2007-06-25 12:31:49 · 3 answers · asked by lala 1 in Business & Finance ➔ Credit
duh ... yes, of course. They'll report that they settled with you instead of reporting that you paid in full, but late.
??
2007-06-25 12:36:09 · answer #1 · answered by Spock (rhp) 7 · 0⤊ 0⤋
The following 5 critical factors affect your credit score in a major way. By knowing these you can keep a check on them and make your credit score a healthy one.
1. Re-payment history
This factor carries the highest weight in your credit report. How steadfast are you in repaying your loans, makes your credit report shine. Experts claim that this factor alone accounts for 35% of points in your credit score. So, if you falter on repayment front it is sure to be reflected poorly on your credit score.
2. Outstanding debt
The next comes your debt burden. How much you owe is a factor that according to experts carries about 30% weight in your credit score. This is
30% is based upon outstanding debt. To get a better score it is advised that you keep your outstanding debt to a minimum.
3. Length of your established credit history
The time for which you have a credit history also matters. The longer your established credit history the more credit reporting agencies believe in you. This could be simply because of the fact that they have more data to analyze your financial position. Experts give it a 15% weight in determining your credit score.
4. The state of your financial accounts
How much money do you have in your bank account, your income levels, your house, car, your assets etc. comes the next. A healthy bank account reflects a healthy credit score. Experts find that credit reporting agencies give this factor 10% weight while determining your credit score. Read more from: http://www.credit-card-gallery.com/article/204,5_critical_factors_affecting_your_credit_score
2007-06-26 05:30:13 · answer #2 · answered by alexa dion 3 · 0⤊ 0⤋
If the card is charged off. then you are doing the right thing. the card company will report on the credit reports that a settlement was made. it will get you on the road to recovery. If you pay great and its not charged off. yes it will
2007-06-25 19:38:14 · answer #3 · answered by Eden 3 · 0⤊ 0⤋