11-16-2010 07:27 AM
I have an update and really need help. My mortgage professional put my credit through CreditXpert and decided I could raise my credit with TransUnion 63 points, I am at 615 with them, my lowest score. It came back with nothing for the other 2.
What is said is that I must "paying down the past due amount to $0 on your WEB BANK/DFS account, and updating the past due amount through rapid rescoring.
Now this is my Dell account that shows: CHARGE ACCOUNT, balance $1855, Past due $59, 180 days late, I have not made a payment to them since 12/2007. I called Dell and they will not even consider a pfd, however they are willing to negociate a payoff and said they will mark my account "paid as agreed".
Please help me with this, I have seen where others have paid off Charged off accounts and it actually lowered their score.
From what I am reading you have a past due balance of $59. This is what they are referring to. If you pay the past due balance it may bump your score. Usually mortgage lenders want all past owed debt either PIF or paid through settlement. So just paying the $59 will probably not be enough to clear you for underwriting.
Paying the debt usually has no impact on the score. Having the debt whether it is charged-off or collections removed can have an impact on your scores lower and or higher depending on the rest of your CR.
11-18-2010 10:23 PM
I have a similar situation. I have a LARGE charge off, which is bad enough, but the same account is showing 1937.00 as 180 days past due, with the last past due dated Nov 2008. It looks like the creditor can ding me both ways if I'm following this thread correctly... It's late, though, and maybe I am getting this all wrong. Suggestions?
11-19-2010 09:54 AM
That is certainly what happened in my case. They started reporting not just charged off but late as well which drastically lowered my score. I hope my settlement with them helps my score. Good Luck!!
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