www.washingtonpost.com Financial writer is holding live chate with Craig Watts of Fair Isaac right now. First Q: I'm paying chargeoffs so that they will ultimately reflect "paid chargeoff" is there anything else I can do to help my score before the magic 7 year mark? First A: No - keep doin gwhat you're doing. What a bunch of crap.....this woman should know that it's going to be 7 years from when she finishes paying off the chargeoff before her credit improves.... If you have time, head on over there and submit some tough questions.....
I can't find the chat area either? I did get a question in though and would love to see the response. I asked him why the FICO scoring system re-ages accounts that are disputed and verified.
Washingtonpost.com: Live Online Gaithersburg, MD: I always get a variety of answers to this question and hope you can clear it up for me. When I use my Visa Check/Debit card is that reflected on my credit report? Thanks! Craig Watts: It will show up on your credit report if your creditor reports your activity to a credit bureau. Only way to know for sure is to check your own credit report. =================== What does your checking account have to do with your credit or score? Next thing you know they will be reporting all of your checking account activity to the CRAs and using it as a Neg. to trash your credit and lower your score. `````````````````````````` ```````````````````````````` Glendale, Calif.: Why is that FICO will hold negative info against you for 7 years or more and felons and other criminals are punished less for more severe crimes? Craig Watts: Now THERE'S an interesting comparison. The seven-year rule was imposed on the credit bureaus by the federal government. FICO scores use the information on credit report, but have no control over what goes on your credit report in the first place. You control that by the way you handle your credit. ======================= Watts side steps the issue by trying to put the blame for the 7 year thingy on the feds. The END ************************* LB 59 Washingtonpost.com: Live Online
lb, That was an infuriating chat. Many questions, like the one you just posted had little to do with score. It's so maddening that Fair, Isaacs places so much weight on credit reports when they have been proven to be incorrect in many cases. Plus, they refuse to make any of their scoring models public. And, the inconsistency (just look at this board) among scoring just creates distrust amongst consumers and these behemoth corporations. Aaarggh.
I like this sage advice offered by Mr. Watts: Washington, D.C.: Thank you for taking my question. I made a classic early 20's blunder and let an old boyfriend use an calling card I had in my name. Needless to say, we broke up and, out of spite, he ran the bill sky high. I cancelled the card, but the debt was still put on my credit report. He and I fought back and forth over it for a few years before I decided to just cut him off and pay the bill myself. This balance is doing major damage to my credit and I'm not sure of the best way to handle it. Should I drain my savings and pay it off in one lump sum, or try and work out a payment plan with the phone company? This is the only glaring debt I currently carry. Craig Watts: It sounds like your decision involves more than its possible impact on your FICO score. But where your score is concerned, you'll help it the most if you pay your creditor what you currently owe now, rather than let an overdue account continue to get more overdue. FICO scores aren't affected by what's in (or not in ) checking accounts or savings accounts. What a jerk!
Hangman's Hill in Andersonville, it could be worse... ryder ================ What is this ? ? ? ? ? ? ? The END ************************* LB 59
