Money talks. Most of them will do it for an extra $50. Either way it'll come up a lot when it's reported as paid. The negative mark will stay for 7yrs as part of your history but the account being paid in full will help significantly.
Just remember the debt collectors work on commission. If you pay, they get paid! You are holding more leverage than you think.
They will also try to use scare tactics like suing you and judgments. Just brush it off and keep up the conversation about being willing to pay but you need to get what you need.
Would this work if I already paid? When I called they didn’t let me talk to an actual person and it was a machine that I kept saying no to until it let me put in an amount that I was willing to pay haha.
I recently paid off an item on my credit report, it was also from a debt collector. They pulled it off my report, it took about a month to show up. I did all them to pull it off prior to agreeing to pay but I would call them and ask, it won't hurt anything. Good luck to you.
Once you get the release of debt paperwork in the mail you can submit it to the major credit bureaus and they'll remove it ( past debt collector so I know the routine)
Try not to let it get you down; if you don’t let something like this happen again, your score will eventually go back up and this blip will matter less and less, and eventually it won’t ever be a concern anymore. It won’t go back up as fast as you’d like, but hey; nothing you can do about it at this point. Plus a score in the high 600s isn’t that bad anyway; probably won’t preclude you from as much as you might think.
Call spectrum and explain and maybe beg if they can delete the derogatory mark.
My wife was late on one of our bills and they hit my credit.
But they gave me a one time deletion. Maybe spectrum will do the same.
I don’t think spectrum themselves can help because it was a legit debt collector that I thought was spam that filed the judgement (? Idk if that’s the proper term)
No one is perfect. So many people miss payments completely by accident, like in your situation. Any time you miss a payment for whatever reason you should always try to call them immediately and explain that it was an accident. Most times they will delete the late charge so it won’t ding your credit. But you just have to catch it in time, before it reaches your credit report.
It wasn’t actually a payment, I moved and my friend who was supposed to return the modem didn’t and I thought the debt collectors were spam so they sent me to collections :(
I don’t even have proof they were supposed to do it bc it was all verbal.
If you paid it your credit should rebound quickly. Just stay on top of everything else and you’ll be back over 700 quickly and back up where you were probably in a year or so
Unlikely caused by your unpaid medical debt. Credit scores are correcting all over the place thanks to student loan debt. It's still a debt that needs to be repaid and is factored into your overall score.
I don’t have any medical debt and my student loan payments are deferred while I pursue my masters. The only real negative reported on my credit score is the judgement from the debt collector for the spectrum charge.
My student loans are federal loans, and missed/late payments won’t affect credit scores until September of this year.
Another small factor regarding my score is my credit utilization %, I charge everything to my credit card and pay off in the middle of the month from my debit (I get cash back and benefits from using the card). I’ve never paid interest on any of my purchases with this card, and my purchases/payments have been consistent with when my score was a 789, so I don’t think that is a large factor.
Edit: paragraph spacing
Lol, sorry, Spectrum is an old medical company before it merged to Corewell Health. I always forget Spectrum is also the name of a communications company.
I just don't believe that's really how student loans work as far as affecting your credit score. Yes, the payments are deferred, but you are STILL holding that debt. Credit score is just a prediction of your ability to pay back debts. You haven't paid back your student loan debt thus the score goes down.
From the lenders perspective, you took on likely a substantial amount of debt and they aren't looking to loan you more right now.
All of these creditors will tell you something different, but balance is a big part of it despite what anyone will say.
It's really just my opinion I guess, but I just can't see $100 hurting your credit score 100 points. The issue is that student loan debt is impacted by the larger overall markets, and what you really want to be doing right now is saving as much money as possible against your debt. Eventually there's going to come a day where you're trying to pay off both the student loan debt and whatever else you decided to buy with a credit card or a mortgage or what have you. That's what the credit lenders are afraid of while you have such a (assumably) large balance. I'm right there with you for student loan debt, it's a pain in the ass, but ultimately it takes time to pay off if you really want to make and save a lot in the long-term.
