I recently applied for a motorcycle loan and they pulled my FICO Score 2 through Experian(603) instead of my Experian FICO Score 8(684). First, I thought it was weird that they used the FICO 2, but I can't really argue that. That's up to them. When I look at Experian.com's "What's harming your score?" for the FICO 2 it shows the following:
Negative Items: I have two items in collections, one is paid off but that hasn't hit the report yet. This I understand.
Bad Payment History: I have a Capital One with one 30 day late that is 42 months ago and an auto loan that has a few 30 day lates, the most recent being 21 months ago. How long does this remain an issue?
Recent Missed Payment: I don't have any "recent" missed payments unless they are counting the Bad Payment History listed above or the Negative Items since one of them was just added (this is the one that is paid off).
Amount Past Due: I have nothing past due on my accounts unless they are once again linking this to the Negative items.
Is it really possible for the collections items actually "ding" me in 3 of these 4 categories?
I'm planning on paying off the other item in collection and then trying the GW letter approach for the collections and the Capital One single 30 day.
Thanks!
