@ChicagoMarine wrote:
Hi everyone,
I have been working on my credit for a while now. I have used experian for over a year and just found out how flawed they are. I have 2 judgements that are 2 years old and 1 account past due. I have paid that off and am current now. I have two credit cards with total of $800 limit. I have a balance of $18 total of both cards. I have a couple of collection accounts in which I am paying off and they all should be paid by January. How much will my FICO score increase?
12/18/09 EQ517
12/18/09 EX 553
-James
Welcome to the forums.
All those negative items will continue to hurt you as long as they remain on your reports. Paying them off does not automatically mean they are gone. Here is a break down of how long entries on your reports can remain:
Delinquencies (30 – 180 days): Can remain seven years from the date of the initial missed payment.
Collection accounts: Remain seven years from the date of the initial missed payment that led to the collection (the original delinquency date). When a collection account is paid in full, it will be marked "paid collection" on the credit report.
Charged-off accounts: Remain seven years from the date of the initial missed payment that led to the charge off (the original delinquency date), even if payments are later made on the charged-off account.
Closed accounts: Closed accounts are accounts that are no longer available for further use. Closed accounts may or may not have a zero balance. Closed accounts with delinquencies remain seven years from the date they are reported closed, whether closed by the creditor or by the consumer. Positive closed accounts remain 10 years.
Lost credit card: If there are no delinquencies, credit cards that are reported lost will continue to be listed for two years from the date the card is reported lost. Delinquent payments that occurred before the card was lost are reported for seven years.
Bankruptcy: Chapters 7, 11, and 12 remain for 10 years from the filing date. Chapter 13 remains seven years from the filing date. Accounts included in bankruptcy will remain seven years from the date they were reported as included in the bankruptcy.
Child support judgments: Remain seven years from the date the judgment is filed.
Civil and small claim judgments: Remain seven years from the date the judgment is filed.
City, county, state, and federal tax liens: Unpaid tax liens remain 15 years from the filing date. Paid tax liens remain seven years from the paid date of the lien.
Inquiries: Most inquiries listed on your credit report will remain for two years.
Positive open credit information remains indefinitely and paid positive accounts remain 10 years.
Getting those negatives removed should help you alot. Good luck in your journey. If you stick around these forums and research and ask lots of questions and work hard you can recover from any situation.
From a BK years ago to:
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802
You can do the same thing with hard work.
The thing is I got that straight from a post dated 4/29/07 by Tuscani one of the moderators. I should have noted that in my post. Has the information changed since then? Perhaps I shouldn't post it in the future. Or perhaps I should find a newer post????