AboutRegan Shinski Expertise I can answer questions on collections, repossessions, bankruptcy, credit repair, credit counseling, FICO scores, credit planning, and the cause and effect of credit related decisions. I can also answer questions on collection settlements and preparing to sue your creditors for false debts and credit reporting.
Experience Fifteen years ago I was financially devasted due to severe health issues. I filed bankruptcy, had a foreclosure, car repossession, tax lien, and ruined credit. I immersed myself in credit law. I settled dozens of accounts and had them removed to improve my credit. I personally sued four creditors and collection agencies and won cash settlements for their false reporting on my credit reports.
Since then, I have completely recovered and have nearly $100,000 in revolving credit lines and perfect credit. I have owned a credit repair company for the past five years and have an additional three years of specific work in the collections and debt management industry.
I am fully versed in the Fair Debt Collection Practices Acts (FDCPA), Fair Credit Reporting Act (FCRA), and have used them successfully in collection settlements and lawsuits for myself and others. I am also familiar with and abide by the Credit Repair Organizations Act (CROA).
I have deleted or helped delete literally hundreds and hundreds of derogatory items from consumers' credit reports and helped negotiate many settlements with collection agencies and creditors. I have also advised people on bankruptcy at any stage.
In the current credit market, I have successfully advised numerous people on how to obtain credit and how to negotiate for better terms.
Education/Credentials BA - University of Minnesota
Question Hello,
I recently applied for a store credit card and my application was rejected. The letter said it was because they couldn't verify the address I had put down on the application. I put down my new address, and have been at this address for over 1 year. My previous address is my parents house and I have mail that goes to both places. Will being rejected for that reason affect my credit score, and will it be on my credit report?
Answer Hello Tiffany:
What will show up on your credit reports is a hard inquiry. This simply shows that you applied for credit with this creditor. The credit reports do not show the reason for the denial of credit or even what type of credit you applied for. It only shows that this creditor accessed your credit report and the date.
This by itself is not a derogatory item. It is a section which accounts for roughly ten percent of your credit score. Generally each credit inquiry can cost you anywhere from 1-7 points on your score. You should try and keep these to a minimum and only apply for credit your really need. They will fall off your reports in two years although many people believe the effect on the score is virtually eliminated after about 6-12 months.
The bigger risk may be that in this tight credit market, some creditors are reluctant to issue new credit to people that have too many inquiries - regardless of the credit score. I'm not saying I agree with it, but the theory is that people that are applying for a lot of credit must be in tougher financial shape and therefore a higher credit risk.
If you want, you can write each credit bureau sending them proof of your updated address to try and prevent this from happening in the future.
