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Hey all,
I'm fairly new to the FICO forum but I've always come across great information which I really appreciate. I was searching the internet to find out if open collections affect the 35% Payment History segment of your FICO score. I appreciate any information and thanks in advance for your help!
@Anonymous wrote:Hey all,
I'm fairly new to the FICO forum but I've always come across great information which I really appreciate. I was searching the internet to find out if open collections affect the 35% Payment History segment of your FICO score. I appreciate any information and thanks in advance for your help!
Generally speaking derogatories *are* payment history, or at least they fall into that category. Open ones absolutely do (<$100 excluded on FICO 8) and paid collections are excluded on FICO 9 but don't think anyone's using that yet, certainly not at scale.
@Revelate wrote:
@Anonymous wrote:Hey all,
I'm fairly new to the FICO forum but I've always come across great information which I really appreciate. I was searching the internet to find out if open collections affect the 35% Payment History segment of your FICO score. I appreciate any information and thanks in advance for your help!
Generally speaking derogatories *are* payment history, or at least they fall into that category. Open ones absolutely do (<$100 excluded on FICO 8) and paid collections are excluded on FICO 9 but don't think anyone's using that yet, certainly not at scale.
Thanks Revelate! Ok so that would mean it's possible that any closed or open collection account can have an impact on the Payment History category?
@Anonymous wrote:
@Revelate wrote:
@Anonymous wrote:Hey all,
I'm fairly new to the FICO forum but I've always come across great information which I really appreciate. I was searching the internet to find out if open collections affect the 35% Payment History segment of your FICO score. I appreciate any information and thanks in advance for your help!
Generally speaking derogatories *are* payment history, or at least they fall into that category. Open ones absolutely do (<$100 excluded on FICO 8) and paid collections are excluded on FICO 9 but don't think anyone's using that yet, certainly not at scale.
Thanks Revelate! Ok so that would mean it's possible that any closed or open collection account can have an impact on the Payment History category?
Yeah; which is why it's always best to try to get them removed completely.
@Revelate wrote:
@Anonymous wrote:
@Revelate wrote:
@Anonymous wrote:Hey all,
I'm fairly new to the FICO forum but I've always come across great information which I really appreciate. I was searching the internet to find out if open collections affect the 35% Payment History segment of your FICO score. I appreciate any information and thanks in advance for your help!
Generally speaking derogatories *are* payment history, or at least they fall into that category. Open ones absolutely do (<$100 excluded on FICO 8) and paid collections are excluded on FICO 9 but don't think anyone's using that yet, certainly not at scale.
Thanks Revelate! Ok so that would mean it's possible that any closed or open collection account can have an impact on the Payment History category?
Yeah; which is why it's always best to try to get them removed completely.
Thanks again, I really appreciate the insight!