COs and Collections affect on CR

CreditJunkie917 · ‎06-04-2013

I have 2 COs, one from 2007, the other 2008. What affect is that having on my overall profile? How do lenders view them when they're 5+ yrs old? I also have student loans that are reporting as collections and "assigned to the govt" because I'm rehabbing. How are they viewed by lenders? Do they consider them new, even though they're from 2006,2007?

Amex PRG(NPSL), Amex BCE($5K), Amex Hilton($1K), NavCheck ($15K), NFCU CR Siggy($20K), USAA Amex($7K), USAA World MC($7K), CSP($2.3K), Chase Marriott($1.8K), Care Credit($2.5K), Cap1 QS($3.5K), VS($500), Cap1 Secure($200) Starting Scores(Jan 2013): FICO EQ: 643, TU: 552, EX: 567 Current Scores(Sept. 2016): FICO EQ: 672, TU: 703(?), EX: 682 In the Garden FOR-EV-ER!!!!! Cards and goals achieved! Let's grow and mature these babies!!!

enharu · ‎06-04-2013

They are not considered new.

Different lenders view them differently. Some lenders do care whether it's a paid or unpaid chargeoff / collections, and as a result it does affect approval odds.

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).

Anonymous · ‎06-04-2013

For FICO purposes, they are scored as a CO. Whether the impact lessens over time depends on your overall credit profile.

Case in point. I had a repo that was 5 years old and needed a car. Although my score was horrible, mid 500s, in part due to that repo being reflected in an autoenhanced score, the lender overlooked it because it was so old.

CreditJunkie917 · ‎06-04-2013

Do you know what CC lenders care if they are paid or not? The one is an HSBC that I'm disputing, and the other is First Premier, which is paid. With the likelyhood of my SL getting picked up later in the year, and hopefully showing positively(HOPEFULLY!!!), these two accts will be the only other baddies on my report. There are two cards I want to apply for around nov, dec time frame(amex prg, discover it). I just want to give myself the best chances for approval.

Amex PRG(NPSL), Amex BCE($5K), Amex Hilton($1K), NavCheck ($15K), NFCU CR Siggy($20K), USAA Amex($7K), USAA World MC($7K), CSP($2.3K), Chase Marriott($1.8K), Care Credit($2.5K), Cap1 QS($3.5K), VS($500), Cap1 Secure($200) Starting Scores(Jan 2013): FICO EQ: 643, TU: 552, EX: 567 Current Scores(Sept. 2016): FICO EQ: 672, TU: 703(?), EX: 682 In the Garden FOR-EV-ER!!!!! Cards and goals achieved! Let's grow and mature these babies!!!