FICO 08 less than $100 collections

Anonymous · ‎08-08-2008

so ive read if u have a collection below $100 dollars it will not affect your FICO score.

but wouldn't those collections be negative items on your credit and potentially affect you from getting a car or house?

also i believe that the scum CA's will do some funny business like for example. if you have a $95 collection couldn't they just add 6 dollars of interest or some kind of fee?

or does it go by the original balance owed and not the interest inflated balance?

also couldn't we use this to our advantage. say we have a $105 collection; couldn't we just pay $10 to bring it under $100?

or once again does it go by the original balance owed?

i know this seems confusing. im just thinking out loud here. let me know what you guys think

Message Edited by ruggiero06 on 08-08-2008 03:44 PM

fused · ‎08-08-2008

ruggiero06 wrote:
so ive read if u have a collection below $100 dollars it will not affect your FICO score.

but wouldn't those collections be negative items on your credit and potentially affect you from getting a car or house?

also i believe that the scum CA's will do some funny business like for example. if you have a $95 collection couldn't they just add 6 dollars of interest or some kind of fee?

or does it go by the original balance owed and not the interest inflated balance?

also couldn't we use this to our advantage. say we have a $105 collection; couldn't we just pay $10 to bring it under $100?

does it go by the original balance owed?

i know this seems confusing. im just thinking out loud here. let me know what you guys think

Message Edited by ruggiero06 on 08-08-2008 03:44 PM

Yes!

Anonymous · ‎08-08-2008

ok thx for the info

Schoolbuskid · ‎08-08-2008

But is this true about FICO 08? Does anyone know if TU will come up to speed on what version of FICO?

Message Edited by Schoolbuskid on 08-08-2008 09:44 PM

Rebuilding and Reducing Debt, is my game plan.

Anonymous · ‎08-08-2008

Schoolbuskid wrote:

But is this true about FICO 08? Does anyone know if TU will come up to speed on what version of FICO?

Yes, it's true of FICO 08.

As far as which version you get from myFICO, you get the version that is in use by the majority of lenders at the time. The TU version you get here is the 98 version. We still can't even get the 04 version, because 04 only very recently surpassed 98 in usage by lenders.

It will be quite a while before we will be able to get FICO 08 scores from myFICO for any CRA.

Message Edited by cheddar on 08-08-2008 09:47 PM