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Credit Score Check - for those that have finalized

Discussion in 'CitiMortgage' started by abcxyz, Oct 30, 2009.

  1. abcxyz

    abcxyz LoanSafe Member

    For those of you that have got your final docs and your mortgages permanently modified, have you checked your credit scores?

    While I was on the trial payment since 6/1/09, I got a Transunion report and the comments said that I was "delinquent" (NOT derogatory) and under partial payment agreement. Which was fine. I got my VANTAGE score from Transunion that came in a 922 out of a possible 990 I think.

    From what I understand, there is a Vantage Score (used by Experian and Transunion that ranges from 550 to 990 I think), and FICO score (used by Equifax that ranges from 350 to 850).

    I just got my Equifax FICO score and it's down to 652! Which sucks. I didn't know what my FICO score was during the time of the trial payments, but I'm assuming it would be pretty high being that my Transunion score was 922 and higher than 90% of the national average. The 652 FICO score is higher than only 27% of the national average. So obviously this trial payment stuff VERY adversely affected my FICO score.

    What are you guys showing, and is there a way to correct this? When I look on the report details it says I was late and missed a payment etc...but that is not true since I DID pay on time, but just a lesser amount as agreed...
  2. billw32

    billw32 LoanSafe Member

    this is my area of expertise. I would caution anyone with using a credit repair company. That being said, abcxyz, i don't think the full effect of your modification will be known until you see how citi reports after your file is updated to show it modified or even if they report it as modified, i am surprised it is even as high as 652. It should go up quickly once they report and continue to rise each month as you are reported paying ontime. Good Luck, and 652 is not that bad even though it sounds bad, you can get decent rates on anything except conventional or jumbo financing. Bill
  3. Sunbeam

    Sunbeam LoanSafe Member

    Contact Citi and tell them they must correct their reporting to the credit reporting agencies. Tell them they have reported incorrect information and if it is not removed and a letter cced to you confirming the removal that you will have to take them to small claims court. There are also federal agencies you can report this to. Read up on the fair credit reporting act:

    Credit and Your Consumer Rights
  4. caldwell02

    caldwell02 LoanSafe Member

    I am deliberately not looking at my fico score. I do not want another piece of bad news.
  5. Needanewjob

    Needanewjob LoanSafe Member

    Every client in a repayment plan, partial payment plan or a modification gets sent a credit report stating "paying under a partial or modified payment plan" Code "CM"... I knew it was adverse, but that sucks. I'm in the trial period and I guess the same thing has happened to me.. It's still worth it though..
    1 person likes this.
  6. abcxyz

    abcxyz LoanSafe Member

    652 sucks...mine's always been well over 700, i've never paid a bill late in my life.

    anyway, like needanewjob said, it's still worth it for sure. I'm not too worried because I am not applying for any credit or loans or anything. I just don't like that it's so low and i don't think it was reported correctly, so yes, I will dispute it and call citi to see if they can change it.

    Was just wondering how much everyone else's went down by...
  7. SillyWorld

    SillyWorld LoanSafe Member

    I saw a post in Citi where the person was offered a MOD Restructure and Citi told them they would be reported on there credit as Modded Loan for the life of the loan 30 years:eek: He complained that the Mod was only for $80.00 lower mortgage payment he declined, for now at least:confused: If that be true you would be Scr**** for 30 years:eek:
  8. abcxyz

    abcxyz LoanSafe Member

    Has anyone used Free Credit Score & Free Credit Reports. No Credit Card Needed It apparently gives you a free credit score that says it's pulled from Transunion. I believe Transunion uses the Vantage scoring system from 550 to 990, but I read on some message boards that although the score is pulled from Transunion, it uses the the FICO scoring system from 350 to 850. Anyway have any more info regarding this or can provide some clarification?

    As i mentioned before, i pulled my score from Equifax and it was 652. My Transunion score last month was 922 (out of 990 on the Vantage system). But now that I pull it from creditkarma, it's showing 739 (but i odn't know if that's out of 850 or 990), and if it's out of 850, why does my equifax's 652 differ so greatly from the 739?

