12-22-2012 11:10 AM
My bank incorrectly reported my HELOC account as 60 days past due with an amount of $65,000 past due. I pull my FICO TU score and it says I'm hurt because of 1. Serious delinquency, 60 days past due. 2. Missed payment 1 month ago. 3. Past due amounts are too high. Full amount of the HELOC is shown.
Yesterday my bank said the electronically corrected all this with credit bureaus. My questions are:
1. How long will it take for FICO to have the correct info?
2. How much will my FICO TU credit score improve with this corrected? With this negative info its 606 and I don't have a prior FICO TU score to compare it to.
12-23-2012 02:30 PM
1) FICO scores whatever is on your reports, or TU in this case. So it's not when FICO updates, it's when your creditor updates the tradeline with TU, whenever that is. Some creditors update right away. Some do that the next billing cycle.
2) It depends on how it reported and what changes. If you have a perfect history with no other lates or collections, and if the past due was recent, then you stand to see a significant gain.
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