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TOP SECRET FICO Point System for Inquiries

PS: Remember people with six inquiries or more on their credit reports are eight times more likely to declare bankruptcy than people with no inquiries on their reports.

Number of Inquiries in Last 6 Months 0 70 points
Number of Inquiries in Last 6 Months 1 60 points
Number of Inquiries in Last 6 Months 2 45 points
Number of Inquiries in Last 6 Months 3 25 points
Number of Inquiries in Last 6 Months 4+ 20 points

Categories-Collection Accounts

Note: Ugh, Collection Accounts these are the worse.

When an account becomes seriously past due, the creditor may decide to turn the account over to an internal collection department or to sell the debt to a collection agency. Once an account is sold to a collection agency, the collection account can then be reported as a separate account on your credit report.

Note: So, your original bad credit card debt is showing up 120 days late and now a new bad collection account is showing up. So, you have 2 bad marks for 1 debt.

Collection accounts have a significant negative impact on your credit scores.

Collections can appear from unsecured accounts, such as credit cards and personal loans. In contrast, secured loans such as mortgages or auto loans that default would involve foreclosure and repossession, respectively. Auto loans can end up in collections also, even if they are repossessed. The amount they are sold for at auction may be less than the full amount owed, and the remaining amount can still be sent to collections.

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