    What site is accurate? Seems they're all providing different numbers...
  9. Big Booger

    Big Booger Guest

    www.annualcreditreport.com - this is a free site in which you can view all three credit bureaus - once a year
  10. abcxyz

    abcxyz LoanSafe Member

    I don't believe this gives your SCORE, unless you pay for it...
  11. billw32

    billw32 LoanSafe Member

    abcxyz, I know it sucks and you have never been under 700, but you have never been late or modified. Most people drop over 100 points with lates on the mortgage
  12. abcxyz

    abcxyz LoanSafe Member

    I don't see how it's late when I still paid on time. I paid a lower amount as per the modification trial period, but was never late. IF i was late, I wouldn't even have gotten the modification because one of the conditions for modification is that you make ALL your payments on time.

    I think I just need to call them to get it corrected hopefully...
  13. billw32

    billw32 LoanSafe Member

    your right, the late payment should not be reported late, if you were current when the trial started, but read needs a new job's post, they are correct and told us all that they would report it as code cm, which is current but modified, i am afraid that that will be with all of us for awhile. The govt did tell them they could do that. But people that arent on the govt modification program, i guess Citi can report them as delinquent in the trial program. Was yours a hamp modification? If so they should only be reporting it as being paid with a modified or partial payment agreement and not late. Thats why I said, it will probably be correctly reported as being modified after 30 days when all is considered and all the partial payments are applied out of suspense. What do you think, needsanewjob?
  14. ama125

    ama125 LoanSafe Member

    That is correct...you have to pay for the score. I just asked my negotiator what mine was since I knew he would have to pull up the credit reports. He said, "I don't know if I'm allowed to tell you, but..." and proceeded to tell me what they are now (and they are ugly!). Oh well! It's not the end of the world!
  15. abcxyz

    abcxyz LoanSafe Member

    Yeah...I know it's not the end of the world. I'd way rather have gotten the modification and lost 100+ points on my credit score than not to have gotten the mod and kept a good score. I guess it just kind of bothers me regarding the REASONS (i.e., it says i'm late on payment, missed a payment, and past due by more than 60 days, which are all NOT true) as to why my score went down...
  16. clgirl

    clgirl LoanSafe Member

    Well, here's a doozie...we have never been late on a payment with our bank (Chase). Last year my husbands credit score was 780ish. I checked his FICO a few days ago and it is down to 634. Chase states on credit report "arrangement made with credit grantor to make partial payments". We have never made a partial payment. During supposed forebearance period we actually paid $100 more than our regular payment because they factored in taxes and insurance which we currently pay ourselves.

    So, all in all FICO score plummeted, we paid the all our payments in full and on time, and no loan mod to date. Something is very wrong with this picture. So do not believe what the banks tell you regarding your credit.
  17. abcxyz

    abcxyz LoanSafe Member

    Sure is a doozie. I'm going to try to get it fixed though!

    Has anyone used creditkarma.com? Does it lower your credit score everytime you "update your score" and they have to request it from Transunion?
  18. billw32

    billw32 LoanSafe Member

    ABCXYZ, As i advised earlier being in the mortgage business, your credit issue may be resolved when Citi updates after your modification. Until they update, which can take 30 days depending on the time of the month, you will know what needs fixed. Go directly to Citi to fix it, using a credit repair company could create a statement on your report that something is in dispute. Fannie and Freddie will not even loan money at this point to customers disputing anything because it skews the score. All the credit company is going to do is what you can do yourself and probably better than them. Their fix can be only temporary in some cases.
  19. abcxyz

    abcxyz LoanSafe Member

    Thanks for the tip. I actually did already go to citibank as well and wrote them a letter and faxed it in yesterday after talking to their customer service rep. I just figured if I do it myself, and also get Equifax to do it, then something might get done sooner.

    I know it takes 30 days as you said to get an updated score as well, and assuming that Citi corrects this, can my score jump back up 100 points?
  20. billw32

    billw32 LoanSafe Member

    It is unlikely, because of the modification note on the file and the cm code that will remain, it means current modified, I think after you make several payments it will go back up, but it should go up some after they remove the late payment itself. According to someone else online, it will be reported the life of the loan as cm. I cant imagine that would create a great loss of score long term. But, with all that said, credit scoring is a monster noone really knows what drives it. I suggest that you keep your revolving balances low and that will improve your scores more than anything.

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