Separate names with a comma.
Discussion in 'Credit Talk' started by kev0153, Jul 26, 2016.
Barclaycard Ring™ Mastercard®
No annual fee, No balance transfer fees, No foreign transaction fees, Low interest!
CREDIT CARD WITH NO ANNUAL FEEBarclaycard Ring™ Mastercard®
Credit One Unsecured Visa®for Rebuilding Credit
Credit card for people with bad credit to rebuild credit!
BAD CREDIT CREDIT CARDCredit One Bank® Rebuild Credit
First Access VISA® Credit Card
Access to credit even with bad or limited credit! Reports to 3 major credit bureaus and accepted wherever you see the Visa® sign. Get application response in 60 seconds.
CREDIT CARD FOR BAD CREDITFirst Access VISA®
Green Dot primor® Visa®Classic Secured Credit Card
Credit lines available up to $5,000! Reports to three national credit bureaus; perfect card for reestablishing credit.
SECURED CARD FOR REBUILDING CREDITprimor Secured Visa Classic
Credit One Bank® Unsecured Visa® with Cash Back Rewards
Get cash back on every purchase. Unsecured credit card with monthly monitoring for credit line increases. Improve your credit history with responsible use.
CASH BACK UNSECURED VISACredit One Bank
Are you positive nothing else changed on your credit reports? And are you referencing a FICO credit score? Paying the collection should really have no immediate impact on your FICO scores, but congrats on the 20-point gain nonetheless.
Your post intrigued me so I started doing some more research into the newest version of the FICO credit score- FICO Score 9. I came across this quote from one of FICO's recent press releases:
"Among many enhancements in FICO® Score 9 is the way consumer accounts are treated after they are sent to collection agencies. First, any collection account that is paid in full is disregarded. Second, FICO® Score 9 differentiates unpaid medical accounts in collections from unpaid non-medical accounts in collections. FICO's research found that unpaid medical accounts were less indicative of credit risk than unpaid non-medical accounts. In fact, building the most predictive credit score requires treating medical collections this way."
To me, this means that the new FICO 9 credit score simply disregards paid in full collection accounts. In addition, the FICO 9 credit scoring model is looking at medical collections in a different light as well, which means they likely don't have as great of a negative impact on your credit score as unpaid non-medical collections.
So maybe this is what you're experiencing with the Time Warner collection you paid in full? If so, this is a really positive change for consumers and one I definitely need to research more. The FICO 9 Score was made available to consumers this year; however, I doubt many lenders have adopted it already. Lenders move very slowly on this kind of stuff.
It's always hard to tell what is changing when using credit karma. I believe they use vantage.
Yes, CreditKarma provides the VantageScore, which I believe still treats both paid and unpaid collections the same.