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I am looking to get a new apartment when my lease is up on April 1…will be needing a bigger apartment because my first baby is due on June 6th However, my credit isn't all that great. I've started some credit repair, but I really wanted to put my entire situation out there so that I could get some advice from you guys and make sure I was on the right track to getting my scores just a little bit higher as soon as possible.
So far, I have gotten all old addresses removed off of TransUnion and Equifax…still working on Experian.
1 public record from 2002 reporting on all 3 CRAs – satisfied judgement – dispute letters went out to the CRAs today because the number on my CR does not match the number of the recorded judgement.
1 public record from 2007 reporting on just 1 CRA – not satisfied judgment – still have to research to see if the recorded judgment is even entered or if the numbers are the same etc.
1 closed Bank of America line of credit that was never used. Is reporting positively…had a cosigner for it but BoA closed the account when they saw my credit score. I assume I should leave this.
1 CO from Rewards 660 (don't even remember having that card) from 2007 – is reporting twice on the CR from Equifax so I assume I should dispute that one as a duplicate, still within SOL – This account is also being listed with a CA named Jefferson Capital who I just got the first letter from. Will be DVing them as well.
1 CO from HSBC from 2007 – unpaid – within SOL – is also listed with the CA Arrow Financial Services on one CR.
1 CO from HSBC from 2007 – unpaid – within SOL – is also listed with the CA WAP which lists the OC as CORE instead of HSBC. So I'm definitely going to be disputing this one because of that discrepancy.
1 CO from First Premier Bank from 2007 – unpaid – still with the OC – was thinking of calling them and paying in full to have this tradeline reopened since it was opened in 2005, however won't be able to do this until January…
2 Student Loans from Mohela – both reporting as paying as agreed, positive histories. HOWEVER, they do have duplicates with different account numbers from when the student loans were rehabiliated. I have disputed these with the CRA's they are reporting on saying they are duplicates of the positive tradelines…still waiting on results of those disputes.
1 CA Midland Credit Management – just got their first dunning letter on Saturday, however it was dated 10/08/2008, and the amount they are asking for is $400 over what they are reporting on my CR which I pulled today. I am going to send them a DV. This account is within SOL.
1 CA NCO Financial – unpaid SBC phone bill that was charged off in 2006. Not sure if this is within SOL…however they are saying it was opened on 4/2007
1 CA AFNI-Bloom – unpaid Charter Communications Cable bill from back in 2003 – out of SOL. I will be disputing this with them definitely.
1 CA Jefferson Capital – unpaid – another subprime card Salute Visa – have not received a letter from them about this account yet.
1 CA Zenith Acquisition – unpaid – within SOL – for a Tribute Mastercard
1 CA named Paragonway – unpaid – have no clue what this is. They say the OC is QC Financial Services…going to DV them, but not really sure what this could have been.
1 CA NCO – unpaid – medical claim which I had insurance for at the time, so this shouldn't even be on my CR
1 CA Credit Protection Association – unpaid – OC was Hollywood Video from way back in….wow…like 2004. They claimed I never returned a movie that I did in fact return. Is only for $65, but I need it off of my reports!
1 CA Consumer Collection – Unpaid – for a gas utility bill from 10/2003. I assume this is out of SOL.
I have no current tradelines reporting…though Crown Jewelers should be reporting soon, and I plan on trying to get a BoA secured visa around the New Year.
Thanks for any advice…it's really appreciated.
Best Answer: Yes. Things got to the point where the banks were afraid to lend to each other, not to mention businesses and individuals.
Fear was legitimate. It isn't/wasn't an issue of over-compensating. At the present time, major western governments have stepped in to guarantee the solvency of the banks – within certain guidelines.. Things vary, depending on which country you are in.
Banking is based on the physical security of money, the interest available through different instruments and the ability of the banks to loan deposits to individuals, businesses and other banks that need money for pre-determined periods of time for interest that is greater than the interest paid to depositors.
The bottom line is that if everyone tries to take all of their money out of all the banks at the same time, the banks will all fail. The money isn't there. Its loaned out. This is in essence what happened after the 1929 market crash. As a result, In the USA, the FDIC was established with the goal of preventing another run on the banks and the massive failures that occurred. The level of funds that are insured has risen over the years.
One of the problems this fall was that level l hadn't been adjusted in quite a few years. $100,000.00 is a lot of money, but there are/were still a lot of people with more than that in a single bank. Businesses also had accounts with hover 100K (There are some work-arounds, but I won't get into that here) The finals straw that broke WAMU and hurt other banks was people moving money out to make sure their balances were under 100K..
The FDIC now guarantees individuals up to $250K.
But until the governments stepped up and guaranteed inter-bank loans the money still wasn't moving.
The roller-coaster isn't over. A lot hinges on the US elections. We'll all see what happens.
Reply:Thanks, that's a good start!
Reply:Here is some good information for dealing with the medical issue.
http://{$MySite}/forums/index.php?showtopic=175055
Reply:Bumping for anymore input
Reply:I kind of looked around, and I haven't seen any that stringent really. A few of them give you pts for your credit score, pts for how much you make, pts for background check, pts for past rental history, and then they add those all up and as long as you're in a certain range then they'll accept you.
Also, it might be possible for me to get a cosigner for the apartment to help with the bad credit issue…has anyone here ever done that?
I'm hoping to get all of the old stuff off of my report, as well as getting the judgments off. Everything I will have left is within 2 years so that isn't good But hopefully by then I'll have a couple of positive tradelines reporting. I just don't know enough about all of this to be able to look at what I have on my report and know which ones might be easier to deal with and which ones are going to be stuck for a while.
Reply:I don't have any specific advice – I'm in an apartment hunt myself but thankfully I'm on the other side of the credit repair journey. I'm just looking for something cheap for if/when I can save the moving target amount for a down payment on a house. I hoped to be in one by now but the amount I have saved is no longer sufficient after the mortgage company fallout.
I am noticing apartments are getting increasingly picky on tenants credit. One I looked at was just your average apartment and its requirements were NO CO's, No active CA's, and all judgements satisfied with exception of medical collections. Several I've seen require no CO's, and double deposit for recent foreclosures (obviously with the foreclosure mess going on)
Apartment I live in now is not that good and rather run down, they overlook collections and such but require double the deposit. The leasing agent was shocked at my credit – "I've not seen it that high around here in a long time" – I only had to post an $85 surety bond in lieu of a $500 deposit.
Good Luck in your apartment search.
Off Topic – The Googlebot has an ad for "Repair Your Bad Credit Software" – LOL!
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October 16th, 2011 
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