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Why is my husband's credit score so decent when he has an installment loan charge off???

New Member

Why is my husband's credit score so decent when he has an installment loan charge off???

Hi there...

 

I'm so confused about something. My husband's credit score is so decent (681) for having a 10k charge off from an auto loan. There was a second auto loan that he stopped paying in 2008, yet that one says it was satisfactorily closed, he NEVER settled or did anything with that account, he just simply stopped paying. What the heck? Its been 2 years since anything has been reported on that 2nd loan.

 

back to the first loan,  how can my husband's credit be a 681 with a 10k$ charge off that's only 1.5 years old??

Message 1 of 25
24 REPLIES
Moderator Emeritus

Re: Why is my husband's credit score so decent when he has an installment loan charge off???

Where did you get the 681 number?   Is it FICO or Fakko?   That might make a big difference.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 2 of 25
New Member

Re: Why is my husband's credit score so decent when he has an installment loan charge off???

Sorry, I'm new, so I have no idea what Fakko is?

Message 3 of 25
Moderator Emeritus

Re: Why is my husband's credit score so decent when he has an installment loan charge off???

Where did you get his credit score from?

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 4 of 25
New Member

Re: Why is my husband's credit score so decent when he has an installment loan charge off???

Experian

Message 5 of 25
Moderator Emeritus

Re: Why is my husband's credit score so decent when he has an installment loan charge off???

Experian doesn't sell it's FICO score.  You can only get it from a lender pull or from a Credit Union in PA.   What they sold you is referred to here as a FAKO and is generally useless.  No lenders really use that score.    Sorry!!!!     You can get FICO EQ and TU from here.   

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 6 of 25
New Member

Re: Why is my husband's credit score so decent when he has an installment loan charge off???

ok well regardless, the 2nd loan remains a mystery.

Message 7 of 25
Moderator Emeritus

Re: Why is my husband's credit score so decent when he has an installment loan charge off???

Did he pay the charge off with the first loan or is there still a balance on it?   On the second loan that he stopped paying in 2008 I'm pretty sure that it's still within the SOL of your state being that recent.   I personally wouldn't mess with it at all unless you have the cash to PIF because they could come back and sue you.  Just because it says that now doesn't mean it couldn't change.  They could update or a CA could come out of nowhere on it.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 8 of 25
New Member

Re: Why is my husband's credit score so decent when he has an installment loan charge off???

we never settled the first one... we'd like to settle it now b/c we got a nice tax refund. We havent gotten calls about it in months though. I'm not sure if they sold it to someone else or not

Message 9 of 25
Moderator Emeritus

Re: Why is my husband's credit score so decent when he has an installment loan charge off???

How long ago was it?   Do you know  Dofd?  Do you know your state's SOL.   All this factors in.  Just post your information and someone in here will probably know.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 10 of 25