@Anonymous wrote:I should have worded that differently, my bad. I should have just asked what had more effect on the score. On-time payments or a charge off. Like how payment history makes up 35% (or something) of the score. How much does a charge off affect the score and does past on-time payment history have any say in how negative the charge off will affect the score. I know that other accounts are factors. I should have also said assuming this is the only account. but it's okay you don't have to try to re-explain it to me.
I didn't know about the 4th point you made! That is something I will most definitely be reading about!! I'm glad you know your Sh*t. Usually, when I try to ask something on a credit forum I get nothing but incorrect info! Very refreshing to talk with you!
I'm going to post a new question about a specific clause in the FCRA, would you mind checking that out when you get a chance? I'll try to tag you if its possible to do that on here.
Derogatories will affect that 35% of your score that accounts for payment history. A perfect payment history will receive 100% of the points allotted for that 35% of your FICO score. So if you have perfect payment history - then all of sudden you get a single charge-off, instead of recieving 100% of the points allotted for that 35%, you may only receive 40% of the points allotted for that 35%. We don't know exactly how much is lost, or why it varies among profiles, but believe it has much to do with the FICO scorecard you are assigned pre-derogatory, and which scorecard you end up on post-derogatory. After the first derogatory, the majority of people will lose less points for any subsequent derogs.
*You cannot tag me - only community leaders & mods can tag. @RobertEG is the best, most informed person to help explain FCRA statutes. If you post with 'FCRA' mentioned in the title... he'll pop up to help -- he always does (it just may take a day or two...)
