So a few months after finding out about an old collection I never knew about, I checked my credit and found that my score has since rebounded for the most part.
My Experian score is in the 740 range or 'Excellent'
My Equifax score is in the high 670's or 'Fair' mainly because for some reason the collection is still showing.
My TransUnion score is in 700 range again because for some reason the collection is still showing.
- I will have to contact Equifax and Transunion obviously though because they are getting some bad information and my Equifax score actually dropped from last time.
My fiance on the other hand appear to have things more than under control - she pulled only one score but that score is in the 720's - so not bad at all.
After, I talk to/contact Equifax and TransUnion I think I might just take the asterisk (*) away from 'Reggie, another kid with good* credit' - cause it just about is 'good' again now.
Showing posts with label collections. Show all posts
Showing posts with label collections. Show all posts
Friday, February 29, 2008
Friday, October 5, 2007
Net Worth over Credit Score
So yesterday,
much to Single Ma's dismay, I decided to take the collection company's offer and took their 'settlement in full' deal. I decided that my Net Worth and getting behind my debt is more important than 'fighting' with the collections company and my temporary credit score.
Yes, the settlement in full will likely negatively affect my credit for a few years to come but, a settlement in full is much better in my opinion than to have it drag on my credit score for a few months while I spend time and energy researching archaic pieces of the Fair Credit Reporting Act and trying to find a loophole out of it.
Honestly, I don't think the damage done will be that bad. When I first discovered the blip on my credit, I noticed that while my score had gone down about 40-60 points, the drop still left me within the 'good credit' zone as my scores ranged from 688 -710. However, I panicked, ran out and got a 0% credit card that wasn't used until this week (to pay off the $200 settlement balance) and this in turn took another 10 pt hit to my lowest score of 688 to 678 - or average.
So now I have average credit but, I'm guessing the settlement of the debt will raise my credit score further - although at a slower pace - and eventually I will be well back into the 700's (good-great) range. Especially when I correct some errors on my credit report about address, employer and even ending balances on accounts.
More important to me right now is raising my net worth as well as my cash flow which is currently pretty low. I don't plan on buying a house for another two years and I'll probably be married by then...which brings up a whole 'nother issue entirely.
I am trying to get engaged in the next 3 months or less and although it may seem small to some that $600 discount/income/whatever will definitely help me shop for a ring faster than sitting, worrying about the debt, and stressing in general over a piddly $1,600, blind-siding collection.
On top of an engagement ring I am planning a benchmark, surprise birthday party for a relative with little help from another relative (i.e., Dobson) - thus far. The birthday party will set me back at least $250 and most likely more as we are planning to pay for the tab.
Ultimately the decision to settle-in-full is one less worry for me. I'd bore you with my other over-stretched obligations (investment club) but I think I've ran long on this post already.
Thanks for reading!Enjoy your weekend.
much to Single Ma's dismay, I decided to take the collection company's offer and took their 'settlement in full' deal. I decided that my Net Worth and getting behind my debt is more important than 'fighting' with the collections company and my temporary credit score.
Yes, the settlement in full will likely negatively affect my credit for a few years to come but, a settlement in full is much better in my opinion than to have it drag on my credit score for a few months while I spend time and energy researching archaic pieces of the Fair Credit Reporting Act and trying to find a loophole out of it.
Honestly, I don't think the damage done will be that bad. When I first discovered the blip on my credit, I noticed that while my score had gone down about 40-60 points, the drop still left me within the 'good credit' zone as my scores ranged from 688 -710. However, I panicked, ran out and got a 0% credit card that wasn't used until this week (to pay off the $200 settlement balance) and this in turn took another 10 pt hit to my lowest score of 688 to 678 - or average.
So now I have average credit but, I'm guessing the settlement of the debt will raise my credit score further - although at a slower pace - and eventually I will be well back into the 700's (good-great) range. Especially when I correct some errors on my credit report about address, employer and even ending balances on accounts.
More important to me right now is raising my net worth as well as my cash flow which is currently pretty low. I don't plan on buying a house for another two years and I'll probably be married by then...which brings up a whole 'nother issue entirely.
I am trying to get engaged in the next 3 months or less and although it may seem small to some that $600 discount/income/whatever will definitely help me shop for a ring faster than sitting, worrying about the debt, and stressing in general over a piddly $1,600, blind-siding collection.
On top of an engagement ring I am planning a benchmark, surprise birthday party for a relative with little help from another relative (i.e., Dobson) - thus far. The birthday party will set me back at least $250 and most likely more as we are planning to pay for the tab.
Ultimately the decision to settle-in-full is one less worry for me. I'd bore you with my other over-stretched obligations (investment club) but I think I've ran long on this post already.
Thanks for reading!Enjoy your weekend.
Friday, August 31, 2007
Happy Labor day - I'm avoiding labor.
So Although I have to work a wee bit on Monday, I plan to chill for the next 48 hours.
I did happen to get my new 0% card unfortunately, the credit line is only $1000.
Fortunately, it appears I'll be able to put $400 towards my collection bill - taking the total down to $1219.
I look forward to destroying my debt.
Going to hang out with the girlfriend tomorrow.
I did happen to get my new 0% card unfortunately, the credit line is only $1000.
Fortunately, it appears I'll be able to put $400 towards my collection bill - taking the total down to $1219.
I look forward to destroying my debt.
Going to hang out with the girlfriend tomorrow.
Friday, August 24, 2007
24 hours and $1700 poorer...
So, as I was just beginning to enjoy my debt free status - I had that status quickly ripped from me when I pulled my credit late last night.
By pulling my credit it revealed that I had a medical bill collection on my credit from December 2006 which wasn't reported to my credit until February 2007 - 1 month after I checked my credit!
I called the collection agency today and asked if they had ever sent me a bill. They said "yes, back in December"
I asked them where they sent it to and confirmed my address but, I know I haven't received ANYTHING from them at all.
I asked if they ever called, "yes we called once in March" I never recall getting ANY call, as I know I would have called them back immediately.
I almost wanted to ask "Are you really in the collection business? you called once in March?"
With this new setback, I think I'll focus on getting engaged and put this bill on the back burner. So many thoughts, so little time.
I've already got another 0% card in the works which is loosely related to me loosing my cell phone(this is a whole 'nother story altogether). I might do the unthinkable, I might, buy a ring using a credit card and also put the collection on the credit card... if it's 0% and I can get a deal - a great deal actually with the ring, it might all work out for the best. I think I'll run and check on that option right now actually.
Anyone have any opinions?
By pulling my credit it revealed that I had a medical bill collection on my credit from December 2006 which wasn't reported to my credit until February 2007 - 1 month after I checked my credit!
I called the collection agency today and asked if they had ever sent me a bill. They said "yes, back in December"
I asked them where they sent it to and confirmed my address but, I know I haven't received ANYTHING from them at all.
I asked if they ever called, "yes we called once in March" I never recall getting ANY call, as I know I would have called them back immediately.
I almost wanted to ask "Are you really in the collection business? you called once in March?"
With this new setback, I think I'll focus on getting engaged and put this bill on the back burner. So many thoughts, so little time.
I've already got another 0% card in the works which is loosely related to me loosing my cell phone(this is a whole 'nother story altogether). I might do the unthinkable, I might, buy a ring using a credit card and also put the collection on the credit card... if it's 0% and I can get a deal - a great deal actually with the ring, it might all work out for the best. I think I'll run and check on that option right now actually.
Anyone have any opinions?
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