tdhssbn Posted May 17, 2007 Report Share Posted May 17, 2007 Does your score benefit more from and account being listed as "pays 120 late" back in 2004 or as being reported "wage earner plan". Or is either one just as bad as the other? Link to comment Share on other sites More sharing options...
lyle7289 Posted May 17, 2007 Report Share Posted May 17, 2007 A derog is just that "derogatory"Your FICO score dosn't know the difference. That is why it is listed here sooo many times that a paid collection is just as bad as an open one. A late is a late. Link to comment Share on other sites More sharing options...
direred Posted May 17, 2007 Report Share Posted May 17, 2007 There is a bucket category difference between charge-off and paid, was a charge-off, and therefore these two items can be scored differently (and in fact are IME).Not really true for collections -- there is a change of status, but it doesn't seem to make a score difference. Link to comment Share on other sites More sharing options...
tdhssbn Posted May 18, 2007 Author Report Share Posted May 18, 2007 I guess my question then, is did I make a mistake by forcing the OC to report my account as 120 day late as late as 2004 or should I have left the reportiing status as WAGE EARNER PLAN? I thought that the FICO did not look beyond 2 yrs for late payments and that it would be scored better if the 120 late occurred in 2004 vice it showing as currently WAGE EARNER PLAN Link to comment Share on other sites More sharing options...
hiblues Posted May 18, 2007 Report Share Posted May 18, 2007 read my signature Link to comment Share on other sites More sharing options...
tdhssbn Posted May 19, 2007 Author Report Share Posted May 19, 2007 I saw your siggy HI, but someone out here has an answer. Is a IIB better then a 120 late over 3yrs ago? Or did I do the right thing by getting the IIB off and the 120 day late thing on there? I heard that anything you paid late more then 2 yrs ago does not affect you too much. Link to comment Share on other sites More sharing options...
MissSilence Posted May 19, 2007 Report Share Posted May 19, 2007 From what I can tell by the roller coaster ride my scores have been on, the older collection accounts dont seem to be bogging down my score as much, not really sure if its all because of their age or if my more recent credit history is more positive. I'm thinking that age may be a factor in it since I had a really old collection account deleted and my true fico didnt move much just 3 points. I got a good increase of over 30 points by paying down my credit card to below 30%. Last year I had paid a collection account and it only raised my score by 12 points.......but hey every little bit helps alittle so i aint complaining. I think with the fico scores its very much a YMMV thing Link to comment Share on other sites More sharing options...
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