i noticed that my fico score went down
2006-10-22 16:48:48 · 10 answers · asked by Anonymous in Business & Finance ➔ Credit
it is an account that i am paying off in a settlement for $50 a week. I send letters with every payment dated and signed asking for the debt to be listed paid as agreed. I am gonna have to fight for that. Everything else is on time and paid and open for the last 3 years.
2006-10-23 08:10:46 · update #1
my balance is $200
2006-10-23 08:11:07 · update #2
I am taking your advice studly and mscott. I am not gonna let this get me down. i know my score will go back up. glad it not any worse
2006-10-27 08:39:04 · update #3
Derogatory is referring to negative items and delinquent items.
It effects your score negatively.
If you have settled with a creditor then you generally have negotiated making payments lower than what was originally required to pay off your bad debt to them. They will normally accept a settlement because they have accepted the loss a long time ago. This does not mean they have to report you up-to-date or "paid as agreed" because technically you're not. The good thing is that you will eventually have a zero balance on that delinquent account and that always looks better.
2006-10-29 09:41:10 · answer #1 · answered by Abbi G 2 · 1⤊ 0⤋
As Studly said, you will need the creditor to write a letter saying that you have paid it off. So, hurry up and get it paid, then send that information to each of the credit bureaus letting them know that you have paid it and it is no longer an issue. It may take a month, or so after that, but it will eventually be taken off. Also, keep paying it in a timely manner. Your scores will go up as long as you keep making payments and don't try applying for more credit.
2006-10-27 08:17:22 · answer #2 · answered by m_scott123 2 · 1⤊ 0⤋
I worked as a bill collector and even answer some of these questions on our web site it's a debtors life. Your account is reviewed for payment by the creditor each month. If you have been late in the past and are now trying to cure your credit rating, it won't happen. You did not pay as agreed. The only way to fix it would be to get them to remove the derogatory. You would have had to do that before your letters and payments.
2006-10-30 07:45:32 · answer #3 · answered by itsadebtorslife 1 · 1⤊ 0⤋
As mentioned, a derogatory item is a very bad mark on your credit report. It shows an account that is delinquent, charged off, or is unpaid. Paying off the debt doesn't remove it! All it does is change the reporting to read "paid" but it still has derogatory information about collections and late payment. It has a very bad effect on your credit report, and you want to do everything you can to get it removed.
And you are blowing it!
You are on the right track....you are sending the creditor letters "requesting" that they remove it. That will not work!
The ONLY way to get a delinquent account removed is if the creditor removes the item himself. Once he has all of your money, you are going to find it very difficult for him to cooperate in helping you fix your credit.
You need to get him to agree, IN WRITING to delete this item before you pay him a dime more!
If the purpose of you paying this debt is to fix your credit, it's not going to work. You will end up paying him, and still having a bad credit report. You need to get him to agree up front to help you!
2006-10-23 08:42:32 · answer #4 · answered by Anonymous · 1⤊ 0⤋
derogatory means delinquent. a credit score is a score that is basically a snap shot of your credit status. so, if something is currently behind, it will show past due in your credit.... or, derogatory. it can also mean its a collection account or and account that has been delinquent in the past. anything derogatory in your credit affects your credit score NEGATIVELY. work to bring those delinquent accounts up-to-date and keep them current. otherwise, the delinquent credit will compound, and your score will decrease at a faster and faster rate. hope this helps!
2006-10-22 18:53:39 · answer #5 · answered by abcdgoodall 4 · 0⤊ 0⤋
It means something that affects your credit score in a negative manner. It can mean deliquency, a judgement, a lien, suit being filed, or a negative comment by a creditor as to your payment history, even if it's settled.
2006-10-23 05:13:43 · answer #6 · answered by MJ 4 · 0⤊ 0⤋
It means to belittle,lower and put down.
Derogatory remarks on a credit report will make a credit score go down in points.
2006-10-22 17:04:03 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Write a letter to eac of the Cedit Reporting Agencies. Mail each credit reporting agency a copy of the letters you sent to your debtors.
2006-10-30 11:21:01 · answer #8 · answered by newyorkgal71 7 · 0⤊ 0⤋
So, let's assume Equifax bought my original account from Chase Bank. My status is marked as DEROGATORY. Is Chase the only one capable of removing this negative mark from my credit status? Or will Equifax be able to do it once the account is settled, let's assume? I understand that everything has to be settled in writing before any dollar amount is sent to pay off my debt. Once that's settled, does my score then immediately go up? Or do I have to wait months before I see a positive boost on my credit status?
2014-09-07 22:20:00 · answer #9 · answered by Texas Hornfrog 1 · 0⤊ 0⤋
derogatory is not good! write a letter to the credit bureau reporting this and insist they include your explanation letter with your file!
2006-10-30 04:44:06 · answer #10 · answered by karen h 3 · 0⤊ 0⤋