I have a change on my credit report I have a Cap1 account that went from Derogatory to paid what does this mean? and how will it affect my credit?
The only other tradeline on there that is out standing is a medical bill ( is that is even considered a tradeline) and a closed credit account. I have 2 credit cards account in good standing on my report. Will this bring my score up any?
Could bring it up or maybe bring it down depending on whether it was old and you paid it off or whether it wasn't, you did, and up'd the date of last activity.
I've heard a lot of back-and-forth on whether or not a "paid" entry is regarded any differently from an "unpaid" entry. Can we get some once-and-for-all clarification? What about the following examples? 1) Two-year-old credit card in otherwise good standing. Final payment was sent in 60 days late. 2) Same credit card, but final payment is six months late. 3) Same credit card, but final payment is 18 months late. 4) Utility company (power, cable, etc) that otherwise never reported. Final payment was 60 days late. 5) Same as #4, but final payment was 6 months late. 6) Same as #4, but final payment was 18 months late. For the sake of example, let's keep this simple and assume that no "pay for delete" negotiations are happening. How would each of the above scenarios theoretically impact FICO as opposed to not paying at all?
It largely is contingent upon how old the debt is; i.e., you really don't want to pay off a three year or older charge-off insofar as the date of last activity looks brand new in the eyes of FICO.
So with so many CAs updating the DOLA every month, might it be worth it to pay and just get the DOLA to stop updating? That way, the TL -- good or bad -- begins to fade into the past. I know some people are thinking "sure, that's what they WANT you to do". But assuming the debt is valid and the CA is authorized, I personally don't see a problem ...
Do they look at the date of last update to the CRA or the last payment (Date of Last Payment field)? I was looking through the E-OSCAR specification (the system used to update credit report information) and there's no "Date of last activity" field so I'm not sure what field or reference the FICO score could be looking at. If the account has never been brought current since the DOFD and no payment has been made, then the only changes (activity) on the account would be the interest that the CA is adding to the account each month. Does THAT count?
Apex, I'm not trying to call you out, but I have a simple question. I saw an earlier post from a disgruntled customer. As a newbie, I cannot take either side, (except I heard this poster made some threats that were uncalled for). I see that you are registered in Tenn., yet your posts state you are replying from West Virginia.
Are you also registered in WV and their BBB as well? I have no doubt that you are very well qualified to provide advice. I have no doubt that you have solved thousands of problems. I appreciate your advice. I have no shingle to hang though, so take my curiousity with a grain of salt.
