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I have a judgement which has been on my credit file since 2008. I wanted to know if I pay the judgement, will it affect my FICO score? Or if a settlement is agreed upon, how will it affect my FICO score? Will the paid or settled judgment lower my FICO?
A settlement agreement (entered into the court docket) will not effect your FICO score, nor will it show (positively or negatively) on your credit report.
Others on the forum will be able to tell you if a PIF judgment will remain on your credit or if it is removed once the satisfaction has been entered.
Paying the judgment should increase your credit score but not as much as it would if it were not on there at all. If you are looking at entering into a settlement agreement see if there is a way for your attorney to negotiate voiding/reversing or withdrawing the judgment when the debt has been paid.
Right to Designate Exemptions
I was served with a "Right to Designate Exemptions". I have two children and one disabled adult that depend on me financial to provide home, food and clothing. After listing the few "real property" exemptions, I was wondering how likely is it that the creditor will garnish my wages or my bank account?
Judgement
Thanks! Also, I was served with "Right to Designate Exemptions". After listing my exempt property, which is next to nothing, how likely is it the creditor will garnish my wages or bank account? I have two childern and one disabled adult that depend on me for financial support.
judgment
Hi Micdee,
If you make payments on judgment, there won't be a great increase in your core. However, your creditors, and lenders will atleast come to know that you have satisfied the judgment. However, the judgment will stay on your credit report for 7-10 years.
As for the "Right to Designate Exemptions", it depends on the state laws. So, you will have to check your state laws on the exemptions.
Thanks,
Aaron