     Shylock (Shylock) | Monday, July 17, 2000 - 04:53 pm 
Be very wary of these two companies. I'm working right now with my father-in-law who filed bankruptcy two years ago July 22. He wants to refinance his mortgage and was told he had to wait 2 years after his bankruptcy.
Well, we got a copy of his Trans Union report. Citibank and AT&T Universal both properly show included in bankruptcy $0 balance. But HFC just shows charge off $4017 owed, $4017 high balance and Arrow Financial shows placed for collection: Household Finance. $5173 owed, $5173 most owed.
His score is 613 and reason codes are:
(022) Serious derogatory public record filed
(018) Number of accounts with delinquency
(016) Lack of recent revolving account information
(003) Proportion of loan balances to loan amounts is too high.
This puts him 7 points out of a 620 score which is the minimum for a Fannie Mae mortgage. His wife, however, almost the same credit history scored 687 with reasons:
(022) Serious derogatory public record filed
(016) Lack of recent revolving account information
(018) Number of accounts with delinquency
(014) Length of time accounts have been established |
| Shylock (Shylock) | Monday, July 17, 2000 - 04:55 pm
P.S. Both have the reason code "Lack of recent revolving account information" because of a Bank of America card last date of activity 4/95 that doesn't show closed. Make sure when you close an account that it shows closed! |
| Christine Baker (Admin) | Tuesday, July 18, 2000 - 12:52 pm
This is one of the most valuable postings in a long time. Thanks! |
| Christine Baker (Admin) | Friday, July 21, 2000 - 10:37 am
Shylock wrote:
"P.S. Both have the reason code "Lack of recent revolving account information" because of a Bank of America card last date of activity 4/95 that doesn't show closed. Make sure when you close an account that it shows closed!"
I'm wondering how many current open revolving accounts they have. Somehow it doesn't make much sense to me to lower someone's Score because an account shows no activity.
Consumers who don't use ONE old account will soon default?
It would make much more sense if there is an OVERALL lack of recent revolving activity.
I'm sure you had that BofA account fixed, and I am very interested in the change in codes. |
| Shylock (Shylock) | Friday, July 21, 2000 - 03:48 pm
The answer is they have no currently open revolving accounts. All credit cards were included in bankruptcy and no new credit cards were acquired. All they have left is a mortgage that they pay like clockwork every month.
Bank of America falsely shows open and no activity since 4/95. |
