Credit Scores
- Jay1
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Replied by Jay1 on topic Re: Credit Scores
- sphj413
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Replied by sphj413 on topic Re: Credit Scores
UPDATE: In 2007, Fair Isaac agreed with debt collectors that a debtor should not be penalized for paying off old debt accounts. While it is true that renewed account activity could reset the date of last activity on a collection account, it does not change the date of last activity for the original debt. Furthermore, Fair Isaac claims that adjustments have been made in credit scoring that allow for a debtor to pay an old debt without any negative movement in their credit scores. This settles a decades old argument that paying off an old liability demonstrates financial responsibility. What we do not know is whether the actual change to risk scoring models was made in 2007, or if it is part of the FICO 08 scoring update. Either way, by late 2008 debtors will not be penalized for paying off an old debt account. With this in mind debtors can pay off older accounts without fear of a negative credit score reaction. This is true for lump sum payoffs. Making a series of payments on an old debt is still not advisable. Still though, debtors should focus on newer debts, since older accounts may drop off their credit report before they get a chance to repay them.
- sphj413
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Replied by sphj413 on topic Re: Credit Scores
When my DH became terminally ill, we had to surrender a car that he had just purchased (both our names were on the note) that item is due to drop off of my report early 2009. I just noticed that Portfolio Recovery has picked it up as a collection item and added over $2000 to the balance. Now that one is showing up as a new collection item on my Experian report.
What can you do?
- charonh
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Replied by charonh on topic Re: Credit Scores
- bigty914
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Replied by bigty914 on topic Re: Credit Scores
- Meya
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Replied by Meya on topic Re: Credit Scores
Yeah, it looks like you are a little new to the world and may have to wait for establishment to occur. But earlier you said you messed up your credit. I know you are not hollering about this one item?
- bigty914
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Replied by bigty914 on topic Re: Credit Scores
How long has the negative been reporting? When I pulled my credit report, I had nothing good on it.............................unless, they are saying that your scores are too low to be calculated and that is like the low 400's or beneath it right? That is the only thing I can think of
well the deliquent hold on ima pull up my report on experian... i dont mind posting my hiorrible credit
Date Opened:
12/2005 Date of Status:
02/2006 Reported Since:
02/2006 Last Reported Date:
02/2007
Type:
Installment Terms:
1 Months Monthly Payment:
$0 Responsibility:
Individual
Credit Limit:
$1,352 High Balance:
N/A Recent Balance:
$1,352 Recent Payment:
$0
thats my only negative.. in which im tryna clean now.. ballys fitness robbed me
.. i got a free equifax today.. and that negative isnt on there for some reason
- Meya
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Replied by Meya on topic Re: Credit Scores
- bigty914
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Replied by bigty914 on topic Re: Help!
Wait a minute, this is too new to me. I have heard of someone requesting additional info....this is crazy. OK, even if you had messed up your credit, something should be on there reporting. IF you have just those two cards, that is good enough. You say you saw them before, was it a problem similar to what myfico is saying? Also, what credit monitoring service was that? I'm wondering was there a mistype going on which caused you to receive that response! OOOOORRRRR...........
she said i havent had a record on file for 6 months or something like that?
which is true.. the oldest card on my report started reporting on 07-08
- Meya
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Replied by Meya on topic Re: Help!
- bigty914
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Replied by bigty914 on topic Re: Help!
i called its because i havent had a card on file for 6 months
i jus recently started building my credit got my first card like 5 months ago.. than got my kay jjewlers card and my macys card!
and 1 bad on file from balleys fitness
but i guess ima keep building wit the cards i have tilnext year.. than check my score out
- ColoNative
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Replied by ColoNative on topic Re: Help!
Thank you for your interest in FICO-Scored Experian Credit Profile.[/B][B
We regret we are unable to fulfill your order request because your credit report does not currently contain enough information to meet the minimum scoring criteria required to calculate a FICO® score. In order for a FICO® score to be calculated, a report must contain]
Say what? Do you not have any credit cards or loans? Sometimes they may require a copy of your DL or utility bill to confirm your identity, especially if you have recently moved. Otherwise, it almost sounds like you don't have credit.
- bigty914
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Replied by bigty914 on topic Re: Help!
Thank you for your interest in FICO-Scored Experian Credit Profile.
We regret we are unable to fulfill your order request because your credit report does not currently contain enough information to meet the minimum scoring criteria required to calculate a FICO® score. In order for a FICO® score to be calculated, a report must contain: