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paid all negative items now what?

Discussion in 'Credit Talk' started by the greek, Mar 9, 2012.

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  1. Mar 9, 2012 #1
    the greek

    the greek Member

    hey guys,
    been reading this site for over a year and finally decided to get the ball rolling.
    i had about 7 deragatory remaks on my report. all from old tv bills to old phone bills.

    as much as i could i went to the original creditor and paid them all off. some i had to go to the collection company.
    now with that said i paid them all off and now i am wondering if that is gonna help my credit score or not or was it useless and let them fall off in 5 years.

    i have more questions just wanting to handle a few things at a time

    thanks hope to get good responses
     
    Last edited by a moderator: Mar 12, 2012
  3. Mar 9, 2012 #2
    JoshuaHeckathorn

    JoshuaHeckathorn Administrator

    Welcome to Creditnet!

    Paying off the debts probably won't improve your credit scores in the short term. A "paid" collection or charge-off is basically just as damaging to your FICO scores as an "unpaid" one, and making payment will update the DOLA too. That said, I think you did the right thing by paying your debts, and the baddies will have less and less of an effect on your scores as time passes.

    What are you doing to build more recent positive payment history? The faster you build positive recent activity, the less impact the old stuff will have on your credit scores.
     
  4. Mar 12, 2012 #3
    the greek

    the greek Member

    okasy so i dont know how i did it but i disputed three negative items and they got deleted..
    2 judgements and 1 collection debt.

    hwat kind of points should my score go up from removing the three bad things. and i also had my wife put me as a authorized user on her credit card wich has a very high limit.

    i have to dispute 5 other negative items and then there will be nothing else to do
    i also have a car loan with 5 years no late payements.should i pay off loan in one lump now or keep monthly so my hisyory will reflect that positive information.

    this site is amazing for people who dont know any better studied it for almost 2 years before i proceded

    one more thing they said three items were deleted but my score dosnt reflect it yet do i have to wait just to update ? once again thank you
     
  5. Mar 12, 2012 #4
    the greek

    the greek Member

    just a thought. when they send me the results of the three items disputed is that final and they cant be reversed. so if they say deleted then they are going to come right off the report and help my score?
     
  6. Mar 12, 2012 #5
    jam237

    jam237 Well-Known Member

    Scores are complex, and depends on a number of factors. And no-one but FICO knows for certain what exact details will result in specific scores.

    Depending on the age, amounts, utilization, etc. Sometimes removing negative trade lines which were more mature can result in a net loss of points because the bump from the age of the trade line had a bigger boost to your score, than the negative portions of those trade lines.

    Trade lines can always be re-inserted, if they verify to the CRA that they've now been able to verify the data that was disputed. The CRA is supposed to provide you with a notice of the re-insertion, but I've heard some people saying that the CRA doesn't always see a re-insertion as a re-insertion.

    Where are you getting your scores from? Unless they are from FICO, they're considered FAKOs (Fake-Os), FAKOs are essentially guestimates as to what your FICOs would be.

    Most credit monitoring sites only update their report and scores once a month.
     
  7. Mar 12, 2012 #6
    JoshuaHeckathorn

    JoshuaHeckathorn Administrator

    Like jam said, there are just too many factors in your FICO scores (most of which we don't know based on the information we have here) to tell you exactly what will happen to your scores. However, in the long run, adding yourself as an AU and removing those 3 negative accounts will certainly have a net positive effect on your credit scores.

    Regarding the car loan, how many more payments do you have left and what's the interest rate? If you don't have many other ways you're currently building positive payment history, it might be worth it to just leave it open and continue making your monthly payments on time. Do you have any other credit cards besides your wife's account on which you're an AU?

    Finally, wait for the deleted items to actually get removed from your credit reports. Once they are removed, then your FICO scores should reflect the change immediately. Sometimes it could take a month or so for the creditor to remove the accounts after they agree to do so.
     
  8. Mar 12, 2012 #7
    the greek

    the greek Member

    hi guys thanks for the help

    all of my scores come from freecreditreport.com the three cra's experian equifax transunion

    the old account that was deleted was all key derogatory.
    t two of them were judgements from the state they have been paid and they were less then 1 year old

    and the derogatory was from '06' and that was a phone bill
     
  9. Mar 12, 2012 #8
    the greek

    the greek Member

    tell me what info u would need
     
  10. Mar 12, 2012 #9
    the greek

    the greek Member

    also i disputed right through experian and got the three deletes so it wouldnt matterif the ca updtaed it because the cra disputed it for me ?
     
  11. Mar 13, 2012 #10
    JoshuaHeckathorn

    JoshuaHeckathorn Administrator

    The credit scores you're getting from freecreditreport.com aren't FICO scores, so don't place too much value on them.

    Also, these trade lines could find their way back on your credit reports but the CRAs are supposed to provide your with a notification of reinsertion. I believe they have 5 days to provide that notification to you.
     
  12. Mar 13, 2012 #11
    the greek

    the greek Member

    so if i paid the negatives off and then they get deleted,for what reason or why would they show back up if theirs no reason for the creditor or the county clerk to want to put it back on and if they did go on they would all show up paid ?
     
  13. Mar 13, 2012 #12
    the greek

    the greek Member

    and i dipsputed these online so would they send me a reinsertion letter to email?
     
  14. Mar 13, 2012 #13
    the greek

    the greek Member

    okay so i checked my ficco score and its 629. the fako's had it at around 550
    so with that said ar eauto loan possible?
     
  15. Mar 13, 2012 #14
    the greek

    the greek Member

    so i payed the negatives they end up getting deleted . if there is no reason fro the original creditor to report it negative why would it show back up. and if it did wouldnt it just say paid?
     
  16. Mar 14, 2012 #15
    JoshuaHeckathorn

    JoshuaHeckathorn Administrator

    I believe the FCRA just says that CRAs need to contact consumers in writing within 5 days after the reinsertion. I assume they could do that either by letter or email, or perhaps even both. Of course, if none of the creditors ever decide to respond and certify that the information that was disputed is correct, then you'll never have to worry about reinsertion.
     
  17. Mar 14, 2012 #16
    the greek

    the greek Member

    now if my wife with a high history hight limlit credit card with all positives when she add's me as a au on her card does her history copy over or only when i was added ?
     
  18. Mar 14, 2012 #17
    JoshuaHeckathorn

    JoshuaHeckathorn Administrator

    Only the card on which you're an AU should show up on your credit reports. The rest of her credit history will not transfer.
     
  19. Mar 16, 2012 #18
    the greek

    the greek Member

    thanks guys my fakos 2 weeks ago were 550 and now my fico 636
    all negatives paid 3 deleted and 4 more pending just got approved for 2 more cards to build my history so hopefuly ny next year house should not be a problem .
     
  20. Mar 16, 2012 #19
    the greek

    the greek Member

    wow guys i just went for my firdt auot loan and got approved with a 634 ficco. and i got a lot of positives heading my way . 1 month ago i couldnt get a 2 dollar loan and since fixing my credit report i have 2 new credit cards just got approved and now auot loan for 25,000

    i cant help but say thanks to anybody who helped me and one more question how does ficco score update from the other three cra's ? if all my fako's get cleaned up will ficco auto update from them?
     
  21. Mar 17, 2012 #20
    jam237

    jam237 Well-Known Member

    FICO is just a scoring system, they don't have their own data, they score the data from the CRAs at the time the report is pulled.
     
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