Child Support Question

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Anyone have an answer about this? 

I have a similar situation, all child support is paid, I am a single father, and I have full costody. Even then, the state wanted their cut and slapped it on my credit report when I couldn't pay the going state extortion rate when I went to school for four years to make a good life for my daughter and I. Now that I have a good degree, stable and well paying employment, I can't even get a credit card, let alone an auto loan or a mortgage!

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The child support is not affecting your ability to get credit.  

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Not necessarily.  Mine shows up as a revolving account labeled as "other", and it does impact my score.

Mine is from WA state and they only report if your balance due goes over 1k.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

Anyone have an answer about this? 

I have a similar situation, all child support is paid, I am a single father, and I have full costody. Even then, the state wanted their cut and slapped it on my credit report when I couldn't pay the going state extortion rate when I went to school for four years to make a good life for my daughter and I. Now that I have a good degree, stable and well paying employment, I can't even get a credit card, let alone an auto loan or a mortgage!

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The child support is not affecting your ability to get credit.  

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Not necessarily.  Mine shows up as a revolving account labeled as "other", and it does impact my score.

Mine is from WA state and they only report if your balance due goes over 1k.

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The caveat here is "if its coded correctly as child support"....then it does not enter into scoring. Vinnycee, I would investigate as to whether its coded properly on your reports, and pursue that if its not.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

Anyone have an answer about this? 

I have a similar situation, all child support is paid, I am a single father, and I have full costody. Even then, the state wanted their cut and slapped it on my credit report when I couldn't pay the going state extortion rate when I went to school for four years to make a good life for my daughter and I. Now that I have a good degree, stable and well paying employment, I can't even get a credit card, let alone an auto loan or a mortgage!

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The child support is not affecting your ability to get credit.  

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Not necessarily.  Mine shows up as a revolving account labeled as "other", and it does impact my score.

Mine is from WA state and they only report if your balance due goes over 1k.

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The caveat here is "if its coded correctly as child support"....then it does not enter into scoring. Vinnycee, I would investigate as to whether its coded properly on your reports, and pursue that if its not.

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Thanks, Norman.  Thats what i was trying to get at.

[Anonymous]

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@gdale6 wrote:

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@Anonymous wrote:

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@superdad wrote:

CS will show up on your CR and it DOES affect your scores.  I had mine show up once it fell 45.00 behind.  It showed up as a TL with a balance of 45.00 and my scores went down 5-8 points.  Then by next month it would report a 0 balance and my scores will go back up 5-8 points.  This all happens in a 2 day period.  There is NO WAY they will deleate it or remove the lates!!!  As of right now it shows a 0 balance but by the end of the month it will be back on the cycle.  It's STUPID!!! 

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"http://www.myfico.com/crediteducation/whatsnotinyourscore.aspx

• Any items reported as child/family support obligations.

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This is one I did not know, good find  

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I think people are confused because FAKOs include it.   My guess is that FICO understands that CS TLs are not reported uniformly, but more importantly they can be reported as past due retroactively when an support order is given.  Also, you shoudn't really get a credit score bump for taking care of your kids.

[Anonymous]

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@Anonymous wrote:

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@gdale6 wrote:

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@Anonymous wrote:

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@superdad wrote:

CS will show up on your CR and it DOES affect your scores.  I had mine show up once it fell 45.00 behind.  It showed up as a TL with a balance of 45.00 and my scores went down 5-8 points.  Then by next month it would report a 0 balance and my scores will go back up 5-8 points.  This all happens in a 2 day period.  There is NO WAY they will deleate it or remove the lates!!!  As of right now it shows a 0 balance but by the end of the month it will be back on the cycle.  It's STUPID!!! 

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"http://www.myfico.com/crediteducation/whatsnotinyourscore.aspx

• Any items reported as child/family support obligations.

---

This is one I did not know, good find  

---

I think people are confused because FAKOs include it.   My guess is that FICO understands that CS TLs are not reported uniformly, but more importantly they can be reported as past due retroactively when an support order is given.  Also, you shoudn't really get a credit score bump for taking care of your kids.

