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I know there are seemingly countless factors that determine how many points your score will go up (or down) once something falls off, but I'm interested in hearing opinions about this anyway. I need something to look forward to after seeing all of these sparkling 700+ credit scores floating around the forum.
Here's what drops off by December of this year:
1. Capital One charge off (this month)
2. Judgement (December)
3. Repo (December)
The repo situation isn't the norm. In December of 2007 my car was technically repo'd, but I paid the tow fees and reacquired the car less than a week later. I went on to own the car for three more years. Ultimately I ended up having to sell the car under a settlement agreement with Wells Fargo. I park my car on the side of the road at night and one morning I woke up to see that the rear left end had been smashed in. No note, nothing. This caused me to be upside down on the car, leading to the settlement. So this is probably a unique situation in that a repo will come off the record but the account will still exist as a settlement.
At this point (after the three items above drop off) I'll be down to one more charge off (which will be 6 1/2 years old) and the settled auto loan (4 1/2 years old) remaining as baddies. I'll have student loans in good standing, two closed credit cards in good standing, and three new credit cards that will have 6 months of good payments. That pretty much wraps up my history.
So, how many points can I expect, in your estimation, when these three baddies drop off in the next six months?
No guesses? Trying to give myself something to look forward to haha.
I have an additional question. My dad has very good credit, I don't know what his score is exactly, but I know it's very high and his credit cards have as much as 20k limits. If he adds me as an authorized user, do I benefit only from account activity that takes place from that point on, or will I get a boost from his previous solid history with the card? Also, do his limits increase my overall credit available, factoring into my utilization, or is that only for the primary account holder?
Hello, and welcome.
You know you can request an early exclusion from your accounts that will fall off in December, sometimes it works, sometimes it doesn't. Just have to be persistent, and hope you get a CSR that will understand what you're asking for. Search for those threads within this forum.
Also, as far as your father adding you, it WILL help but I have also read that with the new FICO 08 they don't factor in AU as much as they used to. I hope this helps.
@Whitneyy wrote:Hello, and welcome.
You know you can request an early exclusion from your accounts that will fall off in December, sometimes it works, sometimes it doesn't. Just have to be persistent, and hope you get a CSR that will understand what you're asking for. Search for those threads within this forum.
Also, as far as your father adding you, it WILL help but I have also read that with the new FICO 08 they don't factor in AU as much as they used to. I hope this helps.
Yeah maybe I'll take that advice and attempt to get some of these things removed a little bit early. The relationship didn't end very well with Jax Federal, the company my judgement is with, but I guess it never hurts to try.
I have a lot of phone calls to make this week, that's for sure.
Called five creditors today and got rejected by all of them regarding early exclusion requests or goodwill late payment removal. Unreal. I have no clue how some of you have such great success with this, Not one person I spoke with today entertained the idea for even a second. With Sallie Mae, I have student loans going back to 2001. I have ONE late payment after a lapsed deferment in 13 years and they wouldn't budge.
Next step is to send out some goodwill letters I wrote tonight, hopefully they find the right people. For my SST/Providian charge off account from six years ago, the one that's outside of the SOL time frame, I offered 300. The guy wouldn't even submit it for authorization. We're past the point of being cordial so I flat out told him that when someone doesn't have to pay you a single cent, and they offer 300 anyway, you should take it every time. The guy got so flustered he attempted to read me a quote out of the Koran. Looks like that account will be going the distance, comes off next June and at this point that's fine by me. I just hope I have some luck with these letters, would really help.
@dapps06 wrote:I know there are seemingly countless factors that determine how many points your score will go up (or down) once something falls off, but I'm interested in hearing opinions about this anyway. I need something to look forward to after seeing all of these sparkling 700+ credit scores floating around the forum.
Here's what drops off by December of this year:
1. Capital One charge off (this month) Could see a scoring bump
2. Judgement (December) Could see a big bump but depending on what type of judgement some report up to 10 years IIRC
3. Repo (December) Could see a bump
The repo situation isn't the norm. In December of 2007 my car was technically repo'd, but I paid the tow fees and reacquired the car less than a week later. I went on to own the car for three more years. Ultimately I ended up having to sell the car under a settlement agreement with Wells Fargo. I park my car on the side of the road at night and one morning I woke up to see that the rear left end had been smashed in. No note, nothing. This caused me to be upside down on the car, leading to the settlement. So this is probably a unique situation in that a repo will come off the record but the account will still exist as a settlement.