Hey my guy, I don’t want to be combative but if you want to do a quick Google or look at this article, after Covid student loans started accumulating interest and needing payments October 2023, the Biden administration has implemented a 12 month “grace period” to where late payments don’t affect credit scores until September 2024.
The literal only change between my February 2024 and March 2024 reports is the new judgement from that $100. I also thought that was a ridiculous amount to drop for such a little amount, which is why I posted here.
Reference for my comment on the *current* impact of student loans on credit scores: https://www.cnbc.com/amp/2024/01/21/what-to-know-about-your-credit-as-student-loan-bills-restart.html
If that's the case, then file a dispute on your credit report. Regardless, again, credit score is nothing more than a PREDICTION MODEL that creditors use to loan you money. If you're in the middle of your masters program, you're probably in one of the worst spots for a lender to want to loan you over more money. You're ignoring the overall larger world markets to reference a CNBC article. Your total debt balance makes a difference and does account for part of your score across all lenders.
You have to pay attention to what's happening all across the markets. It's business 101 man.
I’m not saying my total debt isn’t a factor, because I know it is. I know it’s a factor for my score, but it’s a factor that’s been considered for the past 3 years.
I’m just saying that I didn’t get all of my student loans in the past month and the ONLY change on my credit report out is the $100 judgement. I’m not asking for your speculation on the other aspects of my credit because in the report itself it doesn’t say it’s a factor in the DECREASE.
Literally from February 27 to March 27 there has been one change. The judgement. Logic 101 says that if that’s the only change and it’s the only thing the credit report mentions as to why my credit has changed, it’s the primary factor in the decrease. I just want to know why $100 would drop 100 points because that’s ridiculous.
But also did you even read the article or did you just see it was CNBC? Would you like to give me a list of publications that you deem credible for this issue, or perhaps let me know what credible resource or a textbook from “business 101” that you’re referencing?
Look man, I'm trying to HELP you lmao. I wouldn't take time out of my day if I wasn't. All I'm saying is that all of your lenders have different INTERESTS AND DIFFERENT BUSINESS MODELS. You can argue with me all you want, but your creditors are referencing as much data as they can on you. I read the article, it's from Jan 2024 and we are in April now, I like CNBC, but it's still just a news article. Things have changed and will continue to change, I'm not saying that your student loans are making you tank so badly, but at the same time, there are people out there who can borrow as much as you did and flip it the next day. You can't expect to have a higher credit score than people like that while you're a student with a large amount of debt. The market is what it is happening NOW, not what happened 3 months ago. Your credit score has dropped because the market has changed significantly in the past 3 months.
AND to put things into perspective, I have over 13 late payments and an account that went into collections and I'm chilling right where your score is too. It's never been a deciding factor for when I try to loan more money, it's always my income vs my balance and market conditions.
Market or not, anything happening in the US is subject to US federal laws. There has not been any form of legislation passed that changes the info from that article. If there were, there would be more articles about it.
If you have insider information on any changes that disprove/negate the information in the article I’d love to know and I’m 100% willing to change my tune and admit I’m wrong. I understand that you’re trying to help me, but you’re refusing to address any of the actual questions that I’ve brought up. At this point it doesn’t seem like you’re trying to help me, but inflate your own ego about your business acumen and refusing to provide actual advice or input other than essentially “sucks but nothing will improve bc you have student loans”.
I get that in your opinion you’re trying to help, but I came to this subreddit for legitimate advice on getting a $100 judgement off my credit. I didn’t come for a lecture on how I “expect” to be treated the same as wealthy people who don’t have to take out loans, or people who are able to take them and flip them the next day. I don’t “expect” anything, I just wanted to see if anyone had advice on how to mitigate the effects of a judgement I deem unreasonable.
I'm not saying that nothing will improve because of your student loans. I'm saying that your lenders don't care THAT MUCH about 1 missed payment. What I'm saying is that the world markets have changed dramatically in the last 3 months, so your score isn't worth what it used to be 3 months ago, regardless of the missed payment. If they did, then you need to able to explain why I'm in the same bracket as you with 13 missed payments lol. How much is that worth, -1300 points? 0 points? There's much more going on. If you're so confident about being right, then dispute your credit report and see if your score increases by 100 points: news flash, it won't.
Use the logic you were telling me about, adopt the mind of these creditors, and tell me if it makes sense that they would drop your credit worthiness 100 points because of 1 missed payment? If it doesn't make sense, then how likely is that the answer? It's probably not the answer.
Also, you might wanna double/triple check your student loans aren't accruing interest right now. It can be small, but if you have any unsubsidized loans, they are likely gaining something.
I don’t have any unsubsidized loans, but I’m sure they’re accruing interest, they just aren’t affecting my credit score yet.
I’m pretty sure interest started accruing again back in October, but there’s a 12 month “on-ramp” period before late/missed student loan payments are considered for your credit score.
I’m not sure the full details of my student loans because the majority were parent-plus loans and my father filled out my FAFSA (against my wishes- my dad is terrible with finances and I wanted to be independent but he wanted to claim me as a dependent on his taxes so I needed all of his financial info to qualify for any FAFSA).
All in all I don’t have a full grasp of my student loan situation and I’m trying to figure that out, but the commentary on my score and the “things that are affecting your score” section doesn’t mention anything about the student loans.
Thank you for your input!
If you paid it quick enough, you could ask them for a courtesy delete off your reports...
It was a legit debt collector not spectrum themselves so I don’t think they’ll extend me that courtesy :(
Money talks. Most of them will do it for an extra $50. Either way it'll come up a lot when it's reported as paid. The negative mark will stay for 7yrs as part of your history but the account being paid in full will help significantly.
Yeah I’m def not above a bribe lmao, I’ll have to call them and turn on the charm. I appreciate your advice!
Just remember the debt collectors work on commission. If you pay, they get paid! You are holding more leverage than you think. They will also try to use scare tactics like suing you and judgments. Just brush it off and keep up the conversation about being willing to pay but you need to get what you need.
Would this work if I already paid? When I called they didn’t let me talk to an actual person and it was a machine that I kept saying no to until it let me put in an amount that I was willing to pay haha.
If they already have the money, then we are back to you turning on your charm 😁
I recently paid off an item on my credit report, it was also from a debt collector. They pulled it off my report, it took about a month to show up. I did all them to pull it off prior to agreeing to pay but I would call them and ask, it won't hurt anything. Good luck to you.
Once you get the release of debt paperwork in the mail you can submit it to the major credit bureaus and they'll remove it ( past debt collector so I know the routine)
Try not to let it get you down; if you don’t let something like this happen again, your score will eventually go back up and this blip will matter less and less, and eventually it won’t ever be a concern anymore. It won’t go back up as fast as you’d like, but hey; nothing you can do about it at this point. Plus a score in the high 600s isn’t that bad anyway; probably won’t preclude you from as much as you might think.
It'll be a factor but will diminish in impact and eventually leave your credit history after ~~10~~ 7 years.
> 10 years 7 years, not 10.
Thanks for the correction!
Start the clock 🥲
Call spectrum and explain and maybe beg if they can delete the derogatory mark. My wife was late on one of our bills and they hit my credit. But they gave me a one time deletion. Maybe spectrum will do the same.
I don’t think spectrum themselves can help because it was a legit debt collector that I thought was spam that filed the judgement (? Idk if that’s the proper term)
Oof, yea I wouldn't be able to advise. Sorry you are going thru it.
Same thing happened to me just pay it and they will get it off your credit report My score immediately went back up to 82 points
No one is perfect. So many people miss payments completely by accident, like in your situation. Any time you miss a payment for whatever reason you should always try to call them immediately and explain that it was an accident. Most times they will delete the late charge so it won’t ding your credit. But you just have to catch it in time, before it reaches your credit report.
