@Anonymous wrote:
Hello,
My current fico score are Experian 598, Equifax 722, and Transunion 647.
My Experian has a self lender account 500.00 limit (7 months old), authorize user regions 20k (2 years old), and a collection account 11k (6.2 years old. I have been trying to dispute for errors but it keeps coming back verified).
My Equifax only has a self lender account 500.00 limit (7 months old)
My Transunion has a self lender account 500.00 limit (7 months old), authorize user regions 20k (2 years old), and a collection account 11k (6.2 years old. I have been trying to dispute for errors but it keeps coming back verified).
How much does my collection account that still reports late/negative that is 6.2 years old effect my score?
What cards can I get to boost my fico score?
Is the collection updating every month/regularly? If so, it is holding your score down.
You could try a secured card (Discover, Capital One, OpenSky, etc).
What is the SOL in your state?
@Anonymous wrote:
Yes the collection company reports it monthly 😡. They are reporting information that is not accurate (DOFD is inaccurate) but I have disputed 3 times and it comes back verified every time. I assumed this is the reason why my score is being held back as much as it is.
The SOL in my state is 7 years. I recently spoke to Experian and they said the purge date they have for this collection account is October 2018. But they said possibly if I call back in July 2018 they can do an early removal. But transunion absolutely said I have to wait at the earliest December 2018.
Are there any secured cards that do not do hard pulls?
OpenSky doesn't do a hard pull, I think.
Do you have copies of old credit reports that show the string of delinquencies that supports your assertion that the DOFD they have is inaccurate?
@Anonymous wrote:
I do have some old credit reports. Would it be beneficial for me to look through them? If yes what should I be looking for?
Also, I am pretty confident DOFD is November 2011. It is being reported as 1/2012. Fidelity Creditor Services have been sued multiple times for there inaccuracies and lies.
Does anyone know when my score should start getting a boost as this collection account ages more? I'm at 6.2 years and my Experian is at a 598 and transunion is 647
Yes, when looking through old reports you want to look for the first reported delinquency in the continuous chain of delinquencies that ultimately led to the charge-off and collection (i.e. if you went deliquent, got caught up and then you went delinquent again, that first string of delinquencies doesn't count).
Where are you seeing the DOFD being reported as 1/2012?
Your score will begin to make significant gains when either, 1) you pay off the account and they stop updating the account as delinquent, or 2) the account ages off your report.
@silver_idle wrote:Also, if the collection is unpaid, then that will hold you down more than a paid collection. If you believe the collection is an error (or has errors) you could request documents from the collection agency such as statements from the creditor, etc., and go through it and compare it against the collection balance.
If you are also looking for secured credit cards, many will still do a HP, but most will still allow you to get approve if you can deposit the money for the CL. I would recommend using discover secured card, but keep in mind, no matter how many form of credit you get, until that collection falls off the report, you wont see a real big difference.
It's a little bit more nuanced than that.
Say you have Person A and Person B with a collection account and both were last updated on the same day - the only difference being that Person A's is a paid collection and Person B's is unpaid. These collections will have the exact same effect on their scores - FICO8 does not differentiate between paid and unpaid collections. However, if a collection is unpaid the CA is permitted to continue to update the collection as delinquent. So if, Person A and Person B's collections were last updated May 1, 2018, then Person B, if their collection continues to be reported as delinquent (say on June 1, 2018), would expect their score to stay the same all other things being equal. Person A would expect to see their score increase over time as more distance is put between them and the last time the collection updated all other things being equal.
That is to say, if a person has an unpaid collection that the CA is not updating regularly it will have roughly the same effect as a paid collection.