topic Re-age???? in Understanding FICO® Scoring

Re-age????

Anonymous — Sat, 09 Jun 2007 06:24:17 GMT

What does it mean when you say re-age an account and how does it help your credit?

Re: Re-age????

Anonymous — Sat, 09 Jun 2007 16:23:21 GMT

I believe it means to let time pass with new fresh positive history. This way you have age or length of time to show positive actions with an old account at had a neg or a new account with no activity.

Re: Re-age????

Anonymous — Sat, 09 Jun 2007 16:51:07 GMT

destinyschild wrote:
What does it mean when you say re-age an account and how does it help your credit?

It's when a lender agrees to remove the late payments from an agreed upon date... Typically re-aging agreements can be made with Auto lenders and Student Loans... Direct Loans requires 6-9 months (depending on agreement) of paid ontime contributions then they "Re-age" the account status as if it were NEVER late.

Hope this helps.

Rob

Re: Re-age????

Anonymous — Sat, 09 Jun 2007 16:52:49 GMT

Same strategy can be used with OCs. When PFD will hurt worse than it will help. i.e. lost history or sive of CL

Rob

Re: Re-age????

Tuscani — Sat, 09 Jun 2007 18:25:56 GMT

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=2175

Re: Re-age????

Anonymous — Sun, 10 Jun 2007 02:16:33 GMT

Thanks everyone that clears up alot of questions and points me in the right direction!!