Results 1 to 11 of 11

Thread: Lowered Credit Score

  1. #1
    Featured Member MadisonM's Avatar
    Joined
    Oct 2005
    Location
    Wisconsin
    Posts
    1,424
    Thanks
    0
    Thanked 10 Times in 8 Posts

    Default Lowered Credit Score

    Grrrr... I'll try to make this short. I don't live with my parents, but all my mail still gets sent there. Well they're often not very good at separating my mail from everyone else's, so I usually go over there 1 or 2 times a week to get all my mail and dig through all the piles of mail to find mine. I've told them many times that as soon as they get the mail, they should look through it and put mine on a seperate pile right away, but they never do. So yesterday my mom cleaned the kitchen and dining room and sorted through all the mail, and found some bills of mine that I had not found myself (they were buried underneath piles). One of my bills said that my account is delinquent, and it has been reported to a credit agency. If my credit score is lowered by this, how long will it take to raise it again? Will it be easy to raise my score back up by paying off this bill? It was only about a $300 bill, and I just payed half and sent it in this morning, and on the next bill I'm planning on paying the rest off. I don't want to have my score lowered because I would like to buy a house within the next year. I know bankruptcy stays on your record for a long time, but what about late (delinquent) payments like this? Am I worrying over nothing?
    Take the road less traveled- just make sure you have a map.

  2. #2
    God/dess VenusGoddess's Avatar
    Joined
    Oct 2003
    Location
    Home
    Posts
    13,598
    Thanks
    0
    Thanked 28 Times in 23 Posts

    Default Re: Lowered Credit Score

    You should have all of your bills sent to wherever you are living. You are doing yourself a disservice if you know that your parents are disorganized when it comes to bills/mail and to allow yourself to keep depending on them to get this mail to you...its going to hurt you somewhere down the line.

    If its ONE account that was reported to collections and this bill gets paid off to the original creditor...then the collection activity will stop...however all negative (and positive) information stays on the report for 7-10 years. If its just this ONE account that this happened to out of many years of good credit reporting...it probably won't make that much of a difference...especially if you can send an LOX at mortgage time to explain what happened. Chances are it won't hurt you much. However, if you keep allowing your mail to go to your parents and keep depending on them to get all your mail to you...it could impact your score fairly hard if you keep getting collections because you are not paying the bills because they are hidden under pills of bills/mail.

    Transfer all of your mail to your own address so you won't have to worry abou this.

    Hope this helps.

  3. #3
    Featured Member Hello_Kitty27's Avatar
    Joined
    Apr 2005
    Location
    Chicago
    Posts
    1,818
    Thanks
    0
    Thanked 2 Times in 2 Posts

    Default Re: Lowered Credit Score

    You shoud call the creditor and try to butter them up. Explain the mistake, that you've sent the payment in,etc. If they haven't reported it yet, this could really help you out. Even if they have, there's a chance they can take it off your credit report. (Although many people do not believe that this is possible, it has happened to me before....you have to kill 'em with kindness!) It doesn't hurt to ask.

    PS I haven't lived at home with my parents for 9 years and I still have all my mail go there. I know it's not the ideal situation, but I've moved around WAY too much to want to deal with all of the change of address things.






    (just click to donate FREE food to those in need...REALLY!)

  4. #4
    Featured Member MadisonM's Avatar
    Joined
    Oct 2005
    Location
    Wisconsin
    Posts
    1,424
    Thanks
    0
    Thanked 10 Times in 8 Posts

    Default Re: Lowered Credit Score

    ^^^ That's why I haven't changed my address yet (well one of the reasons). I'm in my fourth year of school, and have moved 5 times so far. When I moved into my current place with my bf, we didn't plan on staying here long. So I just never changed my address. I know I really need to, and I'll do it probably next week, but since I go to my parents' house a couple times a week anyway, I just never felt the need to change my address until now.
    Take the road less traveled- just make sure you have a map.

  5. #5
    PhillyDancer1982
    Guest

    Default Re: Lowered Credit Score

    There is still hope that it hasn't been reported yet...

    If it is a pastdue bill that has gone to collections, the collections agency doesn't report it to the credit bureaus until ~60 days after it hits collections. This 60day period is kinda like a grace period/window. And if it is already on your credit report, then you can negotiate with them that you will pay it in full, ONLY if they delete the collections account from your credit reports. If all else fails, just wanted to let you know that TransUnion is one of the 3 credit bureaus that will only report collections if the balance on the collections account is $100 or higher; so if you pay off the collection(or at least pay it to $99 or less), it WILL be erased from TransUnion. As far as the other two(Equifax and Experian), if it is already reported to collections, it will stay there for 7yrs from the date that the bill first came delinquent(unless you get the collections agency to delete it).

    If it is a credit card or loan lateness, then it will not be reported to the credit bureaus until it is 30days pastdue. So if you are a week late, for example, you will suffer with late fees and possible interest rate increases...but your credit will be saved. It is not until the 30day pastdue mark that it will be reported. Most credit card companies consider your account "delinquent" even if it is only a few days pastdue. They do that to scare you into paying up. Some credit card companies(such as Providian) will call you and harass you if the bill is only a few days late, and most will call you to notify you BEFORE it goes to collections or is reported, so you can do something about it.

    I've had an experience a few years ago where I had a pastdue parking ticket. The ticket grew exponentially in size from late fees and court fees, and eventually they issued a bench warrant with a stamp on it that said that the state, county, AND credit bureaus were notified. Shortly after, I started dancing so I was actually able to pay off the parking ticket...and so I did. Whaddyaknow, the damn parking ticket never appeared on my credit report...even though the stamp on the overdue notice claimed that the credit bureaus had been notified. And I didn't even pay the ticket until a few weeks after they sent out that notice. So it is very possible that it hasn't hit your credit report yet. Go to annualcreditreport.com and request a free copy of your credit report from all 3 bureaus to be sure.

