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Hi All,
My hubby is paying child support for his oldest child. He was laid off for a couple of months and fell behind (the first time ever). It is reporting on his credit as late since last year because while he was only unemployed a month, he now has arrears. He sent in a lump sum so it is should report current on the next update. My question is how long will it take for his score to recover? I think it dropped 90 points or so. Is it immediate, like when you lower the bal on a CC or slow like a BK or judgement? TY!
That is kind of what I figured. He did pay off the majority of his credit cards, so when the card report hopefully things will go back up some.
Who reported the arrears?
Child support tradelines are supposed to be excluded from FICO scoring ~ this isn't reporting as a judgment or collection is it?
I believe the arrears are being reported by the state (TX). He said they are reporting him last as of...it must've been November. He had his payments deducted by payroll. He started his current job mid-December, so payments probably started back up in January.
I thought that I read somewhere on here that child support payments were not calculated...when I asked him he said that didn't make sense because how could you be trusted to pay other obligations if you aren't paying that. I didn't want to argue, so I just let it go. BUT now that I am thinking...it has to be something else. He said he checked it (recently) and his score was in the 500s. He just got a personal loan and I think it said on there his scre was 680 something or 650 or something.
Something stinks... now I wish I hadn't started thinking about it because something is not right. I'm wondering if his score tanked bc of his utilization (almost everything maxed). He did pay all of his cards off but one, so we will see. In the meantime I am giving this situation a serious side-eye.
I think they're supposed to be excluded because they don't represent a credit~based obligation, at least in the sense that they aren't something borrowed against and paid back over time.
That is what I thought. I'm going to wait a month or so and see what happens. I'll let you guys know. Thanks a lot for your input.