24 month rule?

[Anonymous]

I have heard that 24 months is the general rule when past negative indiscretions start to really lessen in impact.  Is this true?  For example, an account went to collection two years ago, and was paid shortly thereafter.  Will I see a jump in my score once that paid off account reaches two years in age versus the score I now see at 1 year and 11 months?  Basically, will I see a nice incremental jump in my score this month (assuming that no other negative items pop up and I don't max out my cards)?

[Anonymous]

I should add I have not had any lates for over two years as well, on any account.

[Anonymous]

24 months clean make FICO alot happier-

60 Day major derogs turn into minor derogs-

[MidnightVoice]

And a paid collection is worth only 51 points when it gets to be 6.75 years old

[fused]

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MidnightVoice wrote:
And a paid collection is worth only 51 points when it gets to be 6.75 years old

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Please, don't listen to this guy!!!!!!!!!

[MidnightVoice]

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@fused wrote:

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@MidnightVoice wrote:
And a paid collection is worth only 51 points when it gets to be 6.75 years old

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Please, don't listen to this guy!!!!!!!!!

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I call 'em as I see 'em

[haulingthescoreup]

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@MidnightVoice wrote:

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@fused wrote:

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@MidnightVoice wrote:
And a paid collection is worth only 51 points when it gets to be 6.75 years old

---

Please, don't listen to this guy!!!!!!!!!

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I call 'em as I see 'em

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- IF you have long credit,
- IF you have very few accounts (compared to the rest of us semi-maniacs here),
- IF you have very low util,
- IF you have just one collection, and
- IF your credit is otherwise squeaky clean,

then you can listen to this guy.

Because that is MV's credit profile. Many people here were shocked at the difference to his scores from the CA finally going away, but it just goes to show how everyone's case is so individual, and how different actions can have such different results for someone else.

[MidnightVoice]

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haulingthescoreup wrote:

- IF you have long credit,
- IF you have very few accounts (compared to the rest of us semi-maniacs here),
- IF you have very low util,
- IF you have just one collection, and
- IF your credit is otherwise squeaky clean,

then you can listen to this guy.

Because that is MV's credit profile. Many people here were shocked at the difference to his scores from the CA finally going away, but it just goes to show how everyone's case is so individual, and how different actions can have such different results for someone else.

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I can't help being beautiful 

[fused]

[MattH]

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@haulingthescoreup wrote:

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@MidnightVoice wrote:

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@fused wrote:

---

@MidnightVoice wrote:
And a paid collection is worth only 51 points when it gets to be 6.75 years old

---

Please, don't listen to this guy!!!!!!!!!

---

I call 'em as I see 'em

---

- IF you have long credit,
- IF you have very few accounts (compared to the rest of us semi-maniacs here),
- IF you have very low util,
- IF you have just one collection, and
- IF your credit is otherwise squeaky clean,

then you can listen to this guy.

Because that is MV's credit profile. Many people here were shocked at the difference to his scores from the CA finally going away, but it just goes to show how everyone's case is so individual, and how different actions can have such different results for someone else.

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I was certainly fascinated when I played with the simulator a while back to see how much hypothetical minor dings would hit my 750-plus scores: one 30-day-late could cost as much as 106 points, maxing-out all my credit cards (which would be a BIG shopping spree) could cost as much as 120 points, and taking out an auto loan of $25K could cost as much as 40 points. I suppose two or three of them at once would take me into subprime territory.