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How much score hit wii these cause?

Super Contributor

How much score hit wii these cause?

I have brought down all the current credit card balances. But I have some old defaulted cards with these messages. I need to get them soon and resolve them. In the mean time how much score hit will these cause? All these 3 messages are related to the same accounts. Is there is any rule or guide lines for these messages and their effect on the scores.

 

You have a serious delinquency (60 days past due or greater) or derogatory indicator on your credit report.

You have past due amounts on your accounts

You recently missed a payment or had a derogatory indicator reported on your credit report.

 

 

3 REPLIES
Super Contributor

Re: How much score hit wii these cause?


concorduser wrote:

I have brought down all the current credit card balances. But I have some old defaulted cards with these messages. I need to get them soon and resolve them. In the mean time how much score hit will these cause? All these 3 messages are related to the same accounts. Is there is any rule or guide lines for these messages and their effect on the scores.

 

You have a serious delinquency (60 days past due or greater) or derogatory indicator on your credit report.

You have past due amounts on your accounts

You recently missed a payment or had a derogatory indicator reported on your credit report.

 

 


Plenty.

FICO8 EQ 725 TU 750 EX 717 Total revolving credit 443500
Super Contributor

Re: How much score hit wii these cause?


SouthJamaica wrote:


 


Plenty.


Is there a number I can put on it. I have paid off $48k in balances and my scores are 650 now and I am hoping to reach 700 soon and not sure how much of score gain I'll see due to reducing the debt vs. having these remarks. Hopefully I'll see in the next 4 weeks how much score gain I'll see once the accounts are updated on the reports. Not sure how far I'll be away from 700 due to these negatives. Any ideas or thoughts ?

Senior Contributor

Re: How much score hit wii these cause?

I have little doubt that the negative items are hindering your score more than your utilization.  Where is your utilization sitting now percentage wise?  Where was it prior to you paying down $48k in debt?  This way you can see that paying down utilization from X% to Y% yielded a score gain of Z.  Based on that number, you'll get somewhat of an idea how your score would react by further paying down any other CC debt that you have.

 

Those negative items without question are hindering you 40-50 points.  Based on profile, it could be 70-80 points.  No way to know for sure, but I'd be very confident in saying that removing them would push you into the 700's and positively impact your profile/scores in excess of anything you could do utilization wise.