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Collection Removed

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Tempted2Pull
New Contributor

Collection Removed

I had a collection removed from the CRA.'s How long do they take to update on Myfico ScoreWatch? I haven't received an alert for it


Starting Score {July 30,2012}: TU 586 EQ 535 EX 583
Current Score: My Fico EQ 635 Walmart TU08 640 MyFico TU04 682 My Fico EX 628 (lender pull 09/12)
Road 2 Recovery: Patience - Persistence - Perseverance

Goal Score: 700+


Take the FICO Fitness Challenge
Message 1 of 8
7 REPLIES 7
madmann26
Valued Contributor

Re: Collection Removed

Excellent question. I would like to know as well.

Current FICO 9 Scores



Message 2 of 8
Autumnslight
Frequent Contributor

Re: Collection Removed

A collection removal won't trigger a ScoreWatch alert. Sad, I know. Smiley Sad If you have your alert settings set to tell you when your score reaches a score that's one point above your current score, then it might take about a week to get the alert, since ScoreWatch seems to only check scores once a week or so if there are no other changes that would trigger an alert.

Scores:
07/29/12: EX FICO (Amex) 684 | EQ MyFICO 631 | TU Walmart 695
Current: EX FICO (MyFICO) 733 | EQ (MyFICO) 683 | TU (Walmart) 745

First Goal: 700+ across the board - Got it on EX & TU!!!
Message 3 of 8
llecs
Moderator Emeritus

Re: Collection Removed


@Autumnslight wrote:

A collection removal won't trigger a ScoreWatch alert. Sad, I know. Smiley Sad If you have your alert settings set to tell you when your score reaches a score that's one point above your current score, then it might take about a week to get the alert, since ScoreWatch seems to only check scores once a week or so if there are no other changes that would trigger an alert.


+1...and I'll add that there is no service anywhere that alerts for dropped accounts.

I would suggest instead of +1, you set your target score to exactly match your current score. While in most cases a dropped CA will increase your FICO, there are some scenarios where it won't. For example, let's say you have a herd of CAs reporting. Losing one likely won't increase your score at all. If set at +1, you won't get an alert if your score didn't change.

 

Another example would be rebucketing. If you become 100% baddie-free, there's always a chance you can lose points. That's rare but there are some posts in here stating such.

 

Let's say the "collection" were a CO (some people use the word "collection" to describe COs and CAs). If that OC acct were among your oldest accounts, it's very likely you could see a score drop with its removal (YMMV on credit). If the target were set at +1, then you wouldn't see an alert.

 

Finally, let's suppose something happened to your FICO that caused a decrease a day prior to the CA's deletion like increased util, an old account dropping, other added baddies, account changes, etc. The score would be lower. If that loss isn't washed out by a net gain by the removal of a CA, then you wouldn't get an alert because it didn't hit the +1.

 

To the OP....ditto to the week. FICO monitors your FICO score for changes once per week. So, if there's nothing happening on your CRs, and absent any credit alerts, then start the clock for 7 days from the exact day you saw it disappear off EQ. I'm guessing you are using a service like USAA's CMS to track when they fall. If not, you might benefit from a service like that. Ignore their scores and advice of course.

Message 4 of 8
Cadillac-XTS
Established Contributor

Re: Collection Removed

Congrats

Message 5 of 8
Tempted2Pull
New Contributor

Re: Collection Removed

ScoreWatch sucks! waste of $14 a month. As i mentioned above, I had a collection removed and stuff update to my credit file and no alerts. I just had to waste another $14 do pull my own report to find out that i had a boost in score. I'm canceling this product when my three months is up in october. So pissed right now! Smiley Frustrated


Starting Score {July 30,2012}: TU 586 EQ 535 EX 583
Current Score: My Fico EQ 635 Walmart TU08 640 MyFico TU04 682 My Fico EX 628 (lender pull 09/12)
Road 2 Recovery: Patience - Persistence - Perseverance

Goal Score: 700+


Take the FICO Fitness Challenge
Message 6 of 8
Shogun
Moderator Emeritus

Re: Collection Removed

Congrats!

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.
Message 7 of 8
Tempted2Pull
New Contributor

Re: Collection Removed

Thanks Shogun. Smiley Happy


Starting Score {July 30,2012}: TU 586 EQ 535 EX 583
Current Score: My Fico EQ 635 Walmart TU08 640 MyFico TU04 682 My Fico EX 628 (lender pull 09/12)
Road 2 Recovery: Patience - Persistence - Perseverance

Goal Score: 700+


Take the FICO Fitness Challenge
Message 8 of 8
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