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So I just got off the phone with another agent from AARGON, they said they would submit my account for deletion from the CRA!!! Is this a valid letter for removal? This is what they gave me...they said generally takes 30-90 days for CRA to remove the item from my CR. They said they update CRA 1st Saturday of every month...so, is this technically considered a PFD and this will be removed from my CR?
Sorry if I already answered my own question, but I've never had a successful PFD and I am still a n00b in rebuilding..thank you for any insight//
Yes, give it 30 days to update.
Looks good to me. Just be sure to keep that letter in your files in case they give you any trouble later on.
@Anonymous wrote:Looks good to me. Just be sure to keep that letter in your files in case they give you any trouble later on.
Sweet! Thank you for the advice...my first successful PFD! This was stressing me out so much..
A collection account under $100 is not taken into account when calculating Fico 08, so that would explain your score going up.
@Anonymous wrote:A collection account under $100 is not taken into account when calculating Fico 08, so that would explain your score going up.
Not taken into account, in what sense? Not having any impact on my CR being that it's under $100? But still, a negative impact nonetheless right?
@Anonymous wrote:
@Anonymous wrote:A collection account under $100 is not taken into account when calculating Fico 08, so that would explain your score going up.
Not taken into account, in what sense? Not having any impact on my CR being that it's under $100? But still, a negative impact nonetheless right?
As long as it's on your CR it's taken into account - there are a number of ways this can negatively affect you, it can lower your score, it can harm your relationship with the OC, and when applying for products in the future, if you CR is manually reviewed it will be seen and may cause you to be denied or affect the interest rate of the product in question. The affect of time will dimish the harm the collection will cause on all of the above points.
A manual review might make it harmful, but it does not affect Fico08 scores. It may affect later versions of Fico and definitely affects earlier versions of Fico, but the Fico08 model doesn't count collections under $100. I'm too lazy to google to find this information, but I did read it recently and I've also noticed the effect on my own reports. I have four or 5 collections under $100 that do not affect my score as they come off (or on).
i would except 20-25 point increase when it removes. You'll basically gain back what you lost when you payed down your other account.