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Credit Maintenance

February 25th, 2015 at 03:23 pm

I pulled my credit report yesterday. I don't pull my report often enough. I know that you can get a free report form each of the three companies once per year. So the best strategy is to pull each of the three every four months. I just don't do it often enough. It's probably been 12-18 months since I last pulled it.

What I've done is recorded the date and reporting company in the same spread sheet where I keep my budget, balance sheet, and amortization schedules. That way I can keep better track of when and where I pulled my last report, and keep on a better schedule.

I have a total of 17 negatives, from two credit companies on my report. The first has a string of 11 negatives ranging from May 2009 - March 2010, where I was 30 - 120 days past due. The other has a string from August 2008 - November 2008 where I was 30 - 90 days past due, plus March 2010, and October 2010 where I was 30 days past due. Note that I started becoming active on the SA forums around October 2010.

If negatives stay on a report for seven years, my first string of four will start dropping August through November this year. May of next year through March 2017 will see the end of the entire string from the other card, and the last negative will drop off October 2017. But, that's a long time from now.

According to my current Discover card statements, my credit score hovers between 720 and 725 any given month. It will be interesting to see how my score comes in as these negatives drop.

I also did something I should have done a long, long time ago. There were three open accounts listed that I don't use. One was a credit card I no longer use, one was a store card I opened when I bought a suit at a department store, and the third was an Amazon card I opened two Christmases ago. I called today, and had each of those accounts closed. We'll see what that does to my score.

This credit report monitoring is something I think I can and will keep up on from now on.

6 Responses to “Credit Maintenance”

  1. PauletteGoddard Says:

    That's wise to monitor credit as closely as you do. I w

  2. PauletteGoddard Says:

    would (blah, sorry for the finicky keyboard) check a report once a year but I would forget which CRA I contacted and also what date the year before I made my request so I'd be denied for asking too soon.

  3. doingitallwrong Says:

    Several sites will now provide you with your credit report on a more frequent basis. Credit Karma gives you both TU and Equifax reports and scores weekly; Credit Sesame gives you an Experian report and score monthly. I still do the "official" free score every four months, but I've found both sites to be quite accurate, and they also send notifications if something unusual pops up (new card, high utilization, etc.).

    You might try sending a goodwill letter to the creditors who are showing the older negatives and asking them to remove them early. It never hurts to ask! I've had about a 50% success rate, but I never pursued the issue past the first request. More info on the process and some sample letters here:

    http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Stories/td-p/1040382

    or http://tinyurl.com/pojel96 if that doesn't work.

  4. Bob B. Says:

    Thanks for the great tip on the goodwill letter doingitallwrong! I had never thought of that, but what's to lose, right?

  5. doingitallwrong Says:

    Exactly! Can't hurt, might help, why not give it a shot? Good luck -- let us know how it goes.

  6. creditcardfree Says:

    I have my computer calendar set up to remind me to check one of the reports every four months. I think you did a good thing closing accounts you are not using. And it may seem a long way off, but two and a half years goes fast!

    I hadn't heard about the goodwill letter, but I think that is an excellent idea!

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