NO SCORE CHANGE!!! Please help!

[UpAndComing74]

Thank you guys for all the wonderful advice..still a lil confused about those deleted chargeoffs not reporting an increased score)....but in reference to Andy's post. He asked what are the top two reasons on my fico scores...where do I find these "reasons"? Are they the reasons that are on the 2 scales, left side red..right side green?

[Jazzzy]

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@UpAndComing74 wrote:
Thank you guys for all the wonderful advice..still a lil confused about those deleted chargeoffs not reporting an increased score)....but in reference to Andy's post. He asked what are the top two reasons on my fico scores...where do I find these "reasons"? Are they the reasons that are on the 2 scales, left side red..right side green?

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Yes...Andy was asking what your two top negative reasons are. They are listed in priority order. Those reasons tell you what is hurting your score the most.

[Jazzzy]

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@AndySoCal wrote:

Sorry Lynette if I offended you I did not mean to. My main concern was making sure that card gets under the credit limit. IMO if the store card reports with a balance or no balance the score will not change. I could be wrong. Getting the card below the card limit will help.  As well as paying down the other balance.

OP

What are the top two reasons on your FICO scores? These are the reasons that are influencing your score the most.

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Oh Andy...no offense. I agree that it is important to bring that over-the-limit card down.

I also think the total number of accounts with balances makes a difference. I have 7 credit card accounts. We pay in full before the statements cut each month, but we continue to use the cards, so it's not unusual for us to have small balances show. My score jumps up and down by 8 points...back and forth, back and forth...depending upon whether two of the accounts show a small balance or whether it's three.

Isn't tweaking FICO scores fun?

[UpAndComing74]

Andy/Lynette....My top two reasons that hurt my FICO are 1. Delinquency/Collections.  It shows that I have 6.  I PFD on 2 so whenever I pay for an update it should show only 4.  THe other ones will not agree to PFD so I was advised by a birdie not to pay them just let them fall off. Although they state the last updates were DEC 09, so I dont know if they're constant updating is hurting me.  Should I pay for the updated TU report or wait till the CC balances report and then pay for the FICO pull.  These deletions were not showing on EQ so scorewatch wont help me.  2.  High Credit Card usage.  It states that I'm at 88% used.  Ived paid the $1100 down to $100.  Ive paid the $200 store card to 0 and the $2000 credit union card to $1999. That's all I could do before they post the balances.  So that will bring me down to 63% I know FICO wants less but I'm only hoping for the 3 point boost right now.  Any last words of wisdom before month end?

[MarineVietVet]

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@UpAndComing74 wrote:

Andy/Lynette....My top two reasons that hurt my FICO are 1. Delinquency/Collections.  It shows that I have 6.  I PFD on 2 so whenever I pay for an update it should show only 4.  THe other ones will not agree to PFD so I was advised by a birdie not to pay them just let them fall off. Although they state the last updates were DEC 09, so I dont know if they're constant updating is hurting me.  Should I pay for the updated TU report or wait till the CC balances report and then pay for the FICO pull.  These deletions were not showing on EQ so scorewatch wont help me.  2.  High Credit Card usage.  It states that I'm at 88% used.  Ived paid the $1100 down to $100.  Ive paid the $200 store card to 0 and the $2000 credit union card to $1999. That's all I could do before they post the balances.  So that will bring me down to 63% I know FICO wants less but I'm only hoping for the 3 point boost right now.  Any last words of wisdom before month end?

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Here is how and when derogs drop from you CR, and are thus no longer included in FICO scoring.

Monthly delinquencies under an OC account drop at 7 years from their individual date of delinquency. FCRA 605(a)(5). The date of first delinquency (DOFD) has nothing to do with these drop-off dates. They drop from their own individual dates. So look at each prior OC reported monthly derog date, and simply add 7 years.

If the OC subsequently reports their account as a charge off, that is a totally different and additional post to your CR. Their post as a charge-off will remain in your CR for 7 1/2 years from the DOFD on the OC account, which is the first 30-day delinquency you had on the account, and disregards any later 60/90+ delinquencies that followed. That is one single date-certain, and cannot be reset. FCRA 605(c).

If the OC then refers the account for collection, and a CA posts to your CR, the drop-off date of their collection reporting is the same as that of a CO. It is 7 1/2 years from the same DOFD on the OC account, and the CA cannot reset this date. Again, FCRA 605(c).

