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How much will a judgment lower my credit score ?

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fireyone



Joined: 26 Feb 2008
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96 Magic Points

 
Posted on Tue Oct 14, 2008 9:47 pm  

Thats just about right. Nothing you can do but work on building better credit until then.
creditpro



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Subject: Your credit score
 
Posted on Thu Oct 16, 2008 3:29 am  

No one can determine exactly how much your credit score will drop because no two credit profiles are alike. Plus the credit scoring module is a very complex system and if someone where to figure this system out then everybody would have perfect credit scores. There is scientists behind the scoring module.

But no doubt you will get hit hard aon your credit scores but as time goes by and if you apply strong credit management skills, your credit scores will eventually begin to increase. I have a friend who has a BK that was filed 8 months ago and now has a 679 fico and sitll going up. There is a lot of strategies, tactics and techniques you may apply to get your scores back up after that big hit. I recommend "www.AttractiveCreditSecrets.com"
goodnatured



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Posted on Mon Nov 03, 2008 4:24 pm  

Would it not be great if we did know the magic formula?? I agree, each individual and each situation is different.
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Posted on Tue Nov 04, 2008 8:37 am  

FICO has its own credit scoring algorithm based on which it determines your credit score. This credit scoring depends on your credit history, the amounts owed, length of the credit history, new credit lines and types of credit used. However, exactly how much points is dedicated to each of them is not know perfectly. What is known to us is the weightage that FICO puts on these factors. For example, credit history or the repayment history which contributes 35% in your credit score has the maximum influence on the credit score.
Justin

Justin

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Posted on Tue Nov 04, 2008 8:38 am  

FICO has its own credit scoring algorithm based on which it determines your credit score. This credit scoring depends on your credit history, the amounts owed, length of the credit history, new credit lines and types of credit used. However, exactly how much points is dedicated to each of them is not know perfectly. What is known to us is the weightage that FICO puts on these factors. For example, credit history or the repayment history which contributes 35% in your credit score has the maximum influence on the credit score.
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Justin
fireyone



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96 Magic Points

 
Posted on Wed Nov 05, 2008 12:19 am  

So there really ia a magic forumla?
goodnatured



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Posted on Sat Nov 08, 2008 1:09 pm  

yeah, we just don't know it.
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fireyone



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Posted on Tue Nov 18, 2008 11:31 pm  

Hmmm. wonder if we could finger it out? I really think there isn't to be honest. It really has to boil down to how faithful you are to keeping your credit in good shape. They give you a clean slate every 7 years. I know that seems like a really long time but think of how many time periods that actually is through out a lifetime and if ya can't get it straight at least a few of those times then I guess the person wouldn't really deserve credit. What are your thoughts on this?
goodnatured



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389 Magic Points

 
Posted on Sun Nov 23, 2008 6:29 am  

Probably true, long seven year wait, sure wish it was a shorter time period, especially if you have paid off your debt off and they are stilll lingering on your report well after the fact.
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fireyone



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Posted on Sun Nov 23, 2008 2:57 pm  

That would be a really good idea. Say if you paid the debt off they could leave the listing on for two years and if you didn't they could leave it on for a little longer period. Imagine how many people we have posted wiht on this forum who is willing to pay their debt but doesn't becasue it is past SOL and wouldn't do them much good for their credit score anyway.
Firang



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Posted on Sun May 17, 2009 3:49 am  

I disagree with this phenomenon that to just wait for SOL.

If one is a businessman he will never put his credit on the verge of death.surely a true businessman will make sure that he pays some amount in order to have his goodwill in the eyes of the people.

It does make a sense when one want to build a empire and for years to come. Wink Wink Wink
fireyone



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96 Magic Points

 
Posted on Sun May 17, 2009 2:33 pm  

IO understand where you aRE coming from Firang...honestly I do. Here is the thing. By the time a debt gets a year or so old it has been sold quite a few times. When people hit hard times it usually takes them a little while to rebound and get back on their feet. So in the menatime all these junk collectors are buying this debt and adding astronomical amounts to what was really owed. For example say I owed $500 when things went wrong. I rebounded and a year and a half later I go to pay the debt and it is now well over $2000. Thats like kicking someone when they were down.
The cc companies will sell off a debt for pennies on the dollar so why can they not do that to the person whom owes the debt? Helping both the company and the debtor resolve the situation?
Firang



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Posted on Wed May 20, 2009 8:45 am  

firey
i was not having any intention to hijack any person's views rather i was just stating my thoughts. If you think you are not happy with the comment then I beg forgiveness.


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Jack
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Subject: Millennium Secured Credit Card
 
Posted on Tue May 26, 2009 5:55 pm  

There are literally hundreds of credit repair websites and a lot of them try to guarantee success but the reality is most of them are just a waste of money. They use methods of repairing your credit you can do yourself if you simply google credit repair templates. Their process is very lengthy and requires months and even years to get a lot of things removed and sometimes the bad marks can come back as some companies are very persistent, especially if you still owe them money.

The only guaranteed method to repair your credit is to pay off the old bills and get your derogatory balances to $0. "Well that isn't very helpful" is probably what you are saying. Since none of us just have cash laying around to do that there are other things you can do that are guaranteed to increase your FICO score practically overnight and start rebuilding your credit.

It's actually very simple. Sign up for Millennium Secured Credit Card and send them $300. Buy $90 worth of groceries on it and make the payments. Keep the balance under $90. Then sign up for alliedtrustdiamond.com and get a $10,000 unsecured credit card, buy something and make the payments. Do a google search for USA Shopping Club and sign up with them for $12,500 unsecured credit card buy something and make the payments, Eclub USA and get your $3,500 credit card and finally Horizon Gold and get your $500 credit card.

Once all of these companies report to the credit bureaus you are going to see an immediate increase in your FICO score. Guaranteed. Then you can work on getting the bad marks paid off and removed. It's much easier to get them permanently deleted if you don't owe them any more money.
tonya6076
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Subject: paying a judgement
 
Posted on Wed Feb 17, 2010 10:25 pm  

I paid a judgement and people told me it would not help me....that was not the truth. It did give me 4points on my credit score (but I had good credit with it) and the bank that gave me the 340,000 loan for my home purchase said that if the judgement was not paid they would have returned my loan request because the unpaid judgement would have shown how I don't make good on my debts! The bank would rather see a debt paid late then not paid at all. I am happy I done that, but I wish I had done it sooner.

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