Repair Credit Score

Archive for October, 2006

Question: On a Credit Report,Is Exp/Fair ISAAC RISK SCORE 2 good or bad?

What does it mean? Is 634 (score summary) bad or good?

Answer: Fair Isaac is what is called a FICO Score, and is the only one that matters when applying for a loan. At 634 you will pay higher interest rates on any loan you get.

FICO system scores from 300-850.

Elite (Excellent) 740-& up
Prime (Very Good) 700-739
Preferred (Good)660-699
Standard (Poor)-625-659
Sub-prime (bad)624-& under

Wallstrip - Fair Isaac Corporation (FIC)

Question: In US: To what extent does a collection agency filing by landlord affect my currently excellent Credit Score?

After I moved out last month, my apartment management is unfairly(in my opinion) asking me to pay $1200 for painting the apartment because of some crayon marks on the living room wall. I have always paid rent on time and have had no other issues with them. How will this affect my credit if I refuse to pay and they send it to collections? Thanks for input.

Answer: I like Mike's advice...start with that.

Send the landlord a letter demanding to see all bills and documentation related to the damage you did. By the way, you did do a walk-through when you signed the lease, didn't you? Landlords love to find damage to apartments so they can screw you out of your deposit or more money.

If you think you can defend yourself against the lawsuit, then don't pay the bill. Send the landlord a letter protesting the charge, and a warning that any attempt to collect the debt, or post negative informtion to your Credit Report, will result in a lawsuit under the Fair Debt Collections Act. Unless he can prove you owe this money, (and be prepared to do so in court) he better just drop the issue.

I recently helped someone with a similar problem. Landlord was billing them for damage to some cabinets, along with some other stuff. The idiot forgot that they did a walkthrough and we had the paperwork to prove the damage was there when she moved in. By this time it has gone to a collection agency, and they were harrassing her something terrible. Once I got involved, the collection agent sent the debt back to the creditor, and the credit history was fixed in 15 days.

Amazing how a couple of letters, and an understanding of how the collection laws work, can get things resolved.

Secrets of Excellent Credit Scores - How to Get Perfect FICO Credit Scores

Question: How high can my Credit Score climb if I have only credit cards in my credit history?

My current Credit Score is 745 and I've built it solely by using credit cards and paying on time (but never had any loans). Somebody told me that the abscence of installement-paid loan will prevent my score from climbing much higher. Is it true? Should I take some consumer loan to boost my Credit Score since I am planning to apply for a mortgage in the near future?

Answer: You don't need an installment loan. More often than not, they pull you DOWN. Who told you that? If you are looking for the free Credit Score national site, check out this site

http://Free-Credit-Score-National.com/

Here you can check your 3-in-1 Report from all three credit reporting agencies and your Credit Score rating for free, fast and secure.

Hope this help,

Credit Score basics