Dear Chicago Bob, At last I have found a person with a few similaritiesin terms of the credit report "dings" as you call them.Prior to 1991 I had an outstanding credit record and report. In 1990, I was unemployed due to an on-jobinjury. While I awaited settlement of my workmenscompensation case, I had no income. I had exhausted all of my savings and retirement funds.During that time, I had two accounts which were 30 days late and one account that was 60 days late. As soon as my case settled, I paid all of my accounts, returned to work in 1994 and have made timely payments ever since. When I began to apply for lower interest credit cards to do balance transfers, my applications were declined. It happened several times even thoughI have had an excellent credit report since 1994. When my husband and I applied for refinancing, the lender was hesitant because they said I didn't haveA1 credit. Here's my point. Those dings hurt and follow you longer it seems that whatever good track record you may have established in the past. Also,you would be amazed at the amount of erroneousinformation contained in your credit report. Now that lenders use some formula (I don't know the specifics), it seems to disqualify people who are not really poor risks by placing you in a "suspect" range. Challenge any information on your credit report that you are not in full agreement with. It matters.Don't wait until you find your dream home and have your loan either declined or have to pay a much higher interest rate to get approval from the bank. I wish youwell in your endeavor.
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