04-17-2012 08:27 AM
I think there is some bad information here from some of the previous posters.
The original poster is correct that a collection account paid or unpaid will affect his FICO score the same. Going for a PFD is an admirable goal.
No one was disputing the collection account statement. Frugal was just saying that the collection accounts hurt more than the maxed out accounts from a FICO scoring perspective.
04-17-2012 08:28 AM
|FIRST BK OF DE/CONTINE|
Potentially Negative Closed
1000 ROCK RUN PARKWAY
WILMINGTON, DE 19801
|Account Name||FIRST BK OF DE/CONTINE||FIRST BANK OF DELAWA||FIRSTBKDE/CF|
|Account Type||Credit Card||Revolving or Option||Revolving account|
04-17-2012 08:29 AM
|P G AND E|
Potentially Negative Closed
|Account Name||No Data Returned|
For This Bureau
|P G AND E||No Data Returned|
For This Bureau
|Account Type||Open Account|
04-17-2012 08:30 AM
sorry about the way i posted it, but for some reason it wont let me post in one response, hope this helps you guys get a picture on whats going on with me..
04-17-2012 08:33 AM - edited 04-17-2012 08:34 AM
Here is a link to the new FHA rule about collection accounts. Edited to say that your collection limit is a cumulative of $1000, not individual accounts. Looks like you would need to get those accounts paid. However, I would still work hard at PFDs for those collection accounts. Having as many of them deleted as possible will bring up your credit score a LOT.
04-17-2012 08:39 AM
^ Thanks! yea i want to pay them off, its just that paying them off and not getting them PDF sucks as its like im throwing away money to still have the same FICO, but just checking my report, is there any that seems to be falling off soon?
04-17-2012 08:42 AM
Thanks guys! but yes i am going for a FHA loan and i will be paying off both credit cards today, but i was wondering i know you guys said i have to pay off collections no matter what, but i had a question what are the accounts that are called "Potentially Negative Closed"? do those balances needs to be paid off? or are those falling off my report? i dont really know what all the titles mean, as there are 3 other accounts listed "Potentially Negative" which im thinking are the newer accounts that went into collections that im trying to PDF right now.
The potentially negative closed accounts will not fall off your credit report until 7-7.5 years after the date of first deliquency i.e the date you stopped making regular payments on the accounts. I can't really tell what your DOFD is from your reports but all negative reports will stay on for about seven years after the original default.
The only way you can get them off is to write PFDs for the unpaid accounts. And GW letters for the paid accounts. Many people report having to write many, many, many, many, many, many letters before finally getting a positive response. Keep writing. Search on these boards for phone numbers, email addresses or advice specific to your individual creditors.
04-17-2012 08:44 AM
You didn't indicate the SOL for your state and how old these debts are.
The clock should start from the date of the first negative (ie when you first didn't pay them and never paid them again. in other words when you were first late and never caught up). Also, are some of these the same debts that have been moved around to different creditors. The funny thing about collection accounts are that whether you have one or many, you really get dinged.
So instead of listing what is showing up on credit report, can you tell me what the original debts were and and when. Finally, please note that most mortgage lenders will not allow you to have accounts in dispute on your credit report when seeking approval for mortgage.
04-17-2012 08:45 AM
^ thanks! will keep sending letters, i got one response back saying they wont/cant GW a late payment, but i will keep trying!
04-17-2012 01:31 PM
P G And E
Electrical Light & Power
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.