FICO and Credit

Question And Answer On FICO Scores

Question: Is it true that my FICO score can’t recover from a negative mark for 7 years?

Answer: No that is not correct. Some items do have an affect for that long but as time moves on since the incident, the lower the impact on your score. An example is a collection. This is a reason that if you are applying for a mortgage, that you should not pay off a collection without the advise of a loan officer. Paying it off will bring the date forward to a current date and can hurt your score. An experienced loan officer will know the timing and ways to deal with this.

Late payments, inquiries, exceeding credit lines, all have less impact as the months move on.

Your score can raise immediately through rapid rescoring. This process has additional costs, so we advize you to use the FICO Dr now to anticipate your problems and save the rapid rescoring fees. Click here to order the FICO DR.