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Discussion in 'Credit Talk' started by Cyprigirl, Jun 24, 2001.
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I don't think you'll get an answer to this..there are too many other variables and no one has been able to figure it out...Sorry!
I have one charge-off on my report right now. In addition, I have six accounts in good standing, no lates, overlimit, nothing. I currently have a score of 641. I will be settling the charge-off for half the amount in exchange for a "paid in full" status to be applied to the account. I'll let you know if or how much my score rises with the new information. I hope it does. It should. It's still a negative mark I'm sure but it must be better than an R9 charge-off.
I was under the impression that a unpaid and a PAID IN FULL, Charge-Off are in one the same negative notations.
Why pay off the charge-off, if it will have little effect on your credit standing?
JUST MY REASONING!!!
I have also heard that as well. There is little or no difference between a paid charge off and a charge off. I have also read the best thing to do is to negoitate a settlement with the origianl creditor which includes "unrating" the account. This is a nuetral rating that will not affect your score and creditors seem to be more receptive to it rather then change a negative listing to a positive.
Ok check this out.
I recently had an old collection account added to EX file and it knocked down my score 11 points. It will come off because the creditor has agreed to cancel the debt because it did not belong to me. I already disputed this item with TU and EQ, and they have deleted it , but it was just added to EX this week. I don't know why EX is reporting this now, but it did knock my score down. So I guess what I am asking is did anyone who checks the report reguarly notice something similar as to what happened to me.
Also Exeprian keeps your score the same regardless of whether you are disputing.
I think Euifax is doing the same thing, although my score has jumped considerably when some disputed item were being investigated and then were deleted, but i am disputing 4 more this month and my score is still the same. I did get two extra points because a Citibank loan that was reporting was updated to no late pays.
I kind of figure, if we can get a concensis of this happening to many people maybe we can firgure out how much the COll and Charge are worth.
Thanks in advance
Sorry about my spelling...... Concensus
Really? Oh thanks, I think I'll ask for that neutral rating then. I want to pay the charge-off because it's from Capital One and they add about $250 a year in interest. The higher the balance the worse my score gets.
What does everone think ?
I think you'll find that the collection effect is more than two dimensional in regards to fico.The new collection has an effect,but not the same point value for each person.The reasons for this are partially based on the strength of the rest of the report, how long open, other lates or blemishes....yada,yada..blah..blah.
The ding factor is however,also a proportional function of how long the delinquency exists or was generated on the credit report,ie ,the newer the collection,the more points are taken off.As time goes on, the collection seem to have less impact on the scores,including fico.
Your going to have a difficult time deciphering the logic that goes into fico.
No one answer is correct except for one given moment in time.
And that's when you get your score...
As far as the the question of how much effect a unpaid verses a paid collection has,the biggest effect is when you apply for credit with a lender considered to be closer to a prime lender, or a mortgage lender they will automatically reject your application if there is an unpaid collection on your report and not consider it untill you pay it.
I think that the fico/experian score formula is anybody's guess. I will add this, though.
I recently had a Collection account deleted from my Equifax that was from 1998. I have another collection on there too from a year or two earlier. Lots of lates from 99.
One collection account deleted, about the time I added two new (small limits though) credit accounts. The score impact was +20.
I was thinking that a collection account might be an all or nothing effect-meaning if you have one, the fact that you may have two or four or ten for that matter is pointless. I have no collections on Experian-and that score is lower than Equifax by 70 points! I know that it is different models, but basically Experian has most of the same info with the exception of the collection and is substantially lower!