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Jalruza
Boot Lover


Registered: 10/09/04
Posts: 1,985
Last seen: 15 years, 7 months
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Will my un paid telephone bill lower my credit rating??
#5550524 - 04/24/06 09:25 AM (17 years, 9 months ago) |
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Hey, I got two month worth of mobile telphone bills upaid, they already cut me off i cant make any calls, i tried to write them explain the situation but had no reply what so ever. My question, will it affect my rating? I am about to apply for a career development loan, so should i do it now? I kinda have a feeling that if i wait another week or two my credit will be bombed and i wont get the loan.
-------------------- Time keeps ticking and running away And It's taking us fast to a brand new free dimension Too cool to mention well that's the intention But some of us too dame blind to see Jesus is the King Volume I Jesus is the King Volume II Shroomery MSN club I'm talking to aliens! Volcano Vap and Brain Chakras Hilary Duff!!
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Trav
Stranger

Registered: 06/09/05
Posts: 1,826
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Re: Will my un paid telephone bill lower my credit rating?? [Re: Jalruza]
#5550536 - 04/24/06 09:29 AM (17 years, 9 months ago) |
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I think it will probably effect your credit rating somewhat. If they don't get paid they'll send the bill to a collection agency who will try to get the money from you and I think that definitely lowers your credit rating. I'm not 100 percent sure but that would be my guess.
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blacksabbathrulz

Registered: 05/22/02
Posts: 2,511
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Re: Will my un paid telephone bill lower my credit rating?? [Re: Trav]
#5550564 - 04/24/06 09:38 AM (17 years, 9 months ago) |
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I'm fairly certain that collection agencies must wait 6 months from the time the debt is unpaid to report it to your credit.
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Jalruza
Boot Lover


Registered: 10/09/04
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Last seen: 15 years, 7 months
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Re: Will my un paid telephone bill lower my credit rating?? [Re: blacksabbathrulz]
#5581224 - 05/02/06 11:52 AM (17 years, 8 months ago) |
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Well, my bills have been refered to debt collection agency and today i had a call from bastards, had to pay my bill in full, they cut me off two month ago but still charged me a monthly fee! And i even had to pay that!
I am applying for a loan next week
-------------------- Time keeps ticking and running away And It's taking us fast to a brand new free dimension Too cool to mention well that's the intention But some of us too dame blind to see Jesus is the King Volume I Jesus is the King Volume II Shroomery MSN club I'm talking to aliens! Volcano Vap and Brain Chakras Hilary Duff!!
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GabbaDj
BTH


Registered: 04/08/01
Posts: 19,679
Loc: By The Lake
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Re: Will my un paid telephone bill lower my credit rating?? [Re: blacksabbathrulz]
#5581250 - 05/02/06 11:59 AM (17 years, 8 months ago) |
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No. The can report if after 30 days. A BIG part of your credit report is how many 30, 60, 90 days past due reports you have on it.
If you are applying for a loan youll most likely get turned down if you have a recent past due on your report. Especially if its unpaid.
-------------------- GabbaDj FAMM.ORG
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Jalruza
Boot Lover


Registered: 10/09/04
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Re: Will my un paid telephone bill lower my credit rating?? [Re: GabbaDj]
#5581255 - 05/02/06 12:01 PM (17 years, 8 months ago) |
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And if its paid???
-------------------- Time keeps ticking and running away And It's taking us fast to a brand new free dimension Too cool to mention well that's the intention But some of us too dame blind to see Jesus is the King Volume I Jesus is the King Volume II Shroomery MSN club I'm talking to aliens! Volcano Vap and Brain Chakras Hilary Duff!!
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TrancedShroom
Mr. Hanky


Registered: 03/08/06
Posts: 8,002
Loc: Rippin Waves
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Re: Will my un paid telephone bill lower my credit rating?? [Re: Jalruza]
#5581292 - 05/02/06 12:18 PM (17 years, 8 months ago) |
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It will not effect your score! Collections do not appear until 6 months and when it does, depending on your amount of high credit it either will effect it a few points or nothing at all. Don't worry.
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GabbaDj
BTH


