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Frequent Contributor
sghosh5
Posts: 469
Registered: ‎02-28-2013
0

Effect of dropping old collections

I have 2 collection accounts which are scheduled to drop off in September and October this year. there is also a charge off from chase scheduled to drop off in March end. My question is do the FICO scores go up when a 7 year old collection account drops off? I was thinking as they are no affecting the credit scores now because of their age there may not be any change in score when they drop off. Do anyone have any idea how much my scores can go up if 3 bad accounts drop off ?


Starting Score: EQ: 499 (02/2013)
Current Score: EX: 680, EQ: 654, TU: 697
Goal Score: 750

CHASE Freedom: 1K, CHASE Sapphire: 5K, Barclay Arrival+: 5K, CapOne: 3K,CapOne: $3K, AMEX BCE: 3.9K, AMEX BCE: 1K, AMEX Green, AMEX PRG, Discover: 5.7K, DISCOVER IT: 2K, CITI Diamond:2.8K, Southwest Premier: 2K, Express:900, Paypal: 2.8K, Amazon: 2.1K, Macys: 7.6K, Walmart: 950
Valued Contributor
gdale6
Posts: 9,261
Registered: ‎12-13-2013
0

Re: Effect of dropping old collections


sghosh5 wrote:

I have 2 collection accounts which are scheduled to drop off in September and October this year. there is also a charge off from chase scheduled to drop off in March end. My question is do the FICO scores go up when a 7 year old collection account drops off? I was thinking as they are no affecting the credit scores now because of their age there may not be any change in score when they drop off. Do anyone have any idea how much my scores can go up if 3 bad accounts drop off ?


Its hard to say how many points these are holding your score down but I can say they definiately are even at the 7 year mark. You should see a bump upward with their removal.

EX Cred Ses 08/14: 767 ; EX Fico 04 V2 06/14: 775; EX Fico 08 07/14 778 ; EX Fico 08 BC 07/14: 800
EQ Fico 05/14 781 ; EQ MPM 07/14: 721
TU Fico 8 07/14: 719; TU MPM 06/14 706

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