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 Posted: Wed Apr 12, 2006 7:53 pm Subject: How payments effect credit score |
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Anyone know how many points are raised when you pay something off your credit report. We are trying to get our credit straight and have always pay things in full.
Also. Looking on my credit report it has the actual company exp: Jcypenny and then another company but it's for Jcypenny. Both saying they want money. Do you have to pay both companies? Can they both be on there?
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cole_eo
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| Posted: Wed Apr 12, 2006 10:43 pm Subject: |
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It is nearly impossible to predict how much your score will go up. It depends on many factors. But it is almost guaranteed that your score will jump nicely by paying accounts in full, which decreases your utilization. Is this a credit card account that you are talking about?
On the other topic, they should not be reporting twice if there is only one account, You should contact them to get more information on that. 
~Mary
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Mary
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| Posted: Thu Apr 13, 2006 8:34 am Subject: |
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cole_eo, like Mary said, it is pretty much impossible to predict exactly how much your score will improve. Credit scoring formulas are proprietary, so the exact formula is not available to the public.
As for your account being reported twice, was the account charged off to collections? If so, then JC Penny is reporting as the original creditor, and the other company is the collection agency that the debt was charged off to. You DO NOT have to pay both companies (no need to pay the debt twice). However, if this is the case, then they can both legitimately report the debt on your credit card. However, JC Penny should be reporting the debt as charged off.
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dmj210
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| Posted: Thu Apr 13, 2006 10:06 am Subject: |
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| Quote: | | Looking on my credit report it has the actual company exp: Jcypenny and then another company but it's for Jcypenny. |
Seems the other company is a collection agency. You need not pay to both of them. You have to deal with either the collection agency, or the original creditor. If the debt has been sold, original creditor might not accept payment from you. So you have to deal with the collection agency in that case. Ask for validation before sending your payments.
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stanley
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| Posted: Thu Apr 13, 2006 2:39 pm Subject: |
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Ok Thanks so much!
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