Credit score 700 with collections

[Anonymous]

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@haulingthescoreup wrote:

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@marty56 wrote:

Big difference between 9% and 10%. 11 points on TU 16 points on Ex

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Good illustration of why we keep harping on "under 10%, not at 10%." Lots of people miss the distinction.

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And my understanding is they round up, so 8.99% is something to aim for. Or 3.99%

Message Edited by debtisgood on 06-09-2008 05:00 PM

[Junejer]

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@Anonymous wrote:

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@haulingthescoreup wrote:

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@marty56 wrote:

Big difference between 9% and 10%. 11 points on TU 16 points on Ex

---

Good illustration of why we keep harping on "under 10%, not at 10%." Lots of people miss the distinction.

---

And my understanding is they round up, so 8.99% is something to aim for. Or 3.99%

Message Edited by debtisgood on 06-09-2008 05:00 PM

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Yes, they round up...to the nearest 1%.

[FicoChaser]

My scores were higher (719, if I recall) before I got a timeshare loan. I did not realize it did not count as a mortgage loan. Also they made an error in the loan which I am corrrecting.

Evan after all that my scores, with 2 (paid) collection accounts in 2004 (water bill and cell phone bill), and with one credit card with a 30 day late in 2003 and another with three thirty day lates in 2003-2004 is:

5/29/08 EQ 695/TU 707/EX 706

I am still angry about the rate drop, but had nothing to do with the collections. So yes, you can be over 700 FICO

[Anonymous]

As soon as I get my uti down, my scores will probably be in the 710 to 720 range with multiple unpaid collections.

How can this be? I have an educational slideshow on "postnuclear credit recovery," or how to get good credit back despite the baddies.

http://allaboutthebenjamins.org/RecoveringCredit1.html

[Anonymous]

One paid collection showing. It happened 2.5 years ago.

One 90 day late 2.5 years ago.

One credit card with 4% utility.

One mortgage, one student loan, one car payment

Experian: 740
Equifax: 732
Transunion:711

[RobertEG]

Just to reiterate what Cheddar posted.  The fact that a debt is either charged off, placed into collection, or whether or not you make any payments on the debt, has no effect on how long it may be reported.  It is 7 years from the date of the delinquency that resulted in the CO or CA activity, and not the date of the CO or collection.  Paying the CO or CA debt will be reflected in your CR, and might help in a manual review, but has no effect on FICO scoring.

[Anonymous]

The most important factor for earning a 700+ FICO is hard to put a finger on when you have collections... If your credit history is less than 10 years old, with at least one collection, it will be harder to hit 700 than for someone who has a 15+ year history with exactly the same collections.

Of course that is only one of the many factors that will affect your ability to reach that pinnacle... utilization, average age, length, credit mix, etc, etc, etc.

So without a bigger understanding of your credit history, it's really hard to say. But is it possible? Absolutely.

[RUSTY101]

Some of the stuff mentioned is worse than mine, and I cant seem to get out of the 600s. Those ca that update every month, could that be why. I have one that will fall off in 2 yrs, but they update every month.

[RUSTY101]

Ok I have 2 CO that are 4 yrs. old

I have 1 collection over 4 yr old

I have 3(30) day lates over 2yr old

Thats it. My cards have 0-2% uti

My avg age is 3yr.

But they update the report date on the above every month.  Still in the 600, what else can I do??

5 open accts showing pd as agree

[Anonymous]

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@RUSTY101 wrote:

Ok I have 2 CO that are 4 yrs. old

I have 1 collection over 4 yr old

I have 3(30) day lates over 2yr old

Thats it. My cards have 0-2% uti

My avg age is 3yr.

But they update the report date on the above every month.  Still in the 600, what else can I do??

5 open accts showing pd as agree

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Do you have any installments or mortgages? And how old are they and the CC accounts?

Just on what you've shown, my guess is that both CO are way too new (and certainly not good that there are two of them), so those (and the collection) are probably the worst kickers to your score, and if they are legit, then the only thing to do on those is to let them age and fall off (before you try to DV or anything, check your state's statute of limitations to make sure you are not waking a sleeping beast that might take the fight to court)

The lates are not good either, but less harmful because the were 30 day lates, but are past the 2 year mark (but still not good). If you have a good/current relationship with these creditors, it wouldn't hurt to try and GW, and if that fails try calling them and plead your case.

The biggest thing is letting your current 5 open accounts age... and more importantly let the them age while paying on time.

Showing a current track record of on-time payments is the first step in correcting your past woes.