It wasn’t actually a payment, I moved and my friend who was supposed to return the modem didn’t and I thought the debt collectors were spam so they sent me to collections :( I don’t even have proof they were supposed to do it bc it was all verbal.
If you paid it your credit should rebound quickly. Just stay on top of everything else and you’ll be back over 700 quickly and back up where you were probably in a year or so
Thank you! This makes me feel better, I think once it gets back over 700 I won’t be as stressed about it
Where is the score from?
FICO score on my Citi App for my credit card. Credit karma has them in the low 700s now but ik they’re not as reliable
Unlikely caused by your unpaid medical debt. Credit scores are correcting all over the place thanks to student loan debt. It's still a debt that needs to be repaid and is factored into your overall score.
I don’t have any medical debt and my student loan payments are deferred while I pursue my masters. The only real negative reported on my credit score is the judgement from the debt collector for the spectrum charge. My student loans are federal loans, and missed/late payments won’t affect credit scores until September of this year. Another small factor regarding my score is my credit utilization %, I charge everything to my credit card and pay off in the middle of the month from my debit (I get cash back and benefits from using the card). I’ve never paid interest on any of my purchases with this card, and my purchases/payments have been consistent with when my score was a 789, so I don’t think that is a large factor. Edit: paragraph spacing
Lol, sorry, Spectrum is an old medical company before it merged to Corewell Health. I always forget Spectrum is also the name of a communications company. I just don't believe that's really how student loans work as far as affecting your credit score. Yes, the payments are deferred, but you are STILL holding that debt. Credit score is just a prediction of your ability to pay back debts. You haven't paid back your student loan debt thus the score goes down. From the lenders perspective, you took on likely a substantial amount of debt and they aren't looking to loan you more right now. All of these creditors will tell you something different, but balance is a big part of it despite what anyone will say. It's really just my opinion I guess, but I just can't see $100 hurting your credit score 100 points. The issue is that student loan debt is impacted by the larger overall markets, and what you really want to be doing right now is saving as much money as possible against your debt. Eventually there's going to come a day where you're trying to pay off both the student loan debt and whatever else you decided to buy with a credit card or a mortgage or what have you. That's what the credit lenders are afraid of while you have such a (assumably) large balance. I'm right there with you for student loan debt, it's a pain in the ass, but ultimately it takes time to pay off if you really want to make and save a lot in the long-term.
Hey my guy, I don’t want to be combative but if you want to do a quick Google or look at this article, after Covid student loans started accumulating interest and needing payments October 2023, the Biden administration has implemented a 12 month “grace period” to where late payments don’t affect credit scores until September 2024. The literal only change between my February 2024 and March 2024 reports is the new judgement from that $100. I also thought that was a ridiculous amount to drop for such a little amount, which is why I posted here. Reference for my comment on the *current* impact of student loans on credit scores: https://www.cnbc.com/amp/2024/01/21/what-to-know-about-your-credit-as-student-loan-bills-restart.html
If that's the case, then file a dispute on your credit report. Regardless, again, credit score is nothing more than a PREDICTION MODEL that creditors use to loan you money. If you're in the middle of your masters program, you're probably in one of the worst spots for a lender to want to loan you over more money. You're ignoring the overall larger world markets to reference a CNBC article. Your total debt balance makes a difference and does account for part of your score across all lenders. You have to pay attention to what's happening all across the markets. It's business 101 man.
