CREDIT | Derogatory Marks KILL Your Fico Score


Duane here with How To Build Credit TV
and in this video I’m gonna talk to you about how a derogatory mark really hurts
your credit score and your ability to get credit. But before we get started I
have a quick message. Once again my name is Duane with how to
build credit TV this channel offers 100% free information about how to build
credit how to get cash back actual cash money from using credit cards, as well as
credit card reviews. If this sounds like something in which you’re interested be
sure to subscribe and click the notification bells so you don’t miss a
thing. So it turns out that derogatory marks hurt your credit score more than
you might think. I decided to do this video because I wanted to show you guys
that when you have something that’s derogatory on your account like for me
for example I had I had two derogatory marks on my account and that just simply
means that I had two accounts that went bad and I wasn’t able to pay it. So it
stayed on my credit report for up to seven years okay.
One of them fell off of my account and I wanted to take the time to show you just
how much this affect my credit and how much you hurt my credit score. So what
I’m gonna do is I’m gonna show you guys a recording from my screen. I’m gonna log
in to one of the apps that I use to check my credit report and I’m gonna
show you what the current credit score is and then I’m gonna show you when they
update the credit report what the current score will be after that mark
has fallen off of my account. The reason why I know is because with my other
account I have a Credit Karma and Credit Karma account I have a nerd Wallet
account and I have a the credit wise account with Capital One and I used
those three accounts to check my credit score. So what happens is those account
they update like every seven days and so one might be updated this Friday and
then the next one’s gonna be updated on Sunday and then the next one’s gonna be
updated on Tuesday. So it turns out that on one of my one of my account I think
it’s my Capital One account that’s how I know that that excuse me that derogatory
mark really affected my score and I wanted to just notate that and show you
guys. Alright so for this part of the video I’m gonna go ahead and log into my
Credit Karma app if you look at the phone screen I’ll have it on the I have
it on the screen. Today is Sunday April the 8th I think
the app is going to update on Monday or Tuesday. So whenever it does I’ll
actually make a video showing you guys just exactly how much a derogatory mark affects your credit score. So I’ll go ahead login to my Credit Karma app
here I’ll show you guys you’ll have you’ll have my phone screen on the
screen. I’ll put my fingerprint in there. Alright so here we go,
alright so I’m gonna click on my TransUnion report because that’s the
report that I noticed that it falls off of and so I’ll click on that to show you
guys that I do have a derogatory mark on the transunion
report. Alright so as you can see right there on the left that says derogatory
mark 1 and I’ll touch it ok so it says we notice a negative mark on your report
and it talks about the fact that it takes seven to ten years to come off of
your your credit report and as you can see here they have a little this is what
I like about credit comment they actually have a little a little chart
right that kind of shows you if you have four or more derogatory mark you’d be in
the red and then you know the closer you move to zero the closer it moves to
being green. Derogatory marks really affect your credit score a whole lot so
what I’ll do is I’ll go ahead and end the video for today and I’ll see you guys in a
second which will be Monday or Tuesday and I’ll show you the updated credit
score for TransUnion. Alright so you guys some. Alright so today as you can see
on the phone is April than nine today’s Monday I’m gonna go ahead and log into
my Credit Karma app. I’ll show you guys here hopefully you can see
that well it doesn’t matter I’ll have my phone screen on the screen. So I’ll go
and log in and show you guys that the derogatory mark how much it affects my
credit so as you can see my score yesterday I think was 707 and it went
out 47 points. I mean look let me touch the transuion
score here yeah it was 707 so like I said it updated.
Derogatory remarks really affect your credit score like a whole lot if
possible try to avoid getting your account in a situation where it would go bad and go to collections and be on your credit report for up to seven years. A
lot of people talk about how the effects of a derogatory account fades over time
but this one just fell off of my credit report and my credit score went up by 47
points. That’s a lot of points and I still have another one that’s gonna fall
off I think in October so my credit score should go up some more. Thank you
for watching this video if you have any questions please leave them in the
comments below be sure to like subscribe and comment. Thank you again for watching
until next time take care and be blessed. Peace!

12 comments on “CREDIT | Derogatory Marks KILL Your Fico Score”

  1. Daniel M says:

    Awesome video. I love the “Message” in your videos lol 😂

  2. Julian Portis says:

    how do you know that your other collections account will expire in october? also the account which you show being dropped was opened only 4 years ago, is there any reason why it dropped so early? was there something you did?

  3. Ruel Northover says:

    Bob Marley soccer shirt, Baaad!

  4. SixFootFemme says:

    How do you get collector to accept a " pay for delete".? I have a valid collection account. JUST ONE and those points would be amazing. I would love to pay it now but if it won't change my score drastically, it won't be my priority.

  5. Shavarr Griffiths says:

    Does the mark drop your credit score each year it remains or does it drop monthly before it was removed?

  6. Ambrosio Hernandez says:

    I applied to 3 credit cards and only 1 accepted me. Will the two applications that were denied affect my credit score or be shown as a bad thing?

  7. mouse trap says:

    Hey duane my vantage score is far apart have negative marks

  8. UL R says:

    How do you get the credit company to delete an hard inquirer on your credit that you were denied?

  9. Jones Green says:

    I have a 1 derogatory mark on my credit report from November 2013… is it best for me to pay to get it deleted or let it fall off?

  10. Scott ProkZ says:

    I had one fall off recently and just paid my last one off today. They did say they would completely remove it off my report(only 64$) my question is does a car I had from 2011 effect my credit score.. ? It shows as been closed and collections forever, but still says I didn’t pay XXXXX amount . Does that effect me? I wonder because my other charge fell off completely and Can’t see it anymore, and so will this one that I just paid, so why is my car there from 2011? If I can see it can’t everyone see it? Thanks !

  11. Yander Dreams says:

    I have two… From medical bills. Next time I'll just die.

  12. Yander Dreams says:

    How did you get them to fall off? Did you wait seven years?

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