Registered: 04/08/01
Posts: 19,679
Loc: By The Lake
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Re: Will my un paid telephone bill lower my credit rating?? [Re: TrancedShroom]
#5581337 - 05/02/06 12:36 PM (17 years, 8 months ago) |
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Yes it will and the 6 months thing is total bull.. Companies are obligated under the law to report deliquencies of more than 30 days.. Some may not and others may only provide credit reporting information every 6 months to the big 3 but most likely it was reported by the phone company right away.
Why do you even think they have 30, 60, 90 deliquent reports at all? If its paid it will show as a paid deliquency, in this case 60 days past due unless you let it run to 90.
This may lower your score by a few points but to a lender all they will see is a recent failure to pay a small bill from a guy trying to borrow lots of money.
Be prepaired to explain yourself when you go for your loan. If the debt is unpaid they your chances of getting the loan are almost 0.
I had a debt of $54 from an old electric company account years and years ago. Sucks because I estimate I paid over $10,000 in higher interest fees over 5 years because of it.
-------------------- GabbaDj FAMM.ORG
Edited by GabbaDj (05/02/06 12:48 PM)
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TrancedShroom
Mr. Hanky


Registered: 03/08/06
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Loc: Rippin Waves
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Re: Will my un paid telephone bill lower my credit rating?? [Re: GabbaDj]
#5581396 - 05/02/06 12:56 PM (17 years, 8 months ago) |
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30, 60, and 90 day reports are for open credit only. As far as I know as I worked with finances for awhile, cell phones are not an open line of credit. They do not imnprove your credit score just can lower it. So yes it can hurt your credit depending on the severity of it.
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PurpleKush
Rational Lunatic


Registered: 03/20/06
Posts: 3,421
Loc: Above The Law
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Re: Will my un paid telephone bill lower my credit rating?? [Re: GabbaDj]
#5581410 - 05/02/06 01:03 PM (17 years, 8 months ago) |
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gabbadj knows what he is talking about. i used to be a loan officer for a mortgage broker and i had to study credit reports all the time.
if its paid, it helps out tremendously, because, as he said, any unpaid balances on your credit report will almost certainly mean you won't get any kind of loan. it will still be a nasty mark on your credit report because it will probably count as a 60 day late instead of a 30 since you didnt pay for 2 months.
one thing you can do to rebuild your credit is keep making your payments on everything, and if you have credit cards, try and pay all but one off and maintain about 30% of the limit on that one and make small payments every month.
if your really in trouble, you can try to consolidate all of your debt into one loan and just make a single payment, but with the recent late, you might get a fucked interest rate.
good luck, hope this helps.
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Liz
Owl Lady



Registered: 11/16/04
Posts: 6,962
Loc: Massachusetts
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Re: Will my un paid telephone bill lower my credit rating?? [Re: Jalruza]
#5581985 - 05/02/06 04:19 PM (17 years, 8 months ago) |
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I was a mortgage underwriter for 5 years, and yes, an unpaid cell phone bill CAN and WILL lower your credit score, and lower it pretty significantly. Cell phone companies do not report directly to the 3 credit bureaus, but once you don't pay them, they report it as a collection either directly, or they sell your debt to another agency. This will hit your credit report as a collection, and even if it paid, it will show as a "Paid Collection", but it can remain on there for up to 7 years. Cover your ass, as debtors in general SUCK about reporting things to the credit bureaus. Request a letter saying it has been paid in full, and verify that they have updated this information with whatever of the 3 agencies they choose to report to (maybe all 3). Save the letter, because more than likely, you'll hve to prove down the road that this has been taken care of.
I'd say 7 out of 10 credit reports have erroneous information on them. Be smart, know what's on your report, and keep your bills up to date.
-------------------- Remember, remember the fifth of November The gunpowder treason and plot. I see no reason why gunpowder treason Should ever be forgot.
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TrancedShroom
Mr. Hanky


Registered: 03/08/06
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Re: Will my un paid telephone bill lower my credit rating?? [Re: Liz]
#5582749 - 05/02/06 07:30 PM (17 years, 8 months ago) |
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The only way they could sell your information is if they have your say so. It is otherwise illegal to sell your information or account to other creditors. I was a finance manager at a car dealership and went throught A LOT of credit bureaus.
It will lower your score, but will not improve it. It is not considered a line of credit, but a dept and that is why they can report it to the bureaus. I'm am terribly sorry if I came across as saying it doesn't effect it, but I said it will depending on your high credit; for example if I have a great high credit of $500,000 and I have a $200 collection account from a cellular company it will not effect me significantly, but will still lower it a "LITTLE."
So the moral is to pay your collection account off and don't let it happen again.
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