Acceptable TU score for Synchrony

[Anonymous]

Any collection or chargeoff in any amount will affect your FICO scores.

Small collections and chargeoffs can be just as lethal as the large ones, especially if unpaid.

[Aduke1122]

This is what I found on the subject , its only for fico 08 and vantage scoring models . Interesting ..


Exceptions to the Rule: FICO8 & VantageScore 3.0

In late 2008/early 2009, FICO made several significant updates to the FICO credit score model, including how low dollar collections were factored in the score calculation. In the FICO8 model, collection accounts less than $100 are excluded from the calculation. This means an $8 collection would have no impact on your credit score. It’s important to understand that this is only the case with the FICO8 version of the FICO score. And although lender adoption of FICO8 continues to grow, many lenders are still using older versions of the model. You also have to consider that some lenders may not use the FICO score at all — many do, but some do not.

[Anonymous]

That is correct but most lenders still use versions prior to 2009. Especially mortgage lenders.

[Aduke1122]

I know a collection is a collection no matter the amount , this is why is said a very small one . But nevertheless it's still a charge off / collection on your report so it's bad!

[Anonymous]

And that is for collections only, not chargeoffs.

[Aduke1122]

Yes while I don't agree with being punishes for a 50 dollar debt the same as a 10k debt , it is all the same .

[Aduke1122]

**punished*

[Anonymous]

You are correct....If it's your debt, you should pay it.

Vantage 3 ignores paid collections all together.

It also looks much better on a manual review.

[Aduke1122]

Do you know how they are viewed ? Is a collection worse than a charge off or visa versa ? It's hard to find any info about the distinction.

[Anonymous]

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@Aduke1122 wrote:
This is what I found on the subject , its only for fico 08 and vantage scoring models . Interesting ..


Exceptions to the Rule: FICO8 & VantageScore 3.0

In late 2008/early 2009, FICO made several significant updates to the FICO credit score model, including how low dollar collections were factored in the score calculation. In the FICO8 model, collection accounts less than $100 are excluded from the calculation. This means an $8 collection would have no impact on your credit score. It’s important to understand that this is only the case with the FICO8 version of the FICO score. And although lender adoption of FICO8 continues to grow, many lenders are still using older versions of the model. You also have to consider that some lenders may not use the FICO score at all — many do, but some do not.

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You notice this DOES NOT apply to tiny itsy bitsy chargeoffs.