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5 to 6 years...and no improvement on credit score!

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Established Member

Re: 5 to 6 years...and no improvement on credit score!


@jamie123 wrote:

As far as your other question...I think I understand, but let me clarify. The debt is for 7k and is a judgment that is on my collections sections of my report (Myfico). They are attorneys that aren't particularly friendly. I recall one letter saying that they may reneTw the judgment or something to that effect if and when the 7 years come around. They haven't sent me a letter for over a year, so...

 

This is a perfect "let sleeping dogs lie" scenario. Yes, I believe in some States judgements can be renewed for up to 24 years! I would suggest not doing anything and hoping that they forget to renew the judgement. If they renew the judgement you can always tackle that when it happens.

 

You want to get a SSL for the longest term possible. It seems that most people gain about 20 points by having an open installment loan on their reports. Thet's why you want the longest term possible. Once you pay this loan off you lose the points unless you have another open installment loan. You want to make sure that you have about $550 in your savings account when you take out the loan. The extra $50 should cover the interest expenses. Set up auto payments from the savings account to pay the loan and you will never have to worry about it. They will cut you a check for the $500 loan so you are really only out $50 for getting this loan.


Thanks Jamie! 

 

I agree about the letting the sleeping dogs lie...we'll see if anything even comes up.

 

As far as the loan and such. I would've thought you got more than 20 points but I think there are other factors that come into play...Got it. Thanks for taking the time to write this! 

Message 41 of 69
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Established Member

Re: 5 to 6 years...and no improvement on credit score!

Thanks for everyone's insight & help! I certainly have a game plan to move forward.

Cheers!

Message 42 of 69
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Senior Contributor

Re: 5 to 6 years...and no improvement on credit score!

The SSL can give you 15-45 points depending on profile.

But, you don't get the big points until you cross below the 8.9% installment threshold, (aggregate).










(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated DEC'19.

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? (clean/dirty), Number of accounts open and closed on CRs (thick/thin), AoOA? (aged/nonaged), AoYR-Age of Youngest Revolver (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/aged/new accounts, with open loan on record.
If you don't know where you fall, just list whether you have any baddies, your number of open and closed accounts, AoOA, AoYR and whether you have a loan on record.
For utilization questions, list individual and aggregate utilizations, revolving and installment. please.
Message 43 of 69
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Senior Contributor

Re: 5 to 6 years...and no improvement on credit score!

Judgments are no longer reported by the CRAs. They can be renewed depending on state law, but still not gonna hit your CR.

No doubt the multiple baddies are keeping score down. When the last falls off, you'll be great, if you establish some TLs now.










(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated DEC'19.

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? (clean/dirty), Number of accounts open and closed on CRs (thick/thin), AoOA? (aged/nonaged), AoYR-Age of Youngest Revolver (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/aged/new accounts, with open loan on record.
If you don't know where you fall, just list whether you have any baddies, your number of open and closed accounts, AoOA, AoYR and whether you have a loan on record.
For utilization questions, list individual and aggregate utilizations, revolving and installment. please.
Message 44 of 69
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Valued Member

Re: 5 to 6 years...and no improvement on credit score!


@Birdman7 wrote:
Judgments are no longer reported by the CRAs. They can be renewed depending on state law, but still not gonna hit your CR.

Does this mean mean judgements don't affect your scores? Only the collection?

11/17 - EX 614 | EQ 626 | TU 612
Goal - EX 750 | EX 750 | TU 750
Message 45 of 69
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Community Leader
Super Contributor

Re: 5 to 6 years...and no improvement on credit score!


@nmk94 wrote:

@Birdman7 wrote:
Judgments are no longer reported by the CRAs. They can be renewed depending on state law, but still not gonna hit your CR.

Does this mean mean judgements don't affect your scores? Only the collection?


Here is a link to the new law that affected tax liens and judgments: 

https://www.creditkarma.com/advice/i/credit-score-increase-removal-tax-liens/



DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799
DEC 2017: EX 775, TU 778, EQ 769

|| NFCU CashRewards $30K || AmX Cash Magnet $30K || Discover IT $22.2K || Macy's $20K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 46 of 69
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Established Member

Re: 5 to 6 years...and no improvement on credit score!


@CreditInspired wrote:

@nmk94 wrote:

@Birdman7 wrote:
Judgments are no longer reported by the CRAs. They can be renewed depending on state law, but still not gonna hit your CR.

Does this mean mean judgements don't affect your scores? Only the collection?


Here is a link to the new law that affected tax liens and judgments: 

https://www.creditkarma.com/advice/i/credit-score-increase-removal-tax-liens/


Nice find!

Message 47 of 69
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Senior Contributor

Re: 5 to 6 years...and no improvement on credit score!

@nmk94 Correct, judgments do not affect your score. Yes collections do affect your scores.










(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated DEC'19.

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? (clean/dirty), Number of accounts open and closed on CRs (thick/thin), AoOA? (aged/nonaged), AoYR-Age of Youngest Revolver (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/aged/new accounts, with open loan on record.
If you don't know where you fall, just list whether you have any baddies, your number of open and closed accounts, AoOA, AoYR and whether you have a loan on record.
For utilization questions, list individual and aggregate utilizations, revolving and installment. please.
Message 48 of 69
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Moderator Emeritus

Re: 5 to 6 years...and no improvement on credit score!

Um my understanding was if they comply with the new standard they do still factor.

Just most didn’t and may still not; I suspect the data providers will fix that over time just with how slow most counties are on their IT side it’ll take awhile.



        
Message 49 of 69
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Senior Contributor

Re: 5 to 6 years...and no improvement on credit score!

Correct me if I'm wrong, but it was my understanding that they could include them if they complied. But that due to the costs/headaches, the CRAs just decided to create a policy not to report them at all.

Per Experian: "... Experian no longer shows judgment and tax lien information as part of a consumer's credit history.
Bankruptcy is now the only public record information that is collected routinely by the national credit reporting companies, including Experian."

https://www.experian.com/blogs/ask-experian/judgments-no-longer-included-on-credit-report/











(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated DEC'19.

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? (clean/dirty), Number of accounts open and closed on CRs (thick/thin), AoOA? (aged/nonaged), AoYR-Age of Youngest Revolver (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/aged/new accounts, with open loan on record.
If you don't know where you fall, just list whether you have any baddies, your number of open and closed accounts, AoOA, AoYR and whether you have a loan on record.
For utilization questions, list individual and aggregate utilizations, revolving and installment. please.
Message 50 of 69
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