bucket theory

[Anonymous]

bobail, I just noticed you said "paid judgement" and then asked about vacating.  Do you have a court decree to vacate?  Or just record of it being satisfied?

Satisfying a judgement will not vacate it unless you got the opposing attorney to agree to file motion to vacate and judge granted.

Just asking so you have correct expectations.  A satisfied judgment won't help your score, just LO review.

A vacated judgement will (or so I have bet on ).

[bobtail]

From a water softener company.  They represented themselves in court.  I asked them to vacate.  They told me to go to courthouse and file a motion to vacate, they would not contest. Loss management supervisor, told me to tell judge this happened due to loss of income.  My hubby had a brain tumor and the judgment is now preventing my family to financially move forward. Bring a copy of current credit report. Report shows mtg. 120 days late during same time period as judgment. Otherwise report is clean.

Do you agree with the advice they gave?

Additionally, any guesses on my TU fico score.  The mtg baddies does not report on TU.  The only baddie on TU is the judgment.  Fico TU now 711

Message Edited by bobtail on 08-02-2009 06:51 PM

[Anonymous]

Did the judge sign grant the motion to vacate and sign off? 

If so, then you are vacated, need it filed.  Then you need to forward copy with letter to the CRA's with dispute stating the judgement is vacated.

[bobtail]

Court date is Wednesday. Will mail papers to CRA's, how long to you think it will take for judgment to be removed?

[Anonymous]

It will be like other investigations....probably up to 45 days.  Make sure the order to vacate is filed immediately.  When you send the copy to CRA's send, if possible, the recorded copy (with stamp from court clerk showing order is recorded).

[CreditDrama85]

i still think the TU score will go up a few points maybe to 720 (since the only derog will be removed) and the EQ will drop to maybe 675.

cleaner report is always better! good luck! keep us posted!

[haulingthescoreup]

As to the whole bucket question, there are two negative buckets: serious derog + public record, vs just one of them.

Taking off the judgment will simply transfer OP into the other negative bucket, driven by the serious derog (120 days.)

The time that you might expect a score drop from getting a judgment vacated (or serious derog removed) would be if you had lots of minor lates (30's) + high util, something like that. In that instance, you would be plunked into a new score bucket where there would be lots of other people with no or only one late and very low util. In that instance, you would suddenly look pretty shabby in comparison to your new peers, and you could see a drop.

I'm guessing that if OP can get the judgment vacated and removed, but still has a 120, there would be a slight score increase, maybe. But as others have said, the improved report status would be the most important issue for a lender.

I'd get it vacated, and then go shopping. Good luck on keeping the Windstar going!

[Anonymous]

I want to get my guess in!

Increase of less than 10 points.

[bobtail]

Hello txjohn,

In addition to getting jugdement vacated

This is how my 120 late is reporting.

What is confusing, how can the current status report as, 120+ past due with a current reporting date of 8/09, when the mtg. loan was paid 5/05?

Also, I thought once loan is paid the DOFD does not exist. This is reporting DOFD 7/03

Additionally, the 81 month payment chart is reporting, paid and current form 5/05 to 8/09. All the boxes in chart from 6/05 to 8/09, are green. Indicating loan is current and paid on time. How is this possible when loan was paid in full in 2005? In a crazy way, is this giving me a positive?

Account Number:

589000291XXXX                                                  

 Current Status:120+ DAYS PAST DUE

  High Credit:                                                                                              

$400,000

Type of Account:

Mortgage

Credit Limit:

$0

Term Duration:

Terms Frequency:

Monthly (due every month)

Date Opened:

11/2002

Balance:

$0

Date Reported: 08/2009

Amount Past Due:

$0

Date of Last Payment:

09/2004

Actual Payment Amount:

$0

Scheduled Payment Amount:

$3,249

Date of Last Activity:

N/A

Months Reviewed:

6

Activity Description:

Paid and Closed

Charge Off Amount:

$0

Date Closed:

05/2005

Type of Loan:

Conventional RE Mortgage

Date of First Delinquency::

07/2003

[Anonymous]

Hmmm.  The loan is paid off in 2005 but shows as "Currently 120+ days late?"

Was there a short sale or some settlement for less than owed or was the loan paid in full?

If the loan is PIF and $0 balance, then you can try either to dispute through the CRA or to write a letter to the mortgage company to ask for correction.

The problem is that if you had a late within the last 7 years, they may update the entry to include any lates that existed.  Some people have actually gotten this when doing GW on a late, rather than having it removed, they had additionals that were not reporting suddently being reported (valid, just had previously not all been reported).

I'm not sure how this is affecting your score with the 120 day late when the balance is also zero....ANYONE ELSE GOT AN IDEA ON THAT????