4 Colls. deleted and only a 2 pt bump?

[Anonymous]

I did my first dispute (incorrectly, of course- just did a blanket dispute) on EX, EQ and TU.  I got an email from EX today and it showed 4 of 9 collections disputed were deleted.  I was super excited.... until...... I realized it only gave me a 2 pt. score bump.  What the heck?  I know if I had ADDED 4 derogs it SURELY would have trashed my score by about 100 pts.  So what gives?  Why didn't I see a better result?  I'm on month one of this journey, so any info is greatly appreciated.  Thanks!

[firetech593]

Royalmiss,

Great job on the deletions!!!

Unfortunately, the big jump happens when the last collection is gone.

[cabner]

This really depends on the age of the collections that was removed, how many collections and/or negatives are on your report in total, etc.   It also might not be reflecting the true score increase, due to accounts falling off do not cause MyFICO to produce an alert (at least it hasn't for me).   I've seen score increases on days where my balances were updated on my report.   Example, I had a collection removed.  It wasn't until one of my credit cards reported that month's new balance when I saw the score increase.  I had only paid minimum for that statement, which wouldn't have changed my score much.

[Anonymous]

Aha.  So, once I have the last one gone, I shoudl expect the big jump.  I'm looking forward to it ))

If I can get a baddie changed to "closed" rather than "charged off", does that do the same thing to my score?  Will it take away the derog status and make it a neutral status account?  Thanks guys, I appreciate all the help!

[Anonymous]

Also, Firetech, is there a difference between collections and charge offs?  Thanks!

[gdale6]

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@Anonymous wrote:

Aha.  So, once I have the last one gone, I shoudl expect the big jump.  I'm looking forward to it ))

If I can get a baddie changed to "closed" rather than "charged off", does that do the same thing to my score?  Will it take away the derog status and make it a neutral status account?  Thanks guys, I appreciate all the help!

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No, once an account has reached CO status its always a CO even when its been paid in full.

[firetech593]

A charge off usally comes from the origonal creditor not being able to collect payment. A collection can be a different company trying to collect on the same bill. Either for themselves, if they bought the debt, or for oc if they were hired to collect

Status of paid IS in fact better than charged off, but only as paid as agreed or closed. Any other coding or 30 60 90 120 150 designation is considered negative.Settled is considered negative as far as I know.

[gdale6]

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@Anonymous wrote:

Also, Firetech, is there a difference between collections and charge offs?  Thanks!

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COs are done by OCs, CAs try to collect on behalf of the OCs who have COed individuals accounts.

[Anonymous]

I had a total of 4 bad accounts.  One was a derog credit card (long story); 3 were medical collections.  Three of them from 2008 and one is 2011.  When the derog fell off, I expected a big jump and it didn't happen.  It actually hurt my AAoA.  That baffled me totally.    When I got the 2 medical collections removed, I had a 40 point jump.  I am down to 1 medical collection.  I think the bumps depend on whether it was a derog with a balance or a paid old collection.  One of my medical was unpaid so I think that was the jump.

[Anonymous]

I hear you, Mims.  Sometimes I'm so confused by a. all of the conflicting info, and b. the fact that common sense doesn't seem to apply to the credit game. 

I am also learning the language of the forum.  (I'm still really new).  So sometimes I make an abbreviation mistake (I thought CO was collections for awhile) that may make my question/comment seem weird or off.  *shrugs  I'm sure I'll get it eventually

I am going to get a fresh copy of all three reports on the 15th, when I get paid.  THen I can put them all side by side and start working my way through them.  Now that I have seen some change I am getting pretty excited again.  I was excited at first, then I was like there is no way I'll ever be able to do this, now I'm like, well, maybe I can.  A lot of my newfound determination is due to others in the forum being so helpful, and knowlegable, and helping me learn.  It's been a great experience. 

Meanwhile, I'm back to the old ball and chain... WORK!