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What I find illogical in all this - if it does not effect scoring, whats the point of it even being placed on your reports?

[Anonymous]

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@Anonymous wrote:

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@gdale6 wrote:

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@Anonymous wrote:

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@superdad wrote:

CS will show up on your CR and it DOES affect your scores.  I had mine show up once it fell 45.00 behind.  It showed up as a TL with a balance of 45.00 and my scores went down 5-8 points.  Then by next month it would report a 0 balance and my scores will go back up 5-8 points.  This all happens in a 2 day period.  There is NO WAY they will deleate it or remove the lates!!!  As of right now it shows a 0 balance but by the end of the month it will be back on the cycle.  It's STUPID!!! 

---

"http://www.myfico.com/crediteducation/whatsnotinyourscore.aspx

• Any items reported as child/family support obligations.

---

This is one I did not know, good find  

---

I think people are confused because FAKOs include it.   My guess is that FICO understands that CS TLs are not reported uniformly, but more importantly they can be reported as past due retroactively when an support order is given.  Also, you shoudn't really get a credit score bump for taking care of your kids.

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Its not a score bump for taking care of your kids, its a score drop for not taking care of your kids.  Your score only rebounds once past due is paid and DCS updates.  They dont update if staying current on the payments therefore no score bump.  Sounds like Superdad is riding the line of current/past due.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@gdale6 wrote:

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@Anonymous wrote:

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@superdad wrote:

CS will show up on your CR and it DOES affect your scores.  I had mine show up once it fell 45.00 behind.  It showed up as a TL with a balance of 45.00 and my scores went down 5-8 points.  Then by next month it would report a 0 balance and my scores will go back up 5-8 points.  This all happens in a 2 day period.  There is NO WAY they will deleate it or remove the lates!!!  As of right now it shows a 0 balance but by the end of the month it will be back on the cycle.  It's STUPID!!! 

---

"http://www.myfico.com/crediteducation/whatsnotinyourscore.aspx

• Any items reported as child/family support obligations.

---

This is one I did not know, good find  

---

I think people are confused because FAKOs include it.   My guess is that FICO understands that CS TLs are not reported uniformly, but more importantly they can be reported as past due retroactively when an support order is given.  Also, you shoudn't really get a credit score bump for taking care of your kids.

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What I find illogical in all this - if it does not effect scoring, whats the point of it even being placed on your reports?

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Your credit is more than your credit score.  Having that on your credit report can affect you even if it doesn't affect your score.

[Anonymous]

I've had CS reporting since 12/2011 as an Unknown type. CR is showing 30 day late on 1/2012, which must be an error on their part, since CS is taken directly from check. I am going to investigate this further and 1) see if able to clear past due mark 2) if it has any effect on actual score.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Anyone have an answer about this? 

I have a similar situation, all child support is paid, I am a single father, and I have full costody. Even then, the state wanted their cut and slapped it on my credit report when I couldn't pay the going state extortion rate when I went to school for four years to make a good life for my daughter and I. Now that I have a good degree, stable and well paying employment, I can't even get a credit card, let alone an auto loan or a mortgage!

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The child support is not affecting your ability to get credit.  

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What your credit score says and your credit report says are two completly different things.  Sure the child support may not be affecting your score, but if you're on the cusp of sub-prime and prime or you're a weak prime (in the 600's) and trying to get a mortgage, that child support delinquency WILL affect your ability to get that mortgage or car loan.  I deal with a several prime and sub-prime lenders who have been vocal about past due child support payments.

[Anonymous]

^^^ An example of that would be "rate shopping" and your credit score.  "Rate shopping" multiple banks within a 30 day period will only affect your score once but the amount of hard inquiries will show on your report.  If you have 20-30 hard inquiries, and are a low 700 score, and applying for an "excellent score" card such as a Chase Sapphire Preferred, the hard inquiries will significantly affect the outcome.

Flip side to that would be someone who just turned 18.  They have one student loan and one $300 limit credit card on their report.  The credit card has been paid on time and carries 5% util.  His score shows as 740 which is technically in the excellent range.  But that kid will not qualify with Honda Finance unless he has a huge down payment to put him in a significant positive equity situation.