Understanding FICO® Scoring

[XxRaVeNxX]

So, I applied for a Discover Card, and was denied due to a (Closed as reported by the CRAs) student loan that to them shows current status states: 120 Days Past Due.

I have another closed account, that had a few lates, but still shows pays as agreed when it closed...

Well, according to the payment history, that isn't accurate, I assume, because it's being paid by the government(insured)

Is this reporting accurately or can I dispute this? Anyway to fix this before 2014, when it falls off?

[Revelate]

Hopefully a mod will move this to the Undertanding FICO scoring as you'll get a better answer there.

I'm not certain on this but it looks like it was closed with the 180 day late reporting, pretty much like a credit card delinquency being charged off. I don't know that this is accurately reporting, but I don't think it will matter for scoring purposes.

[XxRaVeNxX]

My bad, hopefully this is moved to the rebuilding your credit forum

Yea..Not really concerned for scoring purposes..Just approval/underwriting purposes..

[trumpet-205]

Just because it is government backed does not mean you will have good payment history if you miss a payment. I don't see anything wrong with it. In fact is that 180 days late?

[XxRaVeNxX]

But, they've received payments since Feb 2009...

See, I'm basing this on another account that is closed, had lates, but states pays as agreed...

[trumpet-205]

Think of it as cosigner. Should I default, lender will go after my cosigner, but will still report me late because I didn't fulfill my obligation to repay the debt.

I am not sure how government insured loan works, but I believe government only steps in and foot the bill when it is charged off?

[XxRaVeNxX]

Both pics are from student Loans...the first one is Sallie Mae, the second one is Nelnet...

[AndySoCal]

A difference btween the twe screenshots it that the second one says refinacned. Sounds like the loan was tranasferred somewhere lease.  The first one is goverment claim which is not a paid as agreed. If it was paid as agreed there would no need for the claim. The account is reported correctly Let it fall off or pay the amount owed back