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IYO what do you feel are the worst type of negatives that you can have on your CR?

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danny4l
Frequent Contributor

IYO what do you feel are the worst type of negatives that you can have on your CR?

Any negative is not good but do you feel that there are some negatives that hurt more than others and have the greatest impact on your score?

 

Can you list some?

Message 1 of 14
13 REPLIES 13
guiness56
Epic Contributor

Re: IYO what do you feel are the worst type of negatives that you can have on your CR?

Message 2 of 14
danny4l
Frequent Contributor

Re: IYO what do you feel are the worst type of negatives that you can have on your CR?

Excellent article.

 

My question is according to that chart, it leads you to believe that the 180 day late which is two years old should have a low affect on your score.  Others on this board have said that the 180 day late has a high impact on your score even after the two years.

 

It's confusing.

Message 3 of 14
guiness56
Epic Contributor

Re: IYO what do you feel are the worst type of negatives that you can have on your CR?

Yes, but did you read the paragraph under that?

 

I am not entirely sure where he got the information from but I do agree that 180+ days will have a higher impact.  But, YMMV because of other things on your report.

Message 4 of 14
danny4l
Frequent Contributor

Re: IYO what do you feel are the worst type of negatives that you can have on your CR?

Maybe if all you have is one 180 day late and no other negatives, then the two year deal might be accurate.  In my case I have a lot of 180 day lates and a lot of collections.

Message 5 of 14
guiness56
Epic Contributor

Re: IYO what do you feel are the worst type of negatives that you can have on your CR?


@danny4l wrote:

Maybe if all you have is one 180 day late and no other negatives, then the two year deal might be accurate.  In my case I have a lot of 180 day lates and a lot of collections.


Could be.  I still thought it was an interesting article.

 

If you search you will find different answers from different places. 

Message 6 of 14
RobertEG
Legendary Contributor

Re: IYO what do you feel are the worst type of negatives that you can have on your CR?

One aspect of FICO scoring is that your file is first placed into a scoring category, also referred to as a "bucket", based on certain overall aspects of your credit file.

Presence of any major derogs, of which a 180-late is clearly one, keeps you in an unfaorable scoring bucket, regardless of age, until it is eventually excluded.

 

As for the "worst types" of adverse items, I agree that is subjective.

Adverse items fall into two general categories.  One that reports your failure to have taken obligated action, such as monthly delinquencies, and the other which reports efforts taken by others to attempt to collect on delinquenct debt, such as a charge-off, collection referral, or judgment.

 

In my opinion, judgements rank near the top, as they include both a determination by a court that the debt has been found to be legitimate, and an order to pay.

They may also be a precursor to additional legal action to collect, such as garnishment of pay.

Charge-offs would also  be high on my listm, as they are essentially a statement by a creditor that you have been determined to be a consumer who is not going to pay their debt.  In my opinion, that ranks as a very negative factor in the eyes of one with whom you are seeking new debt.

 

I would rank collections a bit lower, as they represent a business action taken by a credtitor which does not establish legitimacy of the debt itself or that the consumer wont pay or is now under court order to pay.

Message 7 of 14
DaBears
Senior Contributor

Re: IYO what do you feel are the worst type of negatives that you can have on your CR?


@guiness56 wrote:

IMO, this is a close assessment.  Look at the chart and it gives you low to high impacts.

 

http://www.bestcredit.com/can-a-bad-credit-entry-by-quantified-on-a-credit-score/

 

 


Either Im still sleeping or her/his math is way off on this sentence. 

 

 "I've seen one BestCredit reader with a 12-year credit history remove one 30-day late installment payment that was 18 months old—her only adverse entry—raising her FICO credit score 40 points, from 638 to 778! Now that's money."

 

Smiley Indifferent

Message 8 of 14
CashOnDelivery
Established Contributor

Re: IYO what do you feel are the worst type of negatives that you can have on your CR?


@DaBears wrote:

@guiness56 wrote:

IMO, this is a close assessment.  Look at the chart and it gives you low to high impacts.

 

http://www.bestcredit.com/can-a-bad-credit-entry-by-quantified-on-a-credit-score/

 

 


Either Im still sleeping or her/his math is way off on this sentence. 

 

 "I've seen one BestCredit reader with a 12-year credit history remove one 30-day late installment payment that was 18 months old—her only adverse entry—raising her FICO credit score 40 points, from 638 to 778! Now that's money."

 

Smiley Indifferent


No, the math is off or a typo. The question is which one is the typo, the 638 or the 778?


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Message 9 of 14
danny4l
Frequent Contributor

Re: IYO what do you feel are the worst type of negatives that you can have on your CR?

One more question.  When I check my file, it says that the 180 day late from 2010 "last reported on May 2013"

 

I'm confused with this.  What does it mean when the delinquent account last reported from the past month when the deliquency is over three years old?

 

Is that how it works?

Message 10 of 14
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