At this point (after the three items above drop off) I'll be down to one more charge off (which will be 6 1/2 years old) and the settled auto loan (4 1/2 years old) remaining as baddies. I'll have student loans in good standing, two closed credit cards in good standing, and three new credit cards that will have 6 months of good payments. That pretty much wraps up my history.
So, how many points can I expect, in your estimation, when these three baddies drop off in the next six months?
As for points your guess is as good as mine but I'll be pulling for a huge boost in scores for you
Good luck
@dapps06 wrote:Called five creditors today and got rejected by all of them regarding early exclusion requests or goodwill late payment removal. Unreal. I have no clue how some of you have such great success with this, Not one person I spoke with today entertained the idea for even a second. With Sallie Mae, I have student loans going back to 2001. I have ONE late payment after a lapsed deferment in 13 years and they wouldn't budge.
Next step is to send out some goodwill letters I wrote tonight, hopefully they find the right people. For my SST/Providian charge off account from six years ago, the one that's outside of the SOL time frame, I offered 300. The guy wouldn't even submit it for authorization. We're past the point of being cordial so I flat out told him that when someone doesn't have to pay you a single cent, and they offer 300 anyway, you should take it every time. The guy got so flustered he attempted to read me a quote out of the Koran. Looks like that account will be going the distance, comes off next June and at this point that's fine by me. I just hope I have some luck with these letters, would really help.
You would call the CRAs for the early exclusion on items that will fall off within next six months or so. Did you call them or the OC/CA?
@growing123 wrote:
@dapps06 wrote:Called five creditors today and got rejected by all of them regarding early exclusion requests or goodwill late payment removal. Unreal. I have no clue how some of you have such great success with this, Not one person I spoke with today entertained the idea for even a second. With Sallie Mae, I have student loans going back to 2001. I have ONE late payment after a lapsed deferment in 13 years and they wouldn't budge.
Next step is to send out some goodwill letters I wrote tonight, hopefully they find the right people. For my SST/Providian charge off account from six years ago, the one that's outside of the SOL time frame, I offered 300. The guy wouldn't even submit it for authorization. We're past the point of being cordial so I flat out told him that when someone doesn't have to pay you a single cent, and they offer 300 anyway, you should take it every time. The guy got so flustered he attempted to read me a quote out of the Koran. Looks like that account will be going the distance, comes off next June and at this point that's fine by me. I just hope I have some luck with these letters, would really help.
You would call the CRAs for the early exclusion on items that will fall off within next six months or so. Did you call them or the OC/CA?
I called the OC and CA, oops haha. I didn't think CRA's had the authority to remove items unless the OC/CA instructed them to. So I should call the CRA's and ask to have these items removed?
@myjourney wrote:
@dapps06 wrote:I know there are seemingly countless factors that determine how many points your score will go up (or down) once something falls off, but I'm interested in hearing opinions about this anyway. I need something to look forward to after seeing all of these sparkling 700+ credit scores floating around the forum.
Here's what drops off by December of this year:
1. Capital One charge off (this month) Could see a scoring bump
2. Judgement (December) Could see a big bump but depending on what type of judgement some report up to 10 years IIRC
3. Repo (December) Could see a bump
The repo situation isn't the norm. In December of 2007 my car was technically repo'd, but I paid the tow fees and reacquired the car less than a week later. I went on to own the car for three more years. Ultimately I ended up having to sell the car under a settlement agreement with Wells Fargo. I park my car on the side of the road at night and one morning I woke up to see that the rear left end had been smashed in. No note, nothing. This caused me to be upside down on the car, leading to the settlement. So this is probably a unique situation in that a repo will come off the record but the account will still exist as a settlement.
At this point (after the three items above drop off) I'll be down to one more charge off (which will be 6 1/2 years old) and the settled auto loan (4 1/2 years old) remaining as baddies. I'll have student loans in good standing, two closed credit cards in good standing, and three new credit cards that will have 6 months of good payments. That pretty much wraps up my history.
So, how many points can I expect, in your estimation, when these three baddies drop off in the next six months?
As for points your guess is as good as mine but I'll be pulling for a huge boost in scores for you
Good luck
I spoke with the OC for the judgement yesterday, they confirmed it will be dropping off in December. I'm so sick of having that on my record, it's going to be so refreshing to see it depart.