Reply
Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
0

Re: Do lenders see entire Credit history even if past/dropped 7 yrs & doesn't show on reports I

Even if they have reports with older info, the scores just come off the 7 years' worth of history. So something floating around from 10 years back would not change the scoring.

* 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
Valued Member
sredworb
Posts: 43
Registered: ‎08-06-2010
0

Re: Do lenders see entire Credit history even if past/dropped 7 yrs & doesn't show on reports I

I think, if the lenders were to review everyones complete credit history nobody would get approved.

Just don't see it happening...


Starting Score: EQ = 626 TU = 638
Current Score: EQ = 685 TU = 697
To Reach the Mountain Top: Both at 740 or Higher


Take the FICO Fitness Challenge
New Member
hotmom
Posts: 4
Registered: ‎10-21-2010
0

Re: Do lenders see entire Credit history even if past/dropped 7 yrs & doesn't show on reports I

I totally agree...we all have had something in the past that may have slipped our minds and went the other way

Regular Contributor
ShootingStar
Posts: 203
Registered: ‎08-23-2009
0

Re: Do lenders see entire Credit history even if past/dropped 7 yrs & doesn't show on reports I

Reading this thread brings a deep sigh of relief, as there are several threatening and ominous posts floating around these MyFico parts that accomplish nothing but insecurity, self-loathing, and fear!  :smileysurprised:

"It's myFICO and I can cry if I want to!"

Starting Score January 1, 2010: 640
Current Scores Updated Sept. 6, 2011: EQ: 765 / TU: 778 / EX PLUS: 773
Goal Score: 800

Take the FICO Fitness Challenge

"Working my way up!" :smileywink:
Moderator
MarineVietVet
Posts: 14,967
Registered: ‎07-14-2009
0

Re: Do lenders see entire Credit history even if past/dropped 7 yrs & doesn't show on reports I

 


ShootingStar wrote:

Reading this thread brings a deep sigh of relief, as there are several threatening and ominous posts floating around these MyFico parts that accomplish nothing but insecurity, self-loathing, and fear!  :smileysurprised:


 

What might those be? They need to be addressed.

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800, 10/10-813
TU - 10/10-774
You can do the same thing with hard work

Visitor
endeajc
Posts: 2
Registered: ‎08-20-2010
0

Re: Do lenders see entire Credit history even if past/dropped 7 yrs & doesn't show on reports I

I have the same concern.  I have an old CC debt that is beyond the statute of limitations, however I am continuing to get calls.  I have not contacted them for fear of re-aging my account, nor does this show up on my credit card report.  however, I am in the process of getting a mortgage, and I am worried that this will come back to haunt me.  would I have to pay this off before approval even though it is no longer a valid debt?  should i inform my loan officer first?  unsure of what to do...

 

also, what is 'opting out' mean, so that I can do it too!

 

thanks!

Regular Contributor
ShootingStar
Posts: 203
Registered: ‎08-23-2009
0

Re: Do lenders see entire Credit history even if past/dropped 7 yrs & doesn't show on reports I

[ Edited ]

While I'm being a bit dramatic for effect, I wouldn't want to name names!  I'm merely referencing my observation of certain posters unwittingly (I hope) undermining the progress and success of others by instilling a bit too much absolute "worst-case scenario" doom and gloom in pointing out the numerous negatives that "could" happen or "might" go wrong (not in this thread, but as the OP stated, it is information that is put out there often enough).

 

I, for one, am greatly relieved to read that mortgage lenders typically don't consider older history which may be hidden deep within one's file, as I've worked extremely hard in trying to straighten things out in recent years!  :smileyhappy:

"It's myFICO and I can cry if I want to!"

Starting Score January 1, 2010: 640
Current Scores Updated Sept. 6, 2011: EQ: 765 / TU: 778 / EX PLUS: 773
Goal Score: 800

Take the FICO Fitness Challenge

"Working my way up!" :smileywink:
Regular Contributor
ShootingStar
Posts: 203
Registered: ‎08-23-2009
0

Re: Do lenders see entire Credit history even if past/dropped 7 yrs & doesn't show on reports I

On another note, I would like to hear more about the benefits of opting out.  I've already done so, and believe that the result has been that I've not gotten any inquiries on my CR by anyone (including any CA's scouting for info and/or attempting to drum up business).  Is that essentially what opting out does?  And if so, how?  Is it restricting access by certain companies (i.e. CA's) that don't have PP or enough info to access my file?

"It's myFICO and I can cry if I want to!"

Starting Score January 1, 2010: 640
Current Scores Updated Sept. 6, 2011: EQ: 765 / TU: 778 / EX PLUS: 773
Goal Score: 800

Take the FICO Fitness Challenge

"Working my way up!" :smileywink:
Moderator
MarineVietVet
Posts: 14,967
Registered: ‎07-14-2009
0

Re: Do lenders see entire Credit history even if past/dropped 7 yrs & doesn't show on reports I

Opting out inhibits baddies like CAs from sniffing around your reports at mortgage time. The CRAs sell your info and if so subscribed, the CA will get alerted if an inquiry appears from a mortgage lender or the like. In turn, the CA might opt to report knowing that most lenders will require you to take care of that debt first. Opting out prevents the CA from receiving that info. 

 

With thanks to llecs who I stole that from.  :smileyhappy:

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800, 10/10-813
TU - 10/10-774
You can do the same thing with hard work

Valued Member
sredworb
Posts: 43
Registered: ‎08-06-2010
0

Re: Do lenders see entire Credit history even if past/dropped 7 yrs & doesn't show on reports I

I have to agree with ShootingStar, man this forum has kept me up at nights only to find out that the information, although not misleading, just not fitting my situation.

I have come to realize that everyone's situation is different and you must only take the information from here as a broad generalization and understand that you yourself are not in the "same boat" as the person posting.  Although sometimes getting a sigh of relief, I enjoy this place and it has helped me cope with the stress of the mortgage process.  You must not assume that what has happened to him/her will happen to you, just use the information here as a "forewarned is forearmed" type of thing.

 

All in all, still an excellent place, where else will people share their innermost secrets (credit info) on the internet..

 

Take Care,,


Starting Score: EQ = 626 TU = 638
Current Score: EQ = 685 TU = 697
To Reach the Mountain Top: Both at 740 or Higher


Take the FICO Fitness Challenge

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}