CO & Car late effect?

Anonymous · ‎10-08-2019

So my scores are pretty good on the FICO 5,4,2: 748, 701, 585 The FICO 8 really concerns me as that is crazy low but sounds like most use the FICO 542 correct?

Salary: 200K

Savings: 88K

No other debt or loans

Have not bought a home in over 15 years (Would I qualify as new? My wife has never purchased)

but trying to bump as much as I can before working with mortgage company. My question is 2 that seem to really hurt it:

Car loan: It is all paid in full and no car loans right now yay!! I have negative marks in 2018 and 2017 that I assume are still hurting me, Obviously the only thing that solves that is time now. The last 30 days late occured 13 months ago now, then I had 15 mo - 30, 16 mo - 60, 17 mo - 30, 18 mo - 30, 19 mo - 60. These should not matter as much soon correct and the score should be going up based on this correct?

CC that was CO: It looks like I had a CO on and account that reported every month as OK up until Jan 2019. I called and they dont do pay for removal so only option is to pay it and have it show CO paid in full. Am I better leaving that alone or paying it? Will it make that big of a difference?

JVille · ‎10-09-2019

Speak with your loan officer but this Collection agency is within their rights to sue you and get a Judgement. When was your last payment to the Original lender? This is an issue and many lenders will want it cleared up before proceeding. How did you not know? Was this a co-sign for someone else?

Anonymous · ‎10-09-2019

I am sorry I did know just thought it was weird reported as ok for months then boom collections. I am planning on paying them on the 15th and they stated it would be removed within 2 days as they call them directly for removal.

This would be impacting it heavily correct? My score?

JVille · ‎10-09-2019

So did they tell you if you paid they would completely remove the entire thing????? That would be fabulous ! But I suspect it will show as a paid charge off, still will affect your score but will get better over time. The charge off and multiple recent lates are killing you. Just get it long long behind you as fast as you can.