How soon after the falloffs do good things happen?

toothgrind3r · ‎01-31-2014

So I have three baddies that are supposed to fall off of my TU report in Feb. and March. I'm hoping that that will help my score a lot? Should I expect a big jump right away? Or will it be over time?

Some other info. Since starting to rebuild my credit two years ago, I got a secured card, then two unsecured cards (one CapOne, one Citi) which I have been using very responsibly since. Score has creeped up a bit, but nothing huge.

I mention the TU report because

1. I really have my eye on the Barclay Arrival World Mastercard, and I hear that they only pull TU?

2. Those same baddies on EQ and EX are schedualed to fall off in another 2 years (after searching and searching for the answers, starting with this thread here) I still don't know why the two year difference?

So yeah, if these do in fact fall off the TU report, those three being the only baddies, should I expect a pretty good TU report right away?

Thanks for any info!

I've got some cards. Some are pretty, some are ugly. Some are more useful than others.

RobertEG · ‎01-31-2014

The effect of exclusion of negative items from your credit report depends as much on what remains as what is excluded.

If other major derogs or a plurality of derogs still remain, your file will continue to be scored less favorably.

Once all major derogs are gone, then your scoring of payment history will under a new "bucket," which is when most score improvement is normally seen.

What other derogs remain?

toothgrind3r · ‎01-31-2014

That's all of them, no others.

This is my summery for TU report:

Bank Of America:

Remarks: PURCHASED BY ANOTHER LENDER; UNPAID BALANCE CHARGED OFF

Estimated month and year that this item will be removed: 03/2014

Capital One:

Remarks: CLOSED BY CREDIT GRANTOR / PAID IN FULL / WAS A CHARGE OFF

Estimated month and year that this item will be removed: 02/2014

Chase Bank:

Remarks: PURCHASED BY ANOTHER LENDER / TRANSFERRED TO ANOTHER OFFICE

Estimated month and year that this item will be removed: 02/2014

Cavalry Portfolio Service (Orig creditor BofA)

Pay Status: Account Paid in Full; was a Collection

Remarks: SETTLED-LESS THAN FULL BLNC / PAID COLLECTION

Estimated month and year that this item will be removed: 03/2014

Midland Credit Management (Orig creditor Chase Bank)

Pay Status: Account Paid in Full; was a Collection

Remarks: PAID COLLECTION

Estimated month and year that this item will be removed: 02/2014

I've got some cards. Some are pretty, some are ugly. Some are more useful than others.

RobertEG · ‎01-31-2014

Then you may see a substantial increase. How much will still depend on your other scoring categories.

Is your util maxed out, for example?

As an aside, credit report exclusion may result in score improvement, but you appear to still have two accounts showing an unpaid debt.

With exclusion of a collection or charge-off, that prevents others from knowing of the unpaid debt by a simple pull of your credit report.

However, if a creditor does a more thorough review, they may still become aware of the unpaid, delinquent debt.

You might also consider still satisfying htose debts in order to clear your debt history in additon to improving your score.

toothgrind3r · ‎01-31-2014

Thanks Robert....

But I'm a little confused by what you said.

All of the debts are satisfied to the best of my knowledge. For instance, the BofA debt listed was sold to Cavalry listed, which I then paid in full (to Cavalry). And the Chase Bank debt listed was sold to Midland listed, which I then paid in full (to Midland). Capital One debt listed was paid in full to Capital One.

So, if I understand correctly (and trust me, I could very well be understanding this incorrectly)...nothing's delinquent, is it?

And as far as other scoring catagories...utilization is down very low...prob hovers around 5%-10% normally. Almost always paid in full each month. Except for a couple of months last year when I had some dental work done. 4 cards currently reporting. One is two years old, one is about a year, and the last two are about 4-5 months.

Hard inquieries:

T-Mobile 12/15/13

CapOne 03/01/12, 12/04/12, 04/08/13

GECRB 09/10/13

Cavalry 01/17/12

I've got some cards. Some are pretty, some are ugly. Some are more useful than others.

guiness56 · ‎01-31-2014

I think he was refering to the Chase and BoA. If they were sold, those accounts will not be marked as paid but should have a 0 balance which means you owe them nothing.

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toothgrind3r · ‎02-01-2014

@guiness56 wrote:
I think he was refering to the Chase and BoA. If they were sold, those accounts will not be marked as paid but should have a 0 balance which means you owe them nothing.

Just checked, both the original creditor and the collections have a zero balance on the report.

I've got some cards. Some are pretty, some are ugly. Some are more useful than others.

RobertEG · ‎02-01-2014

That is also possible without the debt having been paid.

If the debt collector purchased the debt, the OC was required to have promptly reported the debt balance still owed to them as $0.

If the purchasing debt collector then reoorts, their amount under collection is also debt owed to them.

If the debt collector then either closes their collection or sells the debt to another, they would be required to report $0 under collection.

There are often periods of time where a credit report per se will not show an actual debt amount.

Unless reporting under the account also includes their reporing of a paid status, there is no inference that a $0 balance means no debt.

toothgrind3r · ‎02-01-2014

Thank you all for your comments, but the more we talk about this the more confused I am getting!

From the information I have given...(and please, if you need more, don't hesitate to ask)....is there any action I should be taking to clean this up better? I must be missing something, because it seems okay to me?

Otherwise, I'm just going to wait until March to see what happens with TransUnion score.

And, sidenote, again, I beg of anyone to look at that link I posted up top, if you feel like helping me out a bit! It's in regards to the 2 year difference in the fall-off dates between TU and EX/EQ....because it's driving me crazy!

I've got some cards. Some are pretty, some are ugly. Some are more useful than others.

toothgrind3r · ‎02-01-2014

OH, and BTW, I guess I never really mentioned it....but my debts HAVE been paid. 2/3 paid in full, 1/3 settled for less. 2/3 paid to collection, 1/3 paid to original creditor.

So I think this is where my worry is coming in now. Everything's paid...0 ballances reporting...collections reporting account paid in full...fall-offs within the next two months. So my worry is, what am I missing/not understanding?

I've got some cards. Some are pretty, some are ugly. Some are more useful than others.