Collections question

[Kennie02]

I know that your FICO score can go up once a collections account is removed. But what determines the amount of points? The length of time its been in collections? The amount? 

[Kennie02]

In case anyone is wondering, it seems that since I have/had 6 collections on some of my CRs I won't get a significant bump until I am down to 3 or less...

[aurelie00]

In my own experience, I haven't seen any major jump from getting 1 or 2 collections removed when I still had others remaining. 

I started my journey 6 months ago with 6 collections on all of my reports.  I still have one remaining on TU and EQ, but none on EX.  EX is the only score that's seen significant change.  I expect the other two will also see change when I'm collection free accross the board in January. 

I could be wrong, but I think one your report is flagged with a collection, the damange is done no matter if it's one, three or six. 

What are your remaining CA?  Maybe we can  help you get your others removed. 

[montana586]

There are a number of factors that affect your score so really It all depends on what else you have on your report. The older the collection the less impact it has on your score but lets say you had one put on this year, your score would take a nice hit but if u had It removed this year also it would give u a nice bump, again YMMV (Your mileage may vary)

[RobertEG]

A primary factor affecting any score improvement upon deletion of any major derog is what remains in your file as much as the deletion of that one major derog.

FICO cinsiders your file to be in what I call a "dirty" overall scoring category, or "bucket," until all major derogs are gone.

At that point, the file becomes "clean" for scoring purposes, and it is then scored under a new seet of algorithm parameters.

The affect of age on the scoring of a collection, while presumably having less affect as it ages, has never been specifically disclosed by Fair Isaac, so all that can be relied upon is the posted experiences of others.  It appears from the posting of anecdotal experiences of others that movng into a clean pament history bucket is more significant than the age of collections when any collections still remain.

[Kennie02]

Aurelie00 I have 4 medical collections on my CR. All with progressive management that went on in 2009. I sent a PFD for one of the four. I should have done all 4 since I have the funds to PIF but I wanted to see how they would work w/ PFD. I have another collection that I am waiting to be deleted that was from 2013. Since its new I was hoping for a big impact on my score.

Thanks for all your input. I will see what happens when the newest collection gets deleted.