Credit Issue

[dville_gt]

Okay, I know, I am a moron for asking any serious questions on this site.

With that said, the site I am going to purchase my g/f's engagement ring off of offers a 12 month/no interest credit line. I figure I'll take advantage of keeping the money and making some interest on it for the 12 months and just setup bill pay to make sure it gets paid off.

Here is the kicker. They denied me!

When I purchased my house last year I had a high 700's credit score and was pre-approved no problem. Never had a late payment on any credit card, etc. I have had 11 account in my history, all show no late pay's, good standing.

The only issue I have is some stupid medical bill that went to collections for 79 FREAKING bucks filed Sept. 2010. I just called and paid it (on my mothers life I have never received anything about this bill, probably because my address changed).

Anyways. They said it would be 2-4 weeks before my credit report shows this. Is there anyway to go to the lender (who happens to be Wells Fargo, who also happens to hold my bank, credit card, mortgage, etc.) and say, "this is pathetic, I am putting 1/2 down on this purchase, I got pre-approved at another jeweler for 4x what I am asking you to loan me, this is all over a 79 dollar bill, etc."

Is there any room for them to budge, seems like they have some TIGHT requirements if a tiny medical bill will kill it for you.

Any advice?

[78X]

I will give you my wife's wedding ring for your mustang- serious.

[dville_gt]

Oh, and when I called them first (to inquire on why I was denied online), they simply said all that they can see is I have a "derogatory" entry on my credit report, then suggested I get my credit report and dispute it. So they just deny based on 1 derogatory entry. Seems lame.

[dville_gt]

I will give you my wife's wedding ring for your mustang- serious.

That car already killed any leverage to not get her a "designer ring"! "But you spent xxxx for this and xxxx for that and you cant spend this for a ring for the rest of our life "

[78X]

it's wells fargo, you are fucked, you are just a number to them, they dont give a shit about you personally- that is how they look at their customers and no, you have to wait 6 months to re-apply.

<----------- buddy works in wells fargo lending

[stangin4lyfe]

Oh, and when I called them first (to inquire on why I was denied online), they simply said all that they can see is I have a "derogatory" entry on my credit report, then suggested I get my credit report and dispute it. So they just deny based on 1 derogatory entry. Seems lame.

You most likely got denied because of your beacon score.
If you're lucky, you will now have a paid collection on your CBR.
Do you have any idea what your score is currently?

[SVTNorthTexas]

Okay, I know, I am a moron for asking any serious questions on this site.

Is there any room for them to budge, seems like they have some TIGHT requirements if a tiny medical bill will kill it for you.

Any advice?

What's your credit score? If you don't know that, then that's where I would start.

[momo]

damn, too late.

you should have called up the original hospital/doctors office which sent the bill to collections and explained situation to them. them tell them you would pay the bill plus late fee to have the account brought out of collection. if they are a smaller practice they would probably do it.

or

should have disputed the collection with all 3 bureaus.

or

should have sent the collection agency a certified Pay for Delete (PFD) letter and let them respond to written communication before paying.


paying the collection agency directly with no agreement has left you with a paid collection on your record. the only thing that's marginally better than is an unpaid collection

[dville_gt]

Any way to get a beacon score for free?

[Skidmark]

1. You should have sent a certified letter to the company to "pay to remove"

2. Even though you have paid the item now, it will still show a derogatory mark on your report.
2a. Since you've already paid it now, you should keep tabs on your credit report and when it shows as paid, dispute the line item stating you paid the bill on time.

The company will have a certain amount of time to respond back to the credit bureau and if they do not, it must be removed.

They will send you mail advising of the status within a month or so.
2b. If they do not remove the item, dispute it again, and repeat as necessary.

If you really want to use this company, try to get approved again after it shows as paid, but with the derogatory mark still on your credit, who knows the outcome?

It would hurt you if you keep trying to apply over and over, so beware.

Why are you wanting to use this specific company if you've already been pre-approved with someone else? Wanting a specific ring?

[ELVIS]

Any way to get a beacon score for free?

i would give you one, but i am not sure your credit is good enough.

god bless.

[dville_gt]

damn, too late.

you should have called up the original hospital/doctors office which sent the bill to collections and explained situation to them. them tell them you would pay the bill plus late fee to have the account brought out of collection. if they are a smaller practice they would probably do it.

Nope, UT Southwestern, tried that first

or

should have disputed the collection with all 3 bureaus.

Figured they'd have some type of invoice to dispute it

or

should have sent the collection agency a certified Pay for Delete (PFD) letter and let them respond to written communication before paying.


paying the collection agency directly with no agreement has left you with a paid collection on your record. the only thing that's marginally better than is an unpaid collection

FML

[Skidmark]

...

age and FICO? Am always curious what others are who keep up with credit.

[SVTNorthTexas]

Any way to get a beacon score for free?

I use USAA. For $12 a month you can get all 3 reports unlimted each month.

You could always try freecreditreport.com ?

I think also you get one free credit report from each bureau each year.

[Skidmark]

I use USAA. For $12 a month you can get all 3 reports unlimted each month.

You could always try freecreditreport.com ?

I think also you get one free credit report from each bureau each year.

https://www.annualcreditreport.com/cra/index.jsp is the free one that you can get each year from each bureau.

Freecreditreport has a trial report.

myfico also has a 10 day trial period if you want to check out your fico, just cancel before that time line. Also, if you call them instead of ordering online, you're probably going to get 50% off the price on the site, as per the agent I talked to before.