topic Re: Why is my cedit fico so low?? in General Credit Topics

Why is my cedit fico so low??

Anonymous — Thu, 17 Apr 2008 20:41:09 GMT

Re: Why is my cedit fico so low??

techgirl — Thu, 17 Apr 2008 20:47:26 GMT

Can you give us more information? for example, how many CCs you have, CL, Util %, any baddies, etc.

Read Credit 101 under education.

Re: Why is my cedit fico so low??

Anonymous — Thu, 17 Apr 2008 20:49:17 GMT

Re: Why is my cedit fico so low??

I have 3 companys that report me as late payments (they show as"" Derogatory Trades"""GNB/Bealls, KAY JEWELERS, WASHMTL/PROV

whitch is true but now they went into collection all 3 and now they are showing in collection

why they show twice AS"" Derogatory Trade "" and also In collection in my report and are they all affecting my fico score and if I can dispute the Derogatory Trades ?

My fico score is 594 I need a 620 at lest to get a mortgage loan

Thanks.

Re: Why is my cedit fico so low??

Anonymous — Thu, 17 Apr 2008 20:52:59 GMT

Because the accounts are COd each OC can report CO and assignment it to a CA

SO you can have 1 OC and 1 CA reporting on the same account!

COs will kill your scores!!!!!!!

Message Edited by HappyDays on 04-17-2008 01:52 PM

Re: Why is my cedit fico so low??

llecs — Thu, 17 Apr 2008 20:53:13 GMT

Any details?

Check out credit scoring 101. The biggest impact to score is amount of debt, payment history, mix of credit (installment loans, CCs, mortgage, etc.), Credit age, and new credit. And within that, many things can affect you negatively like CC utilization, late payments, inquiries, new accounts, public records, collections, charge-offs, avg. acct history, derog comments, etc.

Re: Why is my cedit fico so low??

techgirl — Thu, 17 Apr 2008 20:56:15 GMT

I would write a GW letter, offer to pay the sum of the colleciton account if they will remove the negative comments from your file. Also, do everything in writing CMRRR. See Credit 101 under Education for more information and form letters, etc.

Perhaps someone will find the letter for you and post it - I've seen many lately being posted...

Good Luck -

Power comes with knowledge...

Re: Why is my cedit fico so low??

llecs — Thu, 17 Apr 2008 21:02:57 GMT

chepito123 wrote:
Re: Why is my cedit fico so low??

I have 3 companys that report me as late payments (they show as"" Derogatory Trades"""GNB/Bealls, KAY JEWELERS, WASHMTL/PROV
whitch is true but now they went into collection all 3 and now they are showing in collection
why they show twice AS"" Derogatory Trade "" and also In collection in my report and are they all affecting my fico score and if I can dispute the Derogatory Trades ?
My fico score is 594 I need a 620 at lest to get a mortgage loan
Thanks.

To raise your score, I would work off the FICO pie graph. Focus on utilization, if you have any CCs, bring them down below 10%. If the above mentioned OCs are CC COs, looks like they are, do whatever it takes to fix it. DO NOT DELETE OR OFFER A PFD if these are older accounts, esp. if they are your only accounts. You'll likely lose your score. Worst case, if you pay them and they do factor into utilization (can be determined via TU or EQ FICO reports), then you'll get a large score boost. DW had a CapOne CO that was at 300% utilization. Once the balance reported $0, her scores jumped from 4 points to 56 points, even after they still reported as CO.

If I read right, these too went to CAs. If those are reporting, then DV the CAs. But be prepared to pay in full first.

Re: Why is my cedit fico so low??

Anonymous — Thu, 17 Apr 2008 21:03:00 GMT

What is Cod , Oc

Re: Why is my cedit fico so low??

Anonymous — Thu, 17 Apr 2008 21:06:04 GMT

Paying to the collection credit and telling them to remove the negative comments would increase my Fico?

Re: Why is my cedit fico so low??

llecs — Thu, 17 Apr 2008 21:06:08 GMT

Charge-offed

Original Creditor

Re: Why is my cedit fico so low??

techgirl — Thu, 17 Apr 2008 21:09:33 GMT

I think I can post this here for you to go look at - read thoroughly and learn before attempting to do anything on your credit - ask questions and read all the threads on this board - I'm still learning too :-)

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654

Re: Why is my cedit fico so low??

techgirl — Thu, 17 Apr 2008 21:14:24 GMT

Abbreviations are here: http://ficoforums.myfico.com/fico/board/message?board.id=Welcome&thread.id=23