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Can someone answer this? How long do 5 year old collections hurt your score?

Frequent Contributor

Can someone answer this? How long do 5 year old collections hurt your score?

 


Starting Score:
August Equifax 558 TU 600 EX 570
Current Score: Equifax FICO 642 TU FICO662 EX 651 (credit.com) 06/21/2013
Goal Score: 720 All Across

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16 REPLIES
Valued Contributor

Re: Can someone answer this? How long do 5 year old collections hurt your score?

for 7 years 180 days just hurt less over time


Starting Score: 0
Current Score: TR??FICOEQ ?? FICO
Goal Score: 760

Lowes7,000 Discover More 2800. Jcpenny 6,000
Chase freedom 800 Never take NO for an answer!!
Frequent Contributor

Re: Can someone answer this? How long do 5 year old collections hurt your score?

I actually meant to say how much........ How much does an older collection hurt your score.



Starting Score:
August Equifax 558 TU 600 EX 570
Current Score: Equifax FICO 642 TU FICO662 EX 651 (credit.com) 06/21/2013
Goal Score: 720 All Across

Take the FICO Fitness Challenge

Valued Contributor

Re: Can someone answer this? How long do 5 year old collections hurt your score?

It depends on your total credit picture


Starting Score: 0
Current Score: TR??FICOEQ ?? FICO
Goal Score: 760

Lowes7,000 Discover More 2800. Jcpenny 6,000
Chase freedom 800 Never take NO for an answer!!
Moderator Emeritus

Re: Can someone answer this? How long do 5 year old collections hurt your score?

+1  Is that the only negative on your account, if so then it's doing pretty good damage, although it has diminished over time.  If you have other negatives then it's not hurting quite so much.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Frequent Contributor

Re: Can someone answer this? How long do 5 year old collections hurt your score?

Hey Shogun, no it is still 4.  I was looking at the one that is left on it, and it is going to fall off in 2013.  I am going to focus on the other three maybe, the one from this year for sure.  When I get that one removed it will then be 3 left.  I have all you to thank, not bad from 18.  Although the proof of them co-mingling data really helped, I cant get over the fact they make that many mistakes.



Starting Score:
August Equifax 558 TU 600 EX 570
Current Score: Equifax FICO 642 TU FICO662 EX 651 (credit.com) 06/21/2013
Goal Score: 720 All Across

Take the FICO Fitness Challenge

Moderator Emeritus

Re: Can someone answer this? How long do 5 year old collections hurt your score?

Absolutely work on that current one.  But keep something brewer on the older ones.  Are you still sending out those GWs?

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Frequent Contributor

Re: Can someone answer this? How long do 5 year old collections hurt your score?

I havnt sent any out recently but will soon. When I get back home I am going to foucus.


Starting Score:
August Equifax 558 TU 600 EX 570
Current Score: Equifax FICO 642 TU FICO662 EX 651 (credit.com) 06/21/2013
Goal Score: 720 All Across

Take the FICO Fitness Challenge

Moderator Emeritus

Re: Can someone answer this? How long do 5 year old collections hurt your score?

Alright, you better.  Don't make me ground you!!!   LOL..  Good luck girl.  Smiley Happy

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Highlighted
Community Leader
Epic Contributor

Re: Can someone answer this? How long do 5 year old collections hurt your score?

As stated, the presence of other major derogs in your file/CR will keep you in a scoring category/bucket of major derogs until all are gone. Getting one removed will help, but not substantially.

It is finally getting your foot out of that dirty bucket that will open the path for substantial score improvement.