So if you know the DOFD of these accounts you can figure when they will go away.

Message Edited by marinevietvet on 01-29-2010 07:51 AM

[Jazzzy]

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@UpAndComing74 wrote:

Andy/Lynette....My top two reasons that hurt my FICO are 1. Delinquency/Collections.  It shows that I have 6.  I PFD on 2 so whenever I pay for an update it should show only 4.  THe other ones will not agree to PFD so I was advised by a birdie not to pay them just let them fall off. Although they state the last updates were DEC 09, so I dont know if they're constant updating is hurting me.  Should I pay for the updated TU report or wait till the CC balances report and then pay for the FICO pull.  These deletions were not showing on EQ so scorewatch wont help me.  2.  High Credit Card usage.  It states that I'm at 88% used.  Ived paid the $1100 down to $100.  Ive paid the $200 store card to 0 and the $2000 credit union card to $1999. That's all I could do before they post the balances.  So that will bring me down to 63% I know FICO wants less but I'm only hoping for the 3 point boost right now.  Any last words of wisdom before month end?

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As marinevietvet said, your collection accounts will fall off at 7 1/2 years from the date of first delinquency (DOFD). You won't see that date on some of the 3rd party reports, like those pulled here. If you pull directly from one of the credit bureaus, it will give you either the DOFD or the drop-off date. So...no...the CA can update the account all it wants; it is the DOFD that will determine when it falls off. Also, just because the other collection accounts have said "no" to a PFD now...that doesn't mean they won't agree in the future. Some of them say no to see if you will then just pay them anyway. If you don't pay them, try PFD again.

The words of wisdom I will give you is that you really need to throw some more money at the credit union card before the statement cuts. You have only left yourself $1 on your credit line. They will add interest and likely a penalty because you've already been over the limit. Then, you will be over the limit again. I don't know how much an over-the-limit card might hurt you on your FICO, but you could lose the benefit you've gained by your PFDs and paying the other cards down/off. Also, when/if your loan gets to underwriting, that's where a real human looks at it. That human isn't going to like an over-the-limit card.

Most of the minimums we've seen here for mortgages have been a minimum mid-score of 620. You say that you are applying with a minimum mid-score of 600. If that's the case, the rest of the report needs to be as clean as possible.

Have you thought about becoming an authorized user (AU) on a relative's card? That's a possibility that could help a bit, if it's an older card with no balance and a squeaky clean history.

Instead of pulling your FICO score now, put that money against the credit union card.

[UpAndComing74]

Thank-You, I will remedy those cards.  I couldnt help myself so I purchased and updated copy of my CR from MyFICO and the 2 collections were deleted and as I feared, Im still at a 597.  I must say that I'm a little hurt and setback. I spent $500 for the deletes that were set to fall off next year anyway. That money could've went on the Credit Union card.  I guess the only solace I can take from this is that I did owe the debt and now it's clear. But with all the PFD info out there, I was sure that I would see a bump in score.  I love improving my FICO but this was a depressing setback!

[Junejer]

If there are still collections on your reports, they will hurt you. The scoring algorithm will only read one collection at a time, so if older collections were removed, the newer collections are still hurting you, therefore, you wouldn't see a score increase.

[UpAndComing74]

Byrdman, That makes sense.  That explanation helps me.  So out of the 6, the ones that I deleted were the two oldest.  The 4 remaining are new, new, new.  2 from early last year.  Live and learn right?  I should have paid off the most current ones.  But now lemme ask, I have this silly one from Hollywood video for $65.  They wont PFD but its on there from 2008.  If I pay it in full, will it harm or help my FICO.  I want to call them NOW!!! lol.  I've been drinking FICOtini's but tnight when I get home, Im shooting for something stronger!!!

[Junejer]

Paying off a CA, without a PFD will do NOTHING to help your score. Some will even argue that it will hurt your score, due to updates of DOLA, etc. I'm from that school of thought.

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UpAndComing74 wrote:
Byrdman, That makes sense.  That explanation helps me.  So out of the 6, the ones that I deleted were the two oldest.  The 4 remaining are new, new, new.  2 from early last year.  Live and learn right?  I should have paid off the most current ones.  But now lemme ask, I have this silly one from Hollywood video for $65.  They wont PFD but its on there from 2008.  If I pay it in full, will it harm or help my FICO.  I want to call them NOW!!! lol.  I've been drinking FICOtini's but tnight when I get home, Im shooting for something stronger!!!

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