topic Collection account vs delinquency! in Rebuilding Your Credit

Collection account vs delinquency!

Anonymous — Sun, 05 Aug 2018 18:21:37 GMT

Just curious which one hurt your credit score more. Thanks in advance!

Re: Collection account vs delinquency!

RobertEG — Sun, 05 Aug 2018 23:38:26 GMT

It depends on the severity of the delinquency.

Monthly delinquencies are reported by the OC, and come in differing degrees of delinquency, and thus scoring impact.

A 30-day and 60-day delinquency are considered "minor derogs," while greater levels of delinquency, from 90-late through 180+ late, are "major drogs" of increasingly greater impact.

A charge-off or collection normally does not occur until the monthly delinquency level is also major, and they are also considered as additional "major derogs."

Re: Collection account vs delinquency!

Anonymous — Sun, 05 Aug 2018 23:47:28 GMT

@RobertEG i just had collection deleted now i have a 4 years old credit card “closed by consumer” with 1/1/1 is this hurting my score more then i thought it is?
Thanks!

Re: Collection account vs delinquency!

Anonymous — Mon, 06 Aug 2018 00:51:45 GMT

If it was paid to $0 and closed by you, then it’s considered closed in good standing and, unless you have delinquencies against it in its payment history, will report as a positive for 10 years from the date of closing.

Re: Collection account vs delinquency!

Anonymous — Mon, 06 Aug 2018 00:57:05 GMT

Unfortunately, the account has 30/60/90 late when i found out i called them and closed it which i shouldnt do at first plce