topic Re: Credit Score in General Credit Topics

Credit Score

dieselcafe — Sun, 06 Jan 2008 00:06:25 GMT

Hello everyone, My TU Score is 553; EQ 611, and EX 530. I have 5 charge off/ collection and in the process of paying 2 charges off right now. I will take care of the last 3 in March when the first 2 are paid off? Will my score be increased in March? Thanks

Re: Credit Score

Anonymous — Sun, 06 Jan 2008 00:07:54 GMT

Any collection you get removed will move your score up. Different amounts of course but still upwards.

Re: Credit Score

dieselcafe — Sun, 06 Jan 2008 00:13:40 GMT

Thanks Eddie.currently I have 2 credit cards; one from Cont. Financial ($300) and the other one is from Orchard Bank ($500); both are in good standing. I also have a student loan with Wells Fargo in the amt of $35k starting making payment on Monday 1/7. However, this student loan will go back to defferment status when I return back to school in 1/22.

Re: Credit Score

Anonymous — Sun, 06 Jan 2008 00:55:15 GMT

Did you do a PFD (pay for delete) with the creditors/collectors? If not, it is very possible that just simply paying them will not help your scores. You will want to make sure you get them REMOVED completely from your reports, not just paid.

Re: Credit Score

Junejer — Sun, 06 Jan 2008 01:03:12 GMT

Diesel, are those balances on the CCs or are those the CLs? Make sure you keep uti low (preferably below 10%) and you can expect a score increase that way too.

Re: Credit Score

Anonymous — Sun, 06 Jan 2008 01:44:14 GMT

dieselcafe wrote:
Hello everyone, My TU Score is 553; EQ 611, and EX 530. I have 5 charge off/ collection and in the process of paying 2 charges off right now. I will take care of the last 3 in March when the first 2 are paid off? Will my score be increased in March? Thanks

A paid collection is not much different from unpaid! Did you make payment arrangments with a PFD??

Re: Credit Score

Anonymous — Sun, 06 Jan 2008 01:52:31 GMT

Just to clarify, like others said. Make sure they will DELETE after paying.
A paid collection is the same as an open collection in most cases and you'll be persona non grata.

Re: Credit Score

dieselcafe — Sun, 06 Jan 2008 02:05:28 GMT

@Anonymous wrote:
Did you do a PFD (pay for delete) with the creditors/collectors? If not, it is very possible that just simply paying them will not help your scores. You will want to make sure you get them REMOVED completely from your reports, not just paid.

Jay, I contacted the collection agency and accepted the settlement they gave me. They emailed me the settlement agreement and also sent me a hard copy of the agreement in the mail that I received last week. The agreement included name of the Original Creditor, Client number, the collection agency ID and its NY License number. It states in the agreement that "Upon receipt and clearance of funds, your account will be settled in full. This is part of the settlement agreement they sent me: With regards to the above-mentioned account balance of $1197.79, our client has agreed to accept a 1st payment of $150.00 by December 31, 2007, a 2nd payment of $285.00by January 30, 2008 and a 3rd payment of $285.00 by February 28,2008 for a total of $720.00. Upon receipt and clearance of funds your account will be settled in full. “Bank of America may be required by law to report this settlement to one or more taxing authorities. The Bank makes no representation about tax consequences this may have or any reporting requirements that may be imposed on the Bank. You should consult independent tax counsel of your own choosing if you desire advice about any tax consequences which may result from this statement.” Please feel free to contact me at our toll free number listed above if you should have any questions or concerns regarding this matter. This is an attempt to collect a debt, and any information obtained will be used for that purpose.

Re: Credit Score

dieselcafe — Sun, 06 Jan 2008 02:07:06 GMT

@Anonymous wrote:
Just to clarify, like others said. Make sure they will DELETE after paying.
A paid collection is the same as an open collection in most cases and you'll be persona non grata.

Thank you Eddie.

Re: Credit Score

dieselcafe — Sun, 06 Jan 2008 02:12:04 GMT

@Anonymous wrote:

@dieselcafe wrote:
Hello everyone, My TU Score is 553; EQ 611, and EX 530. I have 5 charge off/ collection and in the process of paying 2 charges off right now. I will take care of the last 3 in March when the first 2 are paid off? Will my score be increased in March? Thanks

A paid collection is not much different from unpaid! Did you make payment arrangments with a PFD??

Happy, I contacted the collection agency and accepted the settlement they gave me. They emailed me the settlement agreement and also sent me a hard copy of the agreement in the mail that I received last week. The agreement included name of the Original Creditor, Client number, the collection agency ID and its NY License number. It states in the agreement that "Upon receipt and clearance of funds, your account will be settled in full". This is part of the settlement agreement they sent me: With regards to the above-mentioned account balance of $1197.79, our client has agreed to accept a 1st payment of $150.00 by December 31, 2007, a 2nd payment of $285.00by January 30, 2008 and a 3rd payment of $285.00 by February 28,2008 for a total of $720.00. Upon receipt and clearance of funds your account will be settled in full. “Bank of America may be required by law to report this settlement to one or more taxing authorities. The Bank makes no representation about tax consequences this may have or any reporting requirements that may be imposed on the Bank. You should consult independent tax counsel of your own choosing if you desire advice about any tax consequences which may result from this statement.” Please feel free to contact me at our toll free number listed above if you should have any questions or concerns regarding this matter. This is an attempt to collect a debt, and any information obtained will be used for that purpose.

Re: Credit Score

Junejer — Sun, 06 Jan 2008 02:19:41 GMT

I would still try to get a PFD letter out to them.

Re: Credit Score

dieselcafe — Sun, 06 Jan 2008 02:24:05 GMT

@Junejer wrote:
I would still try to get a PFD letter out to them.

Thank you Bird. Where can I find a sample of the PFD letter?

Re: Credit Score

Junejer — Sun, 06 Jan 2008 03:16:51 GMT

Follow this thread. Sorry, you are going to have to copy & paste.

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=2659