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19 accounts deleted. score question.

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hoff33
New Contributor

19 accounts deleted. score question.

I have been reading the posts daily for a month to better understand how credit scores work. In one month I have been able to get things deleted and corrected, which helped with about a 25 point increase on all 3 FICO scores.

Question, on EQ and EX I have 19 student loans that I consolidated back in Oct so they all show a 0 balance, but with pretty bad payment history. Two weeks ago I wrote a very nice letter asking if they would go ahead and delete those off my reports. They said yes! Approved it and sent it as of yesterday. I want this to happen right??

I know no one can tell me exactly the kind of boost I will get, but any good guesses?

Thanks!

Scores as of 5/4/14
EQ 520 EX 612 TU 598
Message 1 of 5
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user5387
Valued Contributor

Re: 19 accounts deleted. score question.

If 19 installment loans are deleted, there are several effects.

 

1.  AAoA may get yanked around a fair bit.

 

2.  You may lose the installment loan benefit.

 

3.  You will gain from shedding the negative payment history.

 

I assume that #3 dominates #1 and #2.

 

Message 2 of 5
hoff33
New Contributor

Re: 19 accounts deleted. score question.

I still have 3 good standing installment loans so I hope that helps. I was a little worried about AAoA but I have a few other old student loans with 0 balance with good payment history I am leaving alone. I really hope I can get some boost from this.
Message 3 of 5
user5387
Valued Contributor

Re: 19 accounts deleted. score question.

A lot of the issue centers around what is dominant on your report.

 

Payment history and utilization are about 2/3 of your score.

 

Message 4 of 5
Revelate
Moderator Emeritus

Re: 19 accounts deleted. score question.


@hoff33 wrote:
I still have 3 good standing installment loans so I hope that helps. I was a little worried about AAoA but I have a few other old student loans with 0 balance with good payment history I am leaving alone. I really hope I can get some boost from this.

Generally speaking, deletion of any derogatory is always a win.  Always: like user5387 intimates payment history is King.  

 

You can get to a 700 (and really, 740 for most people) credit score in a FICO '08 model easily in 2 years starting from a no-file situation, so if you get clean you'll get plenty of increases over time if not outright.  From the sounds of it your AAoA will be fine though and you'll have plenty of loans for old installment history, smells like victory!

 




        
Message 5 of 5
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