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Discussion in 'Credit Talk' started by ACX, Sep 6, 2003.
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A paid collection account is never a positive. The very fact that it went to collection is a negative sorry.
I had two student loans on my EQ report. Both showing zero balance, and 120+. They were from the early 90's. When I disputed, they came right off but my fico dropped two points. Go figure!
I guess my concern is, will having the account that is currently showing as an R5, then being changed to an R1, will that have a significant impact on my credit score?
Having an r5 become an r1 should help a lot unless there are many other negative. Its will not hurt.
Thats what I was hoping for. These are the last 2 "negative" accounts on my credit report, and though I couldnt get them deleted, I believe that when the status is changed on them that it will help out my score. Currently its at 596, and im hoping that it will put me over the hurdle of having a 600 credit score. It will be quite an accomplishment for me too seeing that in December of 02 my score was at 472 with a ton of collections, and about 4 chargeoffs. Now I only have these 2 collections and no chargeoffs.
It will probably give you quite a few points. Just going from an r9 to an r5 cost me 40 pts. An r5 can seem that you are currently 120 days late when it really could have been years. Changing it to an r1 could mean even more , matter of fact I wouldn't be surprised to see 50 or more. Please let us know how much when it happens. Congrats
Yes, im keeping my fingers crossed for that. I will definitely let everyone know once its a definite thing thats changed and let you know how much of a difference it made in my score.
One way to check if it is causing you a lot of points is to look on your fico report and see if it says that your recent derogs are too recent. When I had an r9 in the positive category it said derogs were old or unknown, but when it went to r5 a new remark said derogs was new or recent so it lets you know that its counting that 120 as current. On my equifax it cost me, but for some reason transunion did not read it the same way. My equifax dropped from 712 or something like that to 669. I called C. One and begged them to change it back to r9. When they did it went back up to over 700. On sept 2nd, my capital one r9 disappeared, thank you Lord, and my score is 723
I think this is the problem with my score right now. I applied for a credit card and it says the reason I was denied was because of serious deliquency. These 2 paid student loans are the only negative accounts I have showing 120+ days past due. I have some lates, but they are about 8 months old, so I couldnt imagine getting denied for that. I could be wrong though. Hopefully Equifax will accept the letter that I got from the creditor and change the status to an r1 so I can see how much change there will be. Im really hoping to get a mortgage by years end and this will go a long way in getting me there if it works.