[quicksol95]

Ok here is the deal, I am trying to by a house and the loan lady pulled my credit report and it is showing a unpaid judgement from back in June/06 that the other person never filed the paper work with the court. (I paid them the day of the court case). Ok now here is the interesting part.

One Credit report = 512
Equifax = 542
Transunion = 703

my transunion score is a lot higher it's the only one that does not show the judgement of the civil case, how much affect does this civil case have on my credit report, by the way I now spending in proof to the 2 credit reports that the judgement was paid in full, how much will this help my credit report?

Is it possible for my credit report to jump 100 points or more once they get the letter saying that it was paid in full?

Also how much does 2 60 Day lates hurt your credit in one year?


Thanks

[RickJ]

No. Nothing changes that fast with credit scores... but it will certainly go up some once it shows as being satisfied.

Thankfully, many lenders use the average score of the 3 scores.

2 60 day lates in a year definitely will lower your score, but by how much no one can say since the score takes literally hundreds of things into account.

[quicksol95]

How much is some?

10 points?

I just paid a car off and my credit went up 38 points

The thing that is getting me was I only had a car payment and now nothing is on my credit report I could not get anything lately because I hosed my credit up so bad when I was in college


What should do to bring it up?

I finally got my first credit card last month, its only 500 bucks but it is unsecred

Should I use it to buy something and pay it off every month or carry a small balance?


Thanks
Richie

[RickJ]

The "formulas" for score calculation are more secret than what goes on at Area 51. :p . Really. No one can say how many points a particular activity will raise or lower the score.

[quicksol95]

I think it like a lottery, lol

Nothing make sense

[ScottGem]

There is a nother thread here discussing the merits of paying off a small balance on a credit card over a few months. But since you have the experience of a car loan that was paid off, I don't think its worth doing. Go to the loan lady and show her the proof that the civil case was settled. They should use take it into account and lean more on the Transunion score.

[Dr D]

If a judgment was granted against you by a court, and it is paid, be sure to get a satisfaction of judgment from the plaintiff and have it recorded to let the world know that it is paid. It will remain on your credit for the next 7 years, and its effect on your scores will diminish with the passage of time. With proper documentation it could take the credit bureaus as much as 60 days to change your scores, unless you use their speeded up process (which could cost $75 per trade line/per bureau-ask your lender). I doubt that your scores would increase by 100 points, but who knows. Two 60 day lates in the last year will definitely have a bad effect on your scores. For mortgage loan purposes, the middle score is used, in your case 542. That score is too low for FHA or VA. In the Conventional market, that score would put you in the sub-prime category, and result in a much higher rate and costs for your loan, and probably a pre-payment penalty, to keep you from rolling out of the crummy loan for probably 3 years. I wish I could have better news, but that is my professional opinion.