dgold21 Posted April 23, 2003 Report Share Posted April 23, 2003 Question...what should I tackle first (as in, what would have a more immediate impact)...a couple 30's from a year ago, or a couple 90's from 1997, or a collection from 1999? What's the pecking order, and how much weight is placed on how long ago the "incident" is recorded? Link to comment Share on other sites More sharing options...
creditmess Posted April 23, 2003 Report Share Posted April 23, 2003 collection listings first...then charge offs, then lates... Link to comment Share on other sites More sharing options...
morrow Posted April 23, 2003 Report Share Posted April 23, 2003 Technically you could (and I suggest you do)tackle them all at the same time.Creditmess has just listed them in order of importance. Link to comment Share on other sites More sharing options...
Swede Posted April 23, 2003 Report Share Posted April 23, 2003 <blockquote>Originally posted by creditmesscollection listings first...then charge offs, then lates...</blockquote>Sorry to disagree but you should do recent first. A recent late can effect your score moreso than an old collection. Remember, the biggest part of your score is in the payment history- the more recent, the worse it is.<blockquote>Originally posted by dgold21What's the pecking order, and how much weight is placed on how long ago the "incident" is recorded?</blockquote>Here's an overview of what's calculated into your score:Payment history (35%). The largest factor determined on your FICO score is your basic payment history. The number of unpaid bills you have, any bills sent to collection, bankruptcies etc... The more recent the problem, the lower your score. Outstanding Debt (30%). Are your cards maxed out? High balances or more precisely, balances that are close to your credit limit can negatively effect your score. Keep your balances below 30%.Length of your credit history (15%). How long have your accounts been open? The longer, the better. Recent inquiries (10%). Every time you apply for credit of any kind, you create an inquiry on your credit report. Lots of Inquiries negativly effect your score. Types of credit in use (10%). Current loans from finance companies. How many and how much. Link to comment Share on other sites More sharing options...
dgold21 Posted April 23, 2003 Author Report Share Posted April 23, 2003 Thanks...I've been lurking for the past week, looking for tips...actually was looking for the one definitive FAQ with all my answers, but interactive works great too! Seriously, tons of great info here... Link to comment Share on other sites More sharing options...
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