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kidninjadelta29
Posts: 3
Registered: ‎07-25-2008
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Using credits cards to pay off Judgment

I still in the process of building up my credit, I tried to borrow the money to pay off my judgment but my bank wouldn't lend it to me. I had to use my credit card to to pay it off cause it was going to stay on there another 7 years if I didn't pay it. My question is with this affect my score my almost maxing out my credit card or will this in prove it cause of the old debt will be gone next year? I plan to pay the credit card low as possible with a 3 month window to avoid my score to go back down.
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haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: Using credits cards to pay off Judgment

Hi, welcome to the forums!

You will definitely be hurt by the nearly 100% util, but the damage will be temporary, as you plan to pay it down/ off in three months. The FICO scoring formula doesn't have a memory for utilization, so once it's back where it was, the scores will no longer be affected.

Will the judgment actually be removed from your reports, or will it continue to report, just now showing as "paid"?
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
New Member
kidninjadelta29
Posts: 3
Registered: ‎07-25-2008
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Re: Using credits cards to pay off Judgment

According to experian, it will fall off next summer but I hope it's get deleted as I report to all 3 bureaus.
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DI
Posts: 5,744
Registered: ‎01-28-2008
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Re: Using credits cards to pay off Judgment


haulingthescoreup wrote:
Hi, welcome to the forums!

You will definitely be hurt by the nearly 100% util, but the damage will be temporary, as you plan to pay it down/ off in three months. The FICO scoring formula doesn't have a memory for utilization, so once it's back where it was, the scores will no longer be affected.

Will the judgment actually be removed from your reports, or will it continue to report, just now showing as "paid"?

+1

Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
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Re: Using credits cards to pay off Judgment


kidninjadelta29 wrote:
According to experian, it will fall off next summer but I hope it's get deleted as I report to all 3 bureaus.

 

Unfortunately the judgment will most likely report as paid until the fall off date. Not the worst problem in the world since it is so soon. Be prepared to recon any AA you might received as a result of the increased UTIL. You'll have a righteous story to tell!

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