cancel
Showing results for 
Search instead for 
Did you mean: 

Last collection removal question

tag
Anonymous
Not applicable

Last collection removal question

Hey folks, I'm hoping to be able to get EE on the last collection on my CR in the next month or two. My question is, does the big score boost still happen even if I have a charge off on my reports? It's PIF so not updating but won't be removed until 2019 so don't want to get my hopes up if I shouldn't expect any significant score change. Thanks in advance for input!
Message 1 of 9
8 REPLIES 8
Anonymous
Not applicable

Re: Last collection removal question

Don't expect any big boost at all. Maybe 3-8 points at the most...There will not be a "big score boost".
Message 2 of 9
Anonymous
Not applicable

Re: Last collection removal question

Ok thanks I appreciate the feedback. Definitely wanted to temper my expectation LOL.
Message 3 of 9
Anonymous
Not applicable

Re: Last collection removal question

So any big score boost won't really happen until ALL negatives are removed, regardless of age or reporting status?
Message 4 of 9
Anonymous
Not applicable

Re: Last collection removal question

The biggest score boost you would see with negs still on your reports is having a CO removed. At that maybe a 10-15 point increase. The older the item, the less of an increase you will have. That's been my experience.
Message 5 of 9
Anonymous
Not applicable

Re: Last collection removal question

Ok, thanks. I just paid 3 of my CO's on Friday but they aren't set to fall of for 8-12 months, as are all the rest of my negatives. It will take 30-45 days for them to update but I doubt I'll see a big score jump from that. I don't think GW will help but I'm going to try EE. I did just have miraculous luck with TU. They removed a judgement that was paid in full in Dec. I only asked them to mark it as paid but they deleted the whole thing. It wasn't set to fall off til 2022. I stil have 3, all paid, so I'm going to try my luck with those eventually.
Message 6 of 9
Anonymous
Not applicable

Re: Last collection removal question

Who are the CO's with?
Message 7 of 9
Anonymous
Not applicable

Re: Last collection removal question

Amex - PIF for $3,500 in return for an Optima pre-approval & updated reports
Credit One - settled for 60% /$416
Jeff Capital (HSBC) - settled for 40% / $150

Still unpaid: Belk for $1,200 & CapOne for $1,200 BBVA Compass for $3,200 plus a few accts that are no longer reporting, and can't due to SOL. Plan on addressing Belk next.

I'm going to attempt GW but those seem more for a few missed payments here and there rather than full on charge off accts that were ignored for 6 yrs. I'm gardening til June of 2017 anyway, and everything will be gone by then on its own, aside from one paid judgement.
Message 8 of 9
RobertEG
Legendary Contributor

Re: Last collection removal question

Credit scoring is not a uniform algorithm for a given catedory for all consumers.

Credit scoring uses a concept called scorecard categorization that develops different treatment of consumers based on a categorization of some aspect of their credit file, and then uses different algorithms that compare you with those subsets of consumers that have that similar categorization. 

That categorization process is commonly called bucketing.

 

For payment history, as long as you have any remaining major derogs, you are scored in a less-favorable category, or bucket, which is commonly called a "dirty" file.

You will normally not see significant score improvement until your file becomes "clean" of all major derogs.

Thus, deletion or exclusion of a collection or CO will normally not have as much impact until all other major derogs are deleted or excluded.

Message 9 of 9
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.