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Question By
ruks79

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71 People Helped
Declined for Barclaycard, Reaged Debt and Do I have a dog in this fight?
Let me first off say, I do not blame Barclaycard for this. I got the 7-10 day message process which could mean review, but most of us feel thats pretty much denied. I applied with a TU of 640, Experian 640, Equifax 650. For the last two years, I have worked diligently on improving my credit score. I've improved from a 553 to 640 just by following the recommendations of Credit Karma. I have 23 reports and 23 100% on time payments. I have 4 derogs on my report, but all are 4+ years old. I was approved for an unsecured Platinum Capital One card and Walmart unsecured last month. I have had 3 credit inquiries in the last 2 years, with 1 to fall off in May (TU). And I thought this was what Barclaycard was aiming for, people who are trying to prove they are really serious about building a good relationship. Lo and behold, I reviewed my credit report. Yup, you guessed it a collection agency is reaging a 5 year old debt. From what I understand, that is illegal. I understand that they can change the reporting date, but they cannot change the date of first deliquency. I am building credit to buy my first home. I filed a dispute online with TransUnion. What can I do from here?

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4 Contributions
71 People Helped

Oh and the same day after this post, one of the old derogs dropped off. My score rose 2 more points.

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299 People Helped

Regarding your old debt; it's not illegal for lenders to dredge up old debts,  and they can do so up for at least seven years.  And that's seven years from when it became delinquent, not the beginning of the loan.

Barclay Bank is notoriously very fussy.  I have an 823 credit rating and I didn't get instant approval. I received a note stating they would review my application.

You're on the right track.

Reply by
ruks79

4 Contributions
71 People Helped

I appreciate the help, but it seems after the initial boost of jumping from 553 to 642 in 2 years everything is slowing down. Don't worry I am not impatient. What concerns me the most is if the score doesn't get higher, I may not get favorable terms on a home loan. Sure the VA will back me as a first time home buyer, but it not may be at the most favorable terms. I have really started taking this seriously. I use my credit card to pay my cell phone bill on the 10th and pay it off on the 26th. I might buy an online game from Steam on my other card. I never use more than 9% on any card. From what I read it says to get diverse accounts like an auto loan. Why? My SUV runs just fine. I see personal loans are out there. They just charge such high interest rates. At least with the credit cards they cannot charge me interest if I pay before the due date. Guess I'm going to be stuck in this "fair" category forever.

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