Cap1 - R5, R1?

The R ratings delineate the history of your account mainly in terms of late payments received, and is not a system used by Capital One, but is in fact a system employed by Equifax. R1 means there is no adverse information to report. R2 is for 30-days lates. R3 for 60 day lates, R4 for 90 day lates, R5 for 120 day lates, R6-R8 I forget (can someone help?) and R9 or for chargeoffs. There is also the I1 designation which involves installment loans. I2 corresponds to R2, I3 to R3 and so on. Hope this helps.

 

Mr Cooke is a nice man. You are definately better off dealing with him than any CA. Call him as soon as possible. If you pay in full ask for an r1 rating or a deletion of the tradeline. I believe if you settle the best he can do is an R5, which is much better than an R9.
Kellie

 

R ratings are specific to Equifax. We (creditnetters) tend to over generalize and apply the term elsewhere when it technically doesn't, but only because we all know what it means, (Sort of, anyway). It's an easy shorthand.

My question: I have a couple of accounts showing R1 on Equifax, but still showing a late pay history. These are paid closed accounts. Anybody able to interpret that? Which one holds sway with creditors, the R1, or the late pay history?

 

R8 is a repossession. Not sure what R6 and R7 is. They may not correspond with anything.

Dani

 

I don't think creditors put much enphasis on late pays that are 2 years old or more, especially if it was only 30 days. More than that probably carries more weight.

 

Thanks LKH. So probably best to just leave it lie for now.

 

R6 and R8 aren't designations, but R7 signifies a payment arrangement or alternate payment plan. A plan worked out with Consumer Credit Counseling Service will incur R7 designations, for example. R7 doesn't look as bad as R9 (chargeoffs, bankruptcy), but it's worse than very late pays (R3, R4, R5). To tell the truth, though, I'd like to know specifically how all of these designations impact the credit score. It may well be that there's not a hair's worth of practical difference between, say, R5, R7, and R9.

Doc