08-19-2011 08:30 AM - last edited on 08-19-2011 09:34 AM by llecs
Good Afternoon Group,
I have 3 items that are due to come off my credit report next month. Although they are negative items with no balance once they are removed will this increase my score?
Thanks in advance for your response.
08-19-2011 09:35 AM
OP, I split your post to form a new one here. I had to edit the title, but changed nothing else. If you'd like to change the title, click "Options" and then "Edit Message".
The answer is: it depends....what is falling off? Collection agencies? Charge-offs? Judgments? Lates?
08-19-2011 10:11 AM
Not a problem, thank you for your resply.
2 of the items where included in my 2004 bankrutpcy and the other item was a collection.
Also, I have 2 other collections with a balance of less then $300 combined and both show past due. How would that affect my score if they were brought current?
08-19-2011 12:28 PM
If these are CAs, then removing them would result in an increase. If any of these are charge-offs, then it depends. Even though the account is bad, FICO will still take the age of any OC account into consideration (it ignores the CA's age which led to my answer). So, if any of these are older than the average age of your accounts, or among your oldest installment, oldest CC, or whatever they are, or your oldest overall, then sometimes the age of the account helps you more than the age of the baddie hurts. In situations, you can lost points if an old charge-off is removed. It all depends on the age and how it reports. It's a YMMV thing.
Having other collections reporting will impact the score change. If these $300 collections are collection agencies (as opposed to charge-offs), then the balance doesn't matter at all and there's nothing they can report to make it appear as a positive account. Your goal would be to get them off.
Check these links out. There are some good info on getting it off earlier, legitimately:
Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.
What Steps Do I Take - great for learning the repair process.
and Example letters - PFDs, GWs, DVs, etc.
08-19-2011 12:43 PM
Thanks a million! This information is great. I will definitely carefully read through everything and see where to go from there. Your assistance is appreciated. I may have additional questions. Thank you again.