How much will a 5 yr old paid judgement affect your fico?

[TheRoadBack]

Was wondering how much a 5 year old paid judgement will affect a fico score?

Is it very little because it is 5 years old or very bad because it is still a judgement? ANy comments appreciated. Thanks!

[Ahntara]

The impact of any one item on your credit score is dependant upon ALL of the information showing in your file. There are general principles of scoring programs published here and other places on the internet. But, other than these; since the software is proprietary, and highly secret, there is no direct information to provide you with an answer.

[June]

Was wondering how much a 5 year old paid judgement will affect a fico score?

Is it very little because it is 5 years old or very bad because it is still a judgement? ANy comments appreciated. Thanks!

Comment: I believe "very little" where it is more than 3 years old AND

if this Judgment is the ONLY most Recent negative event on your report.

At the FICO Score Estimator @ bankrate.com, Question #10 reads

something like this:

Please indicate if within the last 10 years accounts referred to collections, charge off, repossession, bk, judgment, if answer is YES, there is a follow up question that reads: How long ago did the most recent negative event occur:

a. less than 1 year

b. 1-3 years ago

c. more than 3 years ago

It appears that OLD negative events; CAs, COs, BKs, REPOs, JUDGMENTs, etc.

(more than 3 years old) WITHOUT any recent negative events reporting

may affect FICO Scores "very little".

Best Regards,

June

[TheRoadBack]

thank you!!!!

[Lisa0825]

Comment: I believe "very little" where it is more than 3 years old AND

if this Judgment is the ONLY most Recent negative event on your report.

At the FICO Score Estimator @ bankrate.com, Question #10 reads

something like this:

Please indicate if within the last 10 years accounts referred to collections, charge off, repossession, bk, judgment, if answer is YES, there is a follow up question that reads: How long ago did the most recent negative event occur:

a. less than 1 year

b. 1-3 years ago

c. more than 3 years ago

It appears that OLD negative events; CAs, COs, BKs, REPOs, JUDGMENTs, etc.

(more than 3 years old) WITHOUT any recent negative events reporting

may affect FICO Scores "very little".

Best Regards,

June

What about CAs which are reporting accounts as if they are current, when the account with the OC is over 3 years ago? o those still have as much effect as a REAL current delinquent account?

[June]

What about CAs which are reporting accounts as if they are current, when the account with the OC is over 3 years ago? o those still have as much effect as a REAL current delinquent account?

Comment: A correctly reported Collection with a RECENT assigned date is a big deal. A correctly reported Collection is NOT that big a deal once it's over 3 years old.

June

[kevin3344]

One of the reasons you always want to keep a copy of your old reports, especially from EQ. The 7 year reporting period starts with the OC, not the CA. For example, here is a CO of mine from TU:

Date opened: 11/27/2002

Date reported: 10/15/2006 (they update every month, like I'm going to pay it)

Now, since we know the DOFD is REQUIRED by the FCRA, why doesn't TU show it? According to the FCRA, the DOFD is the date used when determining the 7 year reporting period. Based on info from TU, I might INADVERTENTLY pay on the CO, thinking the clock started in 2002, when in fact it earlier.

Anyway, my EQ report plainly shows:

DOFD: 6/2001

I can't say all bad things about EX and TU, they do say "this is to continue on record until 12/07" and "2/08", respectively, but I wish they would show the DOFD, since they have it in their records.

________

Live sex

Edited September 9, 2011 by kevin3344

[direred]

Was wondering how much a 5 year old paid judgement will affect a fico score?

Is it very little because it is 5 years old or very bad because it is still a judgement? ANy comments appreciated. Thanks!

Any public record is bad, but a paid judgment probably haunts you less than an unpaid one.

[pilgrimfaraway]

That simulator is beyond worthless. I was just playing with it today and simulated the impact if I took my current credit situation and went bankrupt tomorrow. It had me dropping about 50 points, but still happily over 680.

I ran the same simulator in myFICO and it comes up with a score of 490!

It's sad, but there is just no way to know. I can tell you that I got a 35 point boost from TU when I had a 5 year old tax lien removed, and that was against an otherwise disasterous credit report (at the time). If my report had been cleaner, I'm sure the boost would have been bigger.

It's sad that the simulator is useless, it would be nice to get a general feel for these things. But it is, definitely, a silly tool that produces a number just a bit more valuable than if it was randomly generated.

Ah....not going bankrupt, just testing the simulator

[direred]

That simulator is beyond worthless. I was just playing with it today and simulated the impact if I took my current credit situation and went bankrupt tomorrow. It had me dropping about 50 points, but still happily over 680.

I ran the same simulator in myFICO and it comes up with a score of 490!

The bankrate simulator really is useless. I've found the myFICO ones to be pretty accurate, though.