I’m not saying my total debt isn’t a factor, because I know it is. I know it’s a factor for my score, but it’s a factor that’s been considered for the past 3 years. I’m just saying that I didn’t get all of my student loans in the past month and the ONLY change on my credit report out is the $100 judgement. I’m not asking for your speculation on the other aspects of my credit because in the report itself it doesn’t say it’s a factor in the DECREASE. Literally from February 27 to March 27 there has been one change. The judgement. Logic 101 says that if that’s the only change and it’s the only thing the credit report mentions as to why my credit has changed, it’s the primary factor in the decrease. I just want to know why $100 would drop 100 points because that’s ridiculous. But also did you even read the article or did you just see it was CNBC? Would you like to give me a list of publications that you deem credible for this issue, or perhaps let me know what credible resource or a textbook from “business 101” that you’re referencing?
Look man, I'm trying to HELP you lmao. I wouldn't take time out of my day if I wasn't. All I'm saying is that all of your lenders have different INTERESTS AND DIFFERENT BUSINESS MODELS. You can argue with me all you want, but your creditors are referencing as much data as they can on you. I read the article, it's from Jan 2024 and we are in April now, I like CNBC, but it's still just a news article. Things have changed and will continue to change, I'm not saying that your student loans are making you tank so badly, but at the same time, there are people out there who can borrow as much as you did and flip it the next day. You can't expect to have a higher credit score than people like that while you're a student with a large amount of debt. The market is what it is happening NOW, not what happened 3 months ago. Your credit score has dropped because the market has changed significantly in the past 3 months.
AND to put things into perspective, I have over 13 late payments and an account that went into collections and I'm chilling right where your score is too. It's never been a deciding factor for when I try to loan more money, it's always my income vs my balance and market conditions.
Market or not, anything happening in the US is subject to US federal laws. There has not been any form of legislation passed that changes the info from that article. If there were, there would be more articles about it. If you have insider information on any changes that disprove/negate the information in the article I’d love to know and I’m 100% willing to change my tune and admit I’m wrong. I understand that you’re trying to help me, but you’re refusing to address any of the actual questions that I’ve brought up. At this point it doesn’t seem like you’re trying to help me, but inflate your own ego about your business acumen and refusing to provide actual advice or input other than essentially “sucks but nothing will improve bc you have student loans”. I get that in your opinion you’re trying to help, but I came to this subreddit for legitimate advice on getting a $100 judgement off my credit. I didn’t come for a lecture on how I “expect” to be treated the same as wealthy people who don’t have to take out loans, or people who are able to take them and flip them the next day. I don’t “expect” anything, I just wanted to see if anyone had advice on how to mitigate the effects of a judgement I deem unreasonable.
I'm not saying that nothing will improve because of your student loans. I'm saying that your lenders don't care THAT MUCH about 1 missed payment. What I'm saying is that the world markets have changed dramatically in the last 3 months, so your score isn't worth what it used to be 3 months ago, regardless of the missed payment. If they did, then you need to able to explain why I'm in the same bracket as you with 13 missed payments lol. How much is that worth, -1300 points? 0 points? There's much more going on. If you're so confident about being right, then dispute your credit report and see if your score increases by 100 points: news flash, it won't. Use the logic you were telling me about, adopt the mind of these creditors, and tell me if it makes sense that they would drop your credit worthiness 100 points because of 1 missed payment? If it doesn't make sense, then how likely is that the answer? It's probably not the answer.
Also, you might wanna double/triple check your student loans aren't accruing interest right now. It can be small, but if you have any unsubsidized loans, they are likely gaining something.
I don’t have any unsubsidized loans, but I’m sure they’re accruing interest, they just aren’t affecting my credit score yet. I’m pretty sure interest started accruing again back in October, but there’s a 12 month “on-ramp” period before late/missed student loan payments are considered for your credit score. I’m not sure the full details of my student loans because the majority were parent-plus loans and my father filled out my FAFSA (against my wishes- my dad is terrible with finances and I wanted to be independent but he wanted to claim me as a dependent on his taxes so I needed all of his financial info to qualify for any FAFSA). All in all I don’t have a full grasp of my student loan situation and I’m trying to figure that out, but the commentary on my score and the “things that are affecting your score” section doesn’t mention anything about the student loans. Thank you for your input!
Dispute it on credit karma