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Why is my cedit fico so low??

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Anonymous
Not applicable

Why is my cedit fico so low??

 
Message 1 of 12
11 REPLIES 11
techgirl
Frequent Contributor

Re: Why is my cedit fico so low??

Can you give us more information? for example, how many CCs you have, CL, Util %, any baddies, etc.
 
Read Credit 101 under education.
05/12: approx 680 across the board
04/08 EQ: 730 TU: 748 EX: 718
03/08: EQ: 713 TU: ? EX: ?
12/07: EQ: 689 TU: 711 EX: 721
Message 2 of 12
Anonymous
Not applicable

Re: Why is my cedit fico so low??

Re: Why is my cedit fico so low??
 
 
I have 3 companys that report me as late payments (they show as"" Derogatory Trades"""GNB/Bealls, KAY JEWELERS, WASHMTL/PROV
whitch is true but now they went into collection all 3  and now they are showing  in collection
why they show twice AS"" Derogatory Trade "" and also In collection in my report and are they all affecting my fico score and if I can dispute the Derogatory Trades ?
My fico score is 594 I need a 620 at lest to get a mortgage loan
Thanks.
 
Message 3 of 12
Anonymous
Not applicable

Re: Why is my cedit fico so low??

Because the accounts are COd   each OC can report CO and assignment it to a CA
 
SO  you can have 1 OC and 1 CA reporting on the same account!
 
COs  will kill your scores!!!!!!!


Message Edited by HappyDays on 04-17-2008 01:52 PM
Message 4 of 12
llecs
Moderator Emeritus

Re: Why is my cedit fico so low??

Any details?
 
Check out credit scoring 101. The biggest impact to score is amount of debt, payment history, mix of credit (installment loans, CCs, mortgage, etc.), Credit age, and new credit. And within that, many things can affect you negatively like CC utilization, late payments, inquiries, new accounts, public records, collections, charge-offs, avg. acct history, derog comments, etc.
Message 5 of 12
techgirl
Frequent Contributor

Re: Why is my cedit fico so low??

I would write a GW letter, offer to pay the sum of the colleciton account if they will remove the negative comments from your file. Also, do everything in writing CMRRR. See Credit 101 under Education for more information and form letters, etc.
 
Perhaps someone will find the letter for you and post it - I've seen many lately being posted... 
 
Good Luck -
 
Power comes with knowledge...
05/12: approx 680 across the board
04/08 EQ: 730 TU: 748 EX: 718
03/08: EQ: 713 TU: ? EX: ?
12/07: EQ: 689 TU: 711 EX: 721
Message 6 of 12
llecs
Moderator Emeritus

Re: Why is my cedit fico so low??



chepito123 wrote:
Re: Why is my cedit fico so low??
 
 
I have 3 companys that report me as late payments (they show as"" Derogatory Trades"""GNB/Bealls, KAY JEWELERS, WASHMTL/PROV
whitch is true but now they went into collection all 3  and now they are showing  in collection
why they show twice AS"" Derogatory Trade "" and also In collection in my report and are they all affecting my fico score and if I can dispute the Derogatory Trades ?
My fico score is 594 I need a 620 at lest to get a mortgage loan
Thanks.
 


To raise your score, I would work off the FICO pie graph. Focus on utilization, if you have any CCs, bring them down below 10%. If the above mentioned OCs are CC COs, looks like they are, do whatever it takes to fix it. DO NOT DELETE OR OFFER A PFD if these are older accounts, esp. if they are your only accounts. You'll likely lose your score. Worst case, if you pay them and they do factor into utilization (can be determined via TU or EQ FICO reports), then you'll get a large score boost. DW had a CapOne CO that was at 300% utilization. Once the balance reported $0, her scores jumped from 4 points to 56 points, even after they still reported as CO.
 
If I read right, these too went to CAs. If those are reporting, then DV the CAs. But be prepared to pay in full first.
Message 7 of 12
Anonymous
Not applicable

Re: Why is my cedit fico so low??

What is Cod , Oc
Message 8 of 12
Anonymous
Not applicable

Re: Why is my cedit fico so low??

Paying to the collection credit and telling them to remove the negative comments would increase my Fico?
 
Message 9 of 12
llecs
Moderator Emeritus

Re: Why is my cedit fico so low??

Charge-offed
Original Creditor
Message 10 of 12
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