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Removed Collection Only 16 pt Increase?

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Anonymous
Not applicable

Re: Removed Collection Only 16 pt Increase?

Actually looking at my paperwork from the Walmart acceptance letter, it looks as though my score only increased 12 points from when I apped (which was on the 13th). I guess this also confirms that GECRB is using TU08 for it's approvals.

Message 11 of 17
atarvuzdar
Established Contributor

Re: Removed Collection Only 16 pt Increase?

Congrats on the 16 pt increase and the loss of the derog. Smiley Happy

 

I can understand the slight disappointment, but interestingly, the fact that the account was older may have caused your AAoA to decrease a bit when it fell off. That could have lessened the positive impact of the loss of the derog.

 

Mostly, I'd bet you were rebucketed. You probably looked alright for the "dirty report" crowd, but now you're part of the "clean crowd" and have a lot more "competition" there. Think of it as the big fish in the little pond just got moved to a bigger pond--that fish doesn't seem so big anymore. Smiley Happy

 

The very good news is that now your score can increase a lot farther than it ever could have in your old bucket. And like you said, inq's aren't the end of the world. Let those previous inquiries all age to a year and then start considering looking for credit again. Smiley Happy

FICO 8: EQ 846 / TU 836 / EX 832
AMEX Platinum / BofA Cash Rewards Visa Sig $99,900 / Chase CSR $43,400 / Citi Double Cash $39,600 / AMEX EveryDay $30,000 / Discover It $26,000 / Gemini $25,000 / JetBlue $25,000 / Chase Freedom Unlimited $22,500
Message 12 of 17
Anonymous
Not applicable

Re: Removed Collection Only 16 pt Increase?


@atarvuzdar wrote:

Congrats on the 16 pt increase and the loss of the derog. Smiley Happy

 

I can understand the slight disappointment, but interestingly, the fact that the account was older may have caused your AAoA to decrease a bit when it fell off. That could have lessened the positive impact of the loss of the derog.

 

Mostly, I'd bet you were rebucketed. You probably looked alright for the "dirty report" crowd, but now you're part of the "clean crowd" and have a lot more "competition" there. Think of it as the big fish in the little pond just got moved to a bigger pond--that fish doesn't seem so big anymore. Smiley Happy

 

The very good news is that now your score can increase a lot farther than it ever could have in your old bucket. And like you said, inq's aren't the end of the world. Let those previous inquiries all age to a year and then start considering looking for credit again. Smiley Happy


I was under the impression that collections weren't included in the AAoA calculation...

Message 13 of 17
oracles
Valued Contributor

Re: Removed Collection Only 16 pt Increase?


@atarvuzdar wrote:

Congrats on the 16 pt increase and the loss of the derog. Smiley Happy

 

I can understand the slight disappointment, but interestingly, the fact that the account was older may have caused your AAoA to decrease a bit when it fell off. That could have lessened the positive impact of the loss of the derog.

 

Mostly, I'd bet you were rebucketed. You probably looked alright for the "dirty report" crowd, but now you're part of the "clean crowd" and have a lot more "competition" there. Think of it as the big fish in the little pond just got moved to a bigger pond--that fish doesn't seem so big anymore. Smiley Happy

 

The very good news is that now your score can increase a lot farther than it ever could have in your old bucket. And like you said, inq's aren't the end of the world. Let those previous inquiries all age to a year and then start considering looking for credit again. Smiley Happy


Definitely agree, i would have to say its because of the rebucketing and now you have an opportunity to go even higher now.

 

Congrats

Message 14 of 17
GoingTo800
Contributor

Re: Removed Collection Only 16 pt Increase?

I had a similar experience, 4 year old collection removal gained me 8 points a few months back.
Equifax Feb 2012 690
TU Feb 2012 720
Message 15 of 17
LS2982
Mega Contributor

Re: Removed Collection Only 16 pt Increase?


@Anonymous wrote:

I think my INQs may be pulling me down too. Like an dummy, before I found this site I couldn't realize why I was getting declined for cards. So I apped alot until finally I decided to pull my reports and found the collection. Disputed it a month ago, came off this week. But I still have the wasted INQs that I can't undo. Smiley Sad


Your more than likely being dinged for "seeking credit". I'd pull your TU98 FICO report and it will give you the reasons why your score is what it is.




EQ FICO 548 3/3/16
Message 16 of 17
Anonymous
Not applicable

Re: Removed Collection Only 16 pt Increase?


@LS2982 wrote:

@Anonymous wrote:

I think my INQs may be pulling me down too. Like an dummy, before I found this site I couldn't realize why I was getting declined for cards. So I apped alot until finally I decided to pull my reports and found the collection. Disputed it a month ago, came off this week. But I still have the wasted INQs that I can't undo. Smiley Sad


Your more than likely being dinged for "seeking credit". I'd pull your TU98 FICO report and it will give you the reasons why your score is what it is.


I figured that. I'm just surprised that it's having such a big effect.
Message 17 of 17
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