TU and EQ collection account questions

[Anonymous]

Hi

I have fico score questions about my TU and EQ scores/reports.

When I first pulled my EQ in may I found a collection account. I called the CA and long story short, settled and got a PFD. I then noticed a second (very small) collection that I have since disputed (DOLA 2005). No response yet. Its been 30 plus days so far.

I found a collection listed on TU which I paid about 18 -24 mos. ago. It stemmed from my divorce and had no idea it existed until I got a judgement notice. I argued that I was never served (Im a LEO)..didnt matter. I just paid judgement with help of my atty. Question is...its showing as orig amount $xxx.xx, current balance $0. Does this mean active? I tried to dispute as being paid/closed but it didnt work with TU. should I just leave it alone?

My scores TU 649  EQ 628

One final question...I have 1 cc bal 300 cl 1500, and I'm an AU on my sisters acct. Her BAL is 4500. Using the fico simulators it says (for both) if I pay down the debt my scores will rais quite a bit. I dont know when shes going to pay it down...should I have her remove me or will that be worse? I maybe can lend her money to pay down (another option). Opinions?

TIA

Message Edited by outofthewoods on 06-22-2009 05:08 PM

[haulingthescoreup]

Paid collections keep reporting. You get no FICO luv, alas.

Essentially, you still have one collection on EQ (the medical) and one on TU (the one stemming from your divorce), so for both credit bureaus, you're in the serious derogatory score bucket.

What is the CL on your card (the one with the $1500 balance) and on your sister's card (the one with the $4500 balance)?

The balance alone doesn't really matter. It's the balance divided by the credit limit on the card that's important; that's your util.

So $1500 on a $2000 level is huge --that's 75% util. $1500 on a $25,000 CL is 6% --very, very different for scoring.

I'd still faint if I had a $1500 balance, though.

Unless your sister is going to kill that balance off, my guess is that you're better off without it. The rule of thumb for accounts to mooch off of via AU'ing (and I AU on my DH's Discover card, so I'm not throwing rocks) is: older that your AAOA (average age of accounts), a CL as high as or higher than your own CL's, no baddies at all ever, and a util of 0% or something negligible.



If you haven't already, please read Understanding Your FICO ® Score and Credit Scoring 101 (at least the first post.)

These will give you the background knowledge you need to understand what you read here on the forums.

[Anonymous]

Hi

Yes there is one CA on EQ for 75.00 and the paid CA on TU (from divorce). Since my post I checked the TU date and it was 2 years 7 months ago. My last "late" was 14 months ago on a auto loan which has been paid off.

My CL is 1500 and current bal is 300. My sister is saying she hopes to pay down soon.

[haulingthescoreup]

Well, it's your decision as to whether you stay on your sister's card.

It's one of the perils of being an AU: you are completely at the mercy of the actual cardholder.

When you pull your FICO score reports (not FAKO's, please!), what are the negatives listed on each report, in order? These are the factors that are negatively affecting your scores, with the first one having the most impact.

This can be a useful way of deciding what you need to be doing to improve your credit.

[Anonymous]

Hi

These are my fico's..no fako's

the negatives listed in order starting with TU are:

1 collection and 4 serious delinquencies

they are from 2004/2005/and 2006. 1 60 day from 2007

all accounts paid

multiple accounts showing missed payments or derogatory statements

once again these are all from 2004-2006

made heavy use of reloving credit

recent collection on report

The EQ report states

1 collection and 5 accts that were 60 days late or worse

these are the same 2004/2005/2006. all accts have been paid.

7 accts showing missed payment or derogatory statements

recently missed payment

1 year 2 months ago

(30 day late)

short credit history

dont understand this one..says 17 years. hmm.