My FICO above is reported by TransUnion who shows only 8 total accounts in my history while experien shows 10. I have never paid late and have only 1 derrogatory item (still disputing it; credit fraud from 9 years ago).
2007-05-17 06:26:44 · 7 answers · asked by madam_noe 2 in Business & Finance ➔ Credit
Its impossible to know without seeing your complete report
How much total debt you have does not nessacraily effect your credit score. If you are maxxed out some of your cards it will help you. Simply having debt is not what causes credit scores to drop or raise. I have always had a bunch of credit card debt but my score is 730. Mainly because I have never missed one payment and dont keep my balances their limit. But the problem is that your derogatory trade is still going to show up on your report. I would expect an increase of maybe 20-30 pts.
Until thar derogatory accounts drop off your score will not be able to get much higher....
2007-05-17 06:32:45 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The fico estimator that smoker listed is a pretty good way to get an "estimate" of what your scores will look like after you pay off the $20k (which should be pretty good after paying that much off) - as long as you are accurate in what you put in you should get a pretty good estimate.
Your scores should reflect the payment as soon as the creditor reports the payment to the CRA's. Whatever time of the month the creditor normally report is when you should see the difference in your score.
Another poster mentioned that filing a dispute with the CRA's makes the account re-age - false. If it is re-aged that would be illegal.
If the derog has been on your reports for 9 years the CRA's are violating your rights - it MUST come off in 7 years from the obsolescence date, no ifs, ands or buts. Plus, if it was from ID theft, it should be removed no matter what the date was.
If you have been fighting that derog for awhile, it's time to step it up. File an online complaint with the FTC and also file complaints your AG and the AG in the state for whoever is verifying the bogus account.
The FTC will not do much unless they have many complaints, so you would make a copy of your online complaint and include it with your next dispute with the CRA's. (the CRA's don't like it when their name ends up on an FTC complaint, esepcially when the complaint is ligit, so they will probably work harder to resolve the issue)
If they continue to report it and you have created a solid paper trail of the violations, sue them.
2007-05-17 10:23:51 · answer #2 · answered by echo 7 · 1⤊ 0⤋
Too bad you have the dispute open, derogs are dropped after 10 years. Any dispute starts the reporting all over again for another 10 years.
If you pay everything down to 0 its not going to help your credit. Pay everything almost all the way off, but keep a very small balace even if you incur interest on it. If an account or several accounts are paid to 0 it signals you might have just taken out a large loan, plus it prevents the monthly reporting for payments made as agreed.
2007-05-17 06:36:42 · answer #3 · answered by Jacque w 3 · 0⤊ 2⤋
Credit Bureaus don't update until 30-90 days so don't expect immediate results.
2007-05-17 07:15:09 · answer #4 · answered by mrssainsarg 3 · 0⤊ 0⤋
It will take at least 30 days to hit your report as paid, but other things are considered for you score - lenght of time for your credit history etc......
2007-05-17 06:36:52 · answer #5 · answered by JC 2 · 0⤊ 0⤋
check out this link http://www.bankrate.com/brm/fico/calc.asp?lpid=BKRATE29
it's an online FICO score estimator
2007-05-17 07:39:26 · answer #6 · answered by smoker joe 2 · 1⤊ 0⤋
700 or so and good job on paying off your debt and try to keep it that way...
2007-05-17 06:33:31 · answer #7 · answered by shorty21 5 · 0⤊ 0⤋