24 month rule?

[MidnightVoice]

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MattH wrote:


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.

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High scores lead to big hits when a mistake is made!  That is why my one, very old collection, was so major - it was my only baddie

[Jesedmotherof5]

i had a couple of collections that were mixed in with my revolving debt paid and deleted and I saw an increase but not the ones that were actually listed on the collections side.

I also had a major derog taken off of a student loan from 2005 (only tu i was in deferment, not late) and it also wrose. so I think you are still dinged after two years but not as much.

[haulingthescoreup]

DH has a bogus medical collection from summer 2002 that I'm battling over on the new Rebuilding forum. It's not on his EX, but it is on EQ and TU. It is his only derogatory, ever, period.

EX; 800
TU: 724 (76 points)
EQ: 714 (86 points)

I'm working equally hard on getting the collection off and being happy for his 800.

[MidnightVoice]

haulingthescoreup wrote:

I'm working equally hard on getting the collection off and being happy for his 800.

You are probably as happy with his 800 as I am with DW's B&N CL 

[haulingthescoreup]

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@MidnightVoice wrote:

@haulingthescoreup wrote:
I'm working equally hard on getting the collection off and being happy for his 800.

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You are probably as happy with his 800 as I am with DW's B&N CL 

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There is a certain gritting of teeth involved. Think, "Look, dear, how wonderful!"

[RobertEG]

I don’t understand how a paid collection can be “worth” anything, such as 51 points  As compared to what baseline?  A collection is always a derog, and always detracts from ones score.  Does “worth” imply that it had an original score impact of well over 51 points when first reported as a collection, and that after 6.5 years most of the orig impact of the derog impact has gone away, thus implying "worth"?

The total points under credit history is approx. 298 points (35% of 850).  51 points would be almost 18% loss of payment history scoring.  That is HUGE! 

Message Edited by RobertEG on 05-01-2008 12:07 AM

[Anonymous]

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RobertEG wrote:

I don’t understand how a paid collection can be “worth” anything, such as 51 points  As compared to what baseline?  A collection is always a derog, and always detracts from ones score.  Does “worth” imply that it had an original score impact of well over 51 points when first reported as a collection, and that after 6.5 years most of the orig impact of the derog impact has gone away, thus implying "worth"?

The total points under credit history is approx. 298 points (35% of 850).  51 points would be almost 18% loss of payment history scoring.  That is HUGE! 

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MV was referring to the fact that he famously got 51 points overnight when his paid collection aged off his report.

In that case, I think it's clear that the paid collection was "worth" 51 points.

I had a similar experience when my only collection aged off of TU.  I got 48 points overnight when that happened.

[MidnightVoice]

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cheddar wrote:

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RobertEG wrote:

I don’t understand how a paid collection can be “worth” anything, such as 51 points  As compared to what baseline?  A collection is always a derog, and always detracts from ones score.  Does “worth” imply that it had an original score impact of well over 51 points when first reported as a collection, and that after 6.5 years most of the orig impact of the derog impact has gone away, thus implying "worth"?

The total points under credit history is approx. 298 points (35% of 850).  51 points would be almost 18% loss of payment history scoring.  That is HUGE! 

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MV was referring to the fact that he famously got 51 points overnight when his paid collection aged off his report.

In that case, I think it's clear that the paid collection was "worth" 51 points.

I had a similar experience when my only collection aged off of TU.  I got 48 points overnight when that happened.

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Correct.  And mine was the average of the score increse on 3 seperate reports.

[RobertEG]

WOW!!!!  I am not, for a second, disputing your experience, I just find it amazing that the drop of a collection derog that has already aged for 6 years can result in a decrease in its impact of anywhere near 50 points once it is dropped from the CR at 7 years!

If others have similar experiences, then this really, really emphasizes the high importance of cleaning up improper collections!  Once again, Wow!

Thanks for the sharing the experience. 

[scramblingin2007]

here's proof of a huge jump in score when collection is removed:This happened overnight 600-650

 per haulings request, I took my graph off.

Message Edited by scramblingin2007 on 05-02-2008 12:24 PM

Message Edited by scramblingin2007 on 05-02-2008 12:24 PM