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Newbie--Curious about score after deleting collections

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Anonymous
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Newbie--Curious about score after deleting collections

Hello! I'm a newbie and I'm in the process of trying 2 get 3 collections deleted off my credit report. I'm just curious how many points will my score increase if I get all 3 collections deleted? Also I just paid down my 2 CC's to $0 balances. So I'm also curious how much will my score increase since I now have zero balances & if I get the 3 collections deleted. My Ch.13 was discharged in 6/08 and I have no loans only CC debt which is now 377 total. I would like to try & buy a house for the second time since I got a preapproval but the underwriters wouldn't sign off on my loan. My LO told me 2 get those collections deleted so that I can get approved so I would like to know if anyone have had any past experiences with getting collections deleted how many points did your score increase?
Message 1 of 6
5 REPLIES 5
llecs
Moderator Emeritus

Re: Newbie--Curious about score after deleting collections

You'll see most gains with the last CA being removed. The points gained depend on remaining baddies, the number of CAs remaining, and the age of the CA being removed. I had a 5 yo CA removed and was my last for a gain on EX FICO of 58 pts. I just had a new CA get added and when I was able to pull EX, my score dropped 103 points and that CA was also about 5 yrs old. YMMV. The BK will likely hamper the gains though, but you'll gain something.

Gain on the CCs depend on your individual CC utilization and overall utilization before the paydown and what they are after. I like to tell people if they have a good mix of credit (2 revolving and once charge), dropping util down by 10% nets 10 points. So, dropping from 80% to 0% could net about 80 pts.
Message 2 of 6
Anonymous
Not applicable

Re: Newbie--Curious about score after deleting collections

Thanks so much for ur help Smiley Happy! Now I'm just waiting 2 hear back from the CA's to see if they will settle. Hopefully, I can get them to settle so that I can get those collections removed! Those collections stopped me from getting the underwriter(s) to sign off on my mortgage loan. So I'm starting all over again since I lost the 1st house Smiley Sad. I'm not giving up cause this time I'll know for sure where I stand far as my credit scores. Before myfico, I got suckered into Identity Guard with FAKO scores, but now I know better. I dropped Identity Guard and now I'm a myFICO follower Smiley Happy.
Message 3 of 6
Anonymous
Not applicable

Re: Newbie--Curious about score after deleting collections

I had about 5 collections on each report.  I was gaining about 10-20 points with each collection being removed.  My last one should be gone in about 2 weeks, and I really hope I see a 50+ point increase!!

 

Also, I am paying my CC utilization down from about 93% to about 5% over the next 2 months.  If that can get me 80-90 pts, then I will do the happy dance!!

 

However, I have learned not to get too excited until the score update actually happens.  With the complex algorithms and mysterious buckets, you never can really know what will happen to your scores.  But removing negative information, and adding positive will yield these great results one day.

Message 4 of 6
medicgrrl
Valued Contributor

Re: Newbie--Curious about score after deleting collections

I have had 4 out of 5 CA removed and haven't seen a single point increase from TU and am not sure if my increase with EQ was due to CA removal or other factors.  My last CA will be removed in the next 2 weeks so it will be interesting to see if anything happens.  I have 2 CO's remaining on my CR so that is probably affecting it a lot.


EQ 778 EXP 782 TU 729
Message 5 of 6
Anonymous
Not applicable

Re: Newbie--Curious about score after deleting collections

I also have a Chase CC CO remaining that I am GWing like a madman.  That is my last major derog.  Everything else is scattered late payments, but none in the last 10 months.  Hopefully when 12 months hits, my scores will increse slightly. I also have about 93% CC util, but will get it down to 5-9% in about 2 months.

 

I read on another post that somebody had a 34 pt increase with their Chase CC CO being deleted.  Hopefully I will see the same, or something similar.

 

I'm just nervous about a drop due to rebucketing.

 

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