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Hawmps wrote:
My wife and I are in the process of refinancing the mortgage for our primary residence. My FICO score is in the 765 - 790 range. I was shocked when we got her credit report because the scores were in the range of 670 to 695 when It was up in the range of 790 - 801 in April 2006. She has an entry for a public record in 3/06 that completely killed her credit score. In a nustshell it was a dispute between her and a client over a $300 security deposit that went to small claims and she lost. So we paid the $300 and now we find this record on her credit report and it raised our qualifying interest rate by at least 50 basis points as a result. This minor disagreement over a measly $300 is ending up costing us many thousands of $$ in future interest payments. This seems way out context, it is not like we filed bankruptcy or had a foreclosure. I fail to see how this can result in a 100 point drop in her FICO score. Someone please help me understand this. Is there any way to get this put into a more appropriate context of credit risk? It seems like it doesn't even matter what the public record is, just that there is one.Thanks in advance for any input.
Ok first of all I would check with the court clerk in your county. Usually when dispute is lost in court, you have x number of days to pay to prevent an entry in your credit files (usually 30). I know thats what they do in my county. I would see what the standard is in your case because everyone should have aright to fight when they feel they are wronged. If you paid within the time the judge allowed, I would request that they remove it from my credit file.That being said the 100 point drop is somewhere between a BK and collection a BK can drop you 200 points depending on your history before then.