Credit reports can list derogatory public record or collection filed even if there is no record of an original delinquent credit account. This is due to the fact that while lenders must report credit information for addition to your credit file, evidence of judicial action is actively pursued by credit bureaus. Continue reading
Debt
Serious Delinquency
It is a fact that most credit scoring formulas devote 35% of their weight on your payment history. Within that component, there is considerable negative pressure on credit scores for each account that reports a serious delinquency. Continue reading
Debt Negotiation Advice for Charged Off Accounts
Negotiating your debt can be an unnerving experience. Whatever you do, always remember to be prepared. Know what type of debt can be negotiated first. Your credit cards, medical bills, and other unsecured loans are eligible for negotiation. Get this debt together, and decide on an amount you are able to pay back. If you know what you owe and what you are able to pay, you will not be desperate to take the first amount offered. (And, believe me, you never want to take the first offer.) Continue reading
Serious Delinquency and Public Record or Collection Filed
Your credit score is factored from a number of factors that identify potential risks based on your credit history. Some factors are more severe than others. When this factor is listed, it means that not only did you fall seriously delinquent on an account, but that it resulted in additional collections activity or legal action against you. This is listed as “serious delinquency and public record or collection filed.” Continue reading
Amount Owed on Delinquent Accounts
You might have considered getting a home equity or some other consolidation loan to save you from delinquent accounts that are racking up late fees. You put your hopes and trust in a financial institution that advertises exactly that service. Yet, they denied your loan application after pulling your credit report, and for good reason. The code “amount owed on delinquent accounts” is more detrimental to your credit scores than anything else. Continue reading
Eliminating Your Credit Card Debt
Let’s face it. The phrase “eliminating your credit card debt” is merely a case of semantics. Any website that says it can eliminate your debt or can make it disappear in minutes is lying, and you could get in legal trouble (or more debt) if you get services from these companies. The only surefire way to immediately eliminate your debt is to pay off the balance. If you can do that, then you don’t need any more paragraphs. However, it’s highly likely you can’t pay it all off in one lump sum. There are a few different actions you can take to gradually eliminate your credit card debt. Continue reading
Negotiating Your Credit Card Debt
Negotiating your credit card debt is not as simple as saying, “I want to negotiate my credit card debt.” It’s a good start, but it takes much more work and probably a few phone calls to straighten out your situation. You need to know who you’re talking to, when you’re doing it, and a written statement when it’s all said and done. Continue reading
Proportion of Loan Balances to Loan Amounts is Too High
Your credit application might get denied if your credit profile is flagged with a common risk code. If you are told the proportion of your loan balances to loan amounts is too high, then you are deemed to be borderline overextended on debt. Continue reading
Does getting credit counseling affect your credit score?
Getting professional help to get out of debt is an important step for many people who find themselves too deeply in trouble to handle repayment of loans and bills on their own. You should always consider going to a reputable credit counselor who can help you make a budget, gain control of your finances, and get back on your feet. Simply meeting with someone to go over your personal financial history and get advice will not affect your score in any way. Continue reading
What is the date of last activity?
On your credit score, there is a section called the Date of Last Activity. This is truly defined as the last activity, whether a purchase with the credit card, a payment on the debt, or anything else. Similarly, it can also be negative, like the delinquency date, or the last time anyone checked into your credit score. Managing your date of last activity is one factor that will lead to an improved credit score. Continue reading
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