LOWRIDER wrote:
A co that dates back to 7/2002 from the oc, now sold to elite recovery, showing a date of 7/05. Also a hospital bill for 175 dollars that was sent to collections in 08, ca wont pfd. Which is hurting my fico more, the co even though it is older or the hospital collection because it is newer? I guess I want to know if a co is worse than a collection regardless of age.
All serious derogs are equally damaging, one is not worse than the other. The key factor with baddies is recency. Having any of these on your reports that are less than two years old...you will take a big hit. here are some examples:
90+ day lates
collections
charge-offs
repos
foreclosures
public records (tax liens, judgments, BK past due child support)
maxed-out or over-the-limit revolving account
These baddies have less of a negative affect on scores after 2 years. There are some exceptions though. A charge-off being reported by an OC (not a collection agency) with a balance will factor in utilization calculations and appear as a CC over-the-limit. So in this situation, it's like a double whammy, a CO and an over-the-limit account. This is not the case with collections, they never factor in util calculations.
In your situation however, the new collection is having a much bigger affect. Since it's less than two years old, I would guess it's really tanking your scores.
