Re: Credit and Credit Scores: A short lesson
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I just did a credit report and here's what it says :
">Maximum delinquency of 60 days occurred in 06/2004 for $ 49<"
Does amount matter when people look at your credit history? I can't imagine a $49 past due 60 days is as big of a deal as say $2k past due 60 days.
Not that it matters much though because I won't be buying a home or getting a loan for anything anytime soon.
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One delinquency will not "ruin" you. Not sure on the amount past due mattering but I would think it does a little.
Also, the weight of any negative mark drops over time. Take 2 of the same delinquencies, one 4 years old and one 6 months old. The 6 month old one will weigh much more heavily on your score.
One more thing, almost nobody is looking at these things physically anymore. It is also computerized and based on the F.I.C.O. scoring model or some similar derivative.
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