score will go DOWN? Or go UP?

I was optimistically thinking it was going to go up after the correction...but the more I think about it, I think it might actually go down instead. What do you all think?

Tell the truth and shame the...

January 25th, 2008 at 09:49 am

It's been a while. Coming back and catching up on how other folks are living life has been comforting and pleasant. I recently read "Lost in Debts" blog and was touched by her honesty. Even through the veil of anonymity, I'm still reluctant to admit to the world my financial sins. As you can tell by my blog name, I recently bought a house. While we did put a small but signifant down payment on it, we did get ourselves into the now-dreaded and much to be chastised over ARM Loan. I'm not here to defend my actions or to even validate them. Only to state, even if it's just to myself that I don't regret our decision, that i've never been late on any payments, i've paid my taxes, car note and credit cards on time. Refinancing will happen when the time is right (hopefully very fucking soon). In other words, the future looks rosey.

What really bothers me is the perception that people like me are viewed as irresponsible no-accounts who got free rides from the government. I'm not sure what exactly was supposed to happen after Mr. Bush's speech about the busting housing market, but as great as his speech was for cash strapped homeowners, nothing is guaranteed and there is no "sign-up here for easy mortgage relief" line anywhere that I know of.

I took a huge gamble that I was going to be able to take care of business when the time came for my loan to reset. I know a lot of you are upset about the Feds dropping rates, but don't pass on the blame to individuals who gambled with their own lives, they certainly didn't get into buying homes with the hopes of relying on government intervention to help with their mortgages. They hoped for the best and made a go of it. Some could not hang on and paid the price, some (who did not expect, did not ask) got a break.

Stop sipping on the Haterade. It's bitter.

Paying old debts

March 14th, 2007 at 07:32 pm

You know, I DO feel good about paying my old debts. My reasoning was always that my money was better served somewhere else rather than paying old debts that nobody except the collection agencies cared about. I mean those 2 out standing bills didn't seem to be affecting my life in a significant way for these past 3 years, my credit was still good enough to acquire new credit where i needed it. I really hope this bumps up my credit score a bit. I'm going to start filling out applications to pre qualify for home loans in about 3 months. (YIKES!!) I can't wait! I can't wait! *Crosses fingers and hopes to get preapproved to able to buy something decent.

Congratulations to me

March 14th, 2007 at 07:37 am

Instead of spending my tax refund this year on something frivolous for myself ( a cute new designer bag, a spa day, a shopping spree) I spent it on outstanding bills that have long been filed as "i don't care about these bills anymore, its been over 3 years". I only really had two bills that have kind of been an albatross on my back. I incurred these debts when i was in my very early twenties and i've meant to pay them all these years but i never could bring myself to do it.

Finally, it's done (well i still have about 2 more payments of 191.33 left). But i should be done with those in the next montht. I'v scheduled the payments through my online bank bill-pay. Now i can honestly say i am up ON TOP of my finances. Well on top of my debt anyways.