  6. #6
    Featured Member MadisonM's Avatar
    Joined
    Oct 2005
    Location
    Wisconsin
    Posts
    1,424
    Thanks
    0
    Thanked 10 Times in 8 Posts

    Default Re: Lowered Credit Score

    It wasn't sent to collections yet, but on the bill it said it was reported to a credit agency (didn't say which one). So I sent them a payment for $160 (the total balance was $284) and the amount due was $100. So I sent them $60 more than the amount due including late fees, so I think I'll be ok.
    Take the road less traveled- just make sure you have a map.

  7. #7
    God/dess
    Joined
    Jun 2006
    Location
    North side of no-where
    Posts
    2,279
    Thanks
    0
    Thanked 3 Times in 2 Posts

    Default Re: Lowered Credit Score

    ^^ A word of advice if your doing a lot of moving, get a PO Box, or MBE address. Go to a mail redirector if you have to. Imagine you have the same name as one of your parents, not only do they get all your mail, they may open by mistake... has not happened in years, but yeah alternative options exist.

    Also consider e-bills if you know your going to have a stable email/internet connection. Although I have to admit I don't quite trust American companies with e-billing yet, even though I pay most of my bills electronically.
    One more cup of coffee for the road,
    One more cup of coffee 'fore I go
    To the valley below....

    Slowly moseying my way to the exit.
    A Blogging?

  8. #8
    Featured Member Katherine's Avatar
    Joined
    Oct 2004
    Location
    NYC Baby
    Posts
    1,359
    Thanks
    0
    Thanked 8 Times in 8 Posts

    Default Re: Lowered Credit Score

    ^^^ Cherryripeboy took the words right outa my mouth... get a PO box.

    Sophia_Starina = stripper goddess


    "Guys are so damn lame, the only way they can halfway make up for it is by opening their wallets."

    AznExtasy

  9. #9
    Featured Member Vamp's Avatar
    Joined
    Jul 2004
    Location
    Missouri
    Posts
    1,111
    Thanks
    271
    Thanked 757 Times in 289 Posts

    Default Re: Lowered Credit Score

    Quote Originally Posted by MadisonM View Post
    It wasn't sent to collections yet, but on the bill it said it was reported to a credit agency (didn't say which one). So I sent them a payment for $160 (the total balance was $284) and the amount due was $100. So I sent them $60 more than the amount due including late fees, so I think I'll be ok.


    Have you called the credit card company? Call them and make sure they know you intend on paying off the credit card in full. Even though your sending in payments, if their is no note from an advisor on the account, it may send it to collections any way. Each credit card company is differant. Most changes on an account are automatic by their computer system. I would call them just to be sure.

    If it hasn't been sent to collections, the late payments will remain on your credit report. Late payments are sort of like inquiries on a credit report in the sense that the longer time goes on the less impact they have on the score. If everything else on your credit report is strong it will be ok in a few months.
    Nature knows no indecencies; man invents them. ~ Mark Twain


  10. #10
    Featured Member Vamp's Avatar
    Joined
    Jul 2004
    Location
    Missouri
    Posts
    1,111
    Thanks
    271
    Thanked 757 Times in 289 Posts

    Default Re: Lowered Credit Score

    Quote Originally Posted by Hello_Kitty27 View Post
    You shoud call the creditor and try to butter them up. Explain the mistake, that you've sent the payment in,etc. If they haven't reported it yet, this could really help you out. Even if they have, there's a chance they can take it off your credit report. (Although many people do not believe that this is possible, it has happened to me before....you have to kill 'em with kindness!) It doesn't hurt to ask.

    PS I haven't lived at home with my parents for 9 years and I still have all my mail go there. I know it's not the ideal situation, but I've moved around WAY too much to want to deal with all of the change of address things.

    This coming year credit card companies are tightening their belts. What used to work wont work in the future. Everything is now based on your profitiblity. We actually have a computer program that does all the calculations for us and tells us if we can give back credits or do what your asking. Whether you butter them up, threaten to close your account, or throw a tantrum wont change what we can and can not do. If the advisor your talking to cant process your request always ask for a supervisor. If the supervisor cant process your request, to be honest, your not seen as a profitable enough account.


    To avoid all these issues, you can set up your payments to automatically pull every single month from your checking accounts. Do not set up online bill pay with your bank for credit cards. Most credit card companies force banks to send them checks anyway. Some point some time they are recieved late usually during the holidays. Set up automatic payments or online payments with the credit card company.
    Nature knows no indecencies; man invents them. ~ Mark Twain


  11. #11
    Moderator Optimist's Avatar
    Joined
    Feb 2004
    Location
    House of Aion
    Posts
    8,074
    Thanks
    7,881
    Thanked 5,705 Times in 2,127 Posts
    My Mood
    In Love

    Default Re: Lowered Credit Score

    I use UPS/Mailboxes Etc. You get a regular address instead of a PO box. Some companies don't like to ship to PO boxes. They can forward any mail for as long as you choose.

Similar Threads

  1. Replies: 6
    Last Post: 01-28-2009, 04:10 AM
  2. What's your credit score?
    By CarlyMIA in forum Dollar Den
    Replies: 41
    Last Post: 10-23-2008, 05:35 PM
  3. I got an F on my credit score...help?!
    By Sophia_Ashley in forum Dollar Den
    Replies: 36
    Last Post: 06-09-2008, 11:32 PM
  4. Replies: 16
    Last Post: 04-10-2008, 01:09 PM
  5. Credit score
    By Muyaha in forum Dollar Den
    Replies: 11
    Last Post: 06-23-2004, 12:42 PM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •