Quote:
Originally posted by dy156
I recently bought a three burueau report, and the same for my wife before getting a car. It turned out okay, but there was alot of wrong information on there. While my wife's employment information was on there, for me all of them listed no employment information. One Bureau even had my middle initial wrong.
Question 1)
I was under the impression that credit reports and your scores were based solely on your credit history, and not income, but would it help my scores to have some form of employment listed? I just finished school and have a very good job.
Question 2)
I have three "little" credit cards I used in college and have not used alot since, they have low limits, about $1200, but very low balances; my wife has a few Store credit cards(Neiman's, Banana Rep., Vict. Sec.etc...)-yes I know they're bad - with much higher limits and balances, though still less than half "full," which we are trying to pay off. Would it do us any good on our credit scores to add our spouse as a user of these credit cards, because we would have more credit available to us, or would it be bad to do so because she would add low credit line credit cards and I would add retail store credit cards to my history?
Question 3) is there any reason to correct all the false information and duplicated accounts if my credit is alright anyway?
Thank you so much in advance for helping me out, and I hope you realize the great service you've been to me and all the previous posters!
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Well, in answer to your questions...
1) Your score isn't based on incomer, however, The score does rely on the length of your current employment to determine the score. I believe that after 5 years of continueous employment with the same company, it will have a tremendous positive impact on your score
2) I would suggest just leaving things how they are, and closing those retail cards as soon as you can. A lot of open credit isn't necessarily a good thing, granted, it shows that you are responsible enough not to max out everything, but future lendors also take a look at the amount of debt you can incur. If you have a lot of open credit, it may damage your score more than it helps it.
3) Tough call... Generally, the answer to your question would be yes, but there are certain situations where I would suggest to let sleeping dogs lie. If you have kept up on your payments and what not, and generally have a good, clean history, I would get the errors corrected. You can do so by contacting the credit bureaus and letting them know that you believe your credit report is incorrect. They are required to send you an investigation form, just fill it out and return it.
If there is anything else I can do to help, just let me know!