Understanding FICO® Scoring

[NicNak]

This is great!  I just watch my fico score drop 70 points because I was late. I lost my job and was trying to make ends meet.  I at least had one of my revolving cc for 2 years and was in great standing records......I am now caught up today and have less than half a bal oweing from the credit limit.  Should I write a note to the credit bureaus and have it posted on my credit report.  I did read creit 101.....but I do not recall reading anything of this.

Thank

[beamMEup]

Love this post!  The following link is no longer available:

" 1. If there is inaccurate derogatory information on your credit report, get it corrected.

USE A GW LETTER FOR ACCURATE DEROGS SUCH AS LATES AND PAID COLLECTIONS:

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=2661 

You'll see this:  "The Message you are trying to access has been deleted. Please update your bookmarks."

If anyone has the current bookmarks, I'd love to know.

Thanks!

[llecs]

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utah2009 wrote:

Love this post!  The following link is no longer available:

" 1. If there is inaccurate derogatory information on your credit report, get it corrected.

USE A GW LETTER FOR ACCURATE DEROGS SUCH AS LATES AND PAID COLLECTIONS:

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=2661 

You'll see this:  "The Message you are trying to access has been deleted. Please update your bookmarks."

If anyone has the current bookmarks, I'd love to know.

Thanks!

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Sometimes the link gets reassigned. I bet it is either Goodwill Example Letter or Goodwill Primer. In fact, as I look at the identifier in the link, it is not "Goodwill Primer" but is certainly the former. But both links are useful.

Message Edited by llecs on 04-21-2009 11:07 AM

[arlene22]

Question: I have plenty of CCs, but no department store cards. Would adding a department store card improve my FICO score? Secondly, would any increase it generated be offset by the decline from an inquiry? (We are looking to refinance our mortgage shortly)

TIA

[haulingthescoreup]

Hi, arlene, welcome to the forums!

Conventional wisdom says, yes, a purely retail card (not co-branded with Visa/ MC/ Discover/ AmEx logo) will help your score some by improving your credit mix.

Conventional wisdom also says not to apply for any new credit six months or more before a mortgage app.

I'd hold off for now. It might help your score several points, but not significantly; it might not counter-balance any inq or new account ding; and you don't want to rattle a mortgage lender. They're peculiar enough now as it is.

[raydell]

If a derogatory comes off in seven years from the date it goes bad, is that the date it went bad from the original lender or from a subsequent collection agency? I have some baddies on my report which should be off if it is dependent on the original lender date gone bad.,

[raydell]

what is a duplicate on a credit report?

[VEEnVEGAS]

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raydell wrote:
If a derogatory comes off in seven years from the date it goes bad, is that the date it went bad from the original lender or from a subsequent collection agency? I have some baddies on my report which should be off if it is dependent on the original lender date gone bad.,

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Derog information should be removed 7 - 7 1/2 yrs. from DOFD. Collection agencies cannot reset this date unless you at some time started payment to them.

[VEEnVEGAS]

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NicNak wrote:

This is great!  I just watch my fico score drop 70 points because I was late. I lost my job and was trying to make ends meet.  I at least had one of my revolving cc for 2 years and was in great standing records......I am now caught up today and have less than half a bal oweing from the credit limit.  Should I write a note to the credit bureaus and have it posted on my credit report.  I did read creit 101.....but I do not recall reading anything of this.

Thank

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Was this a 30 day late?  It might be possible to have the creditor remove this from your reports by sending a GW letter explaining your recent unemployment and how you are striving to repay and keep current your accounts.

Do a search on this forum for GW letters...and if it doesn't work the first time, try again...then try again in 6 months.

Don't give up.

ETA...I just noticed I replied to a post over 5 months old...hope this worked out for him.

Message Edited by VEEnVEGAS on 06-21-2009 01:31 PM