01-31-2013 09:13 PM
I was amazed to see my FICO is 657. I thought for sure I'd be in the 500s. Back in 2008 I had all of my CCs go past due and the they were charged off - like 10 of them totalling $20K.
So 657 was really unexpected.
So, with a decent score (i'm hoping to raise it up a bit in the next few months) will I be approved for auto financing and other credit even though I have active collections and so many old delinquent accounts?
02-01-2013 12:54 AM
A lot depends upon the degree of review the prospective credit will give to your application.
FICO score is not a begin and end all. For many lower-level lines of credit or loans, they may rely primariily or solely on your score due to convenience and savings on their part, but as the amount of the requested credit rises, they are more apt to do a manual review. Depending upon the creditor, the presence of any unpaid, delinquent debt can be a show-stopper, regardless of score.
What is your plan regarding the unpaid, delinquent debt?
02-01-2013 06:24 AM
Well.. I'm in a similar situation.
I expected my scores to be *much* lower then they actually are. I have 2 collections and a paid (was a collection) on the report, and 14 late payments on my student loan in 2007-2008.
My scores were in the mid 600's and I still got denied a mortgage, and a credit card. (Which motivated me to find this forum... some *great* advice here. )
02-01-2013 07:37 AM
Hey Robert, I appreciate all of the feedback on my posts.
My immediate plan is to pay off aboutmonth of the $20k this month. That will take care of two CAs currently suing me. I could use some feedback on how to best handle this...settlement, PFD, etc.
As for the rest of the accounts im not exactly sure how to prioritize and if I should do payment plans on what i can afford or what. Next Feb I will do another lump sum pay off based on what I can afford.