Collection Impact

Anonymous · ‎01-25-2018

Hello everyone!!

I am very excited to announce that it has been confirmed taht the final collection on my account is to be removed in the next few days.

I'm curious to know, how much should I expect my score to climb once I officially have no collections reporting? I've done some research, but I can't seem to get a straight answer. Of course, I'll find out in a few days, but I'm quite excited and hope I can get an answer from you guys.

How many points am I going to gain?

Thanks everyone. Have a great day!

Anonymous · ‎01-26-2018

The answer here is that it depends. Do you have any other negative items that aren't collections present on your reports? Things like late payments for example? If you have any other negative items, what is there severity and how old are they?

If you have no other negative items, the removal of your collection is probably good for 50-100 points. If you have even 1 other negative item, it would be worth significantly less. If you have another major negative item present, especially if it is more recent than the collection, you'd likely stand to gain zero points.

If you could provide a bit more information we could better estimate.

Thomas_Thumb · ‎01-26-2018

As BBS says it depends on your profile.

Given your spread in CRA scores it appears that one of your CRA reports is cleaner than the others. What other derogatory marks do you have, how old are they and do they differ by CRA?

Fico 9: .......EQ 850 TU 850 EX 850
Fico 8: .......EQ 850 TU 850 EX 850
Fico 4 .....:. EQ 809 TU 823 EX 830 EX Fico 98: 842
Fico 8 BC:. EQ 892 TU 900 EX 900
Fico 8 AU:. EQ 887 TU 897 EX 899
Fico 4 BC:. EQ 826 TU 858, EX Fico 98 BC: 870
Fico 4 AU:. EQ 831 TU 872, EX Fico 98 AU: 861
VS 3.0:...... EQ 835 TU 835 EX 835
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950

Anonymous · ‎01-26-2018

Your FICO spread between EX and the others is huge so I assume your non-EX bureaus have something negative on them such as a late pay or other derogatory.

If that's the case, EX should see a strong increase. Wouldn't shock me if you saw 60-70 points there, but could only see 10-30 points on the other two if there are derogatories.

FICO puts you on a scorecard based on the number of accounts with negative information. If you have 1 account with a negative, you're on one certain scorecard. If you have 2+ accounts with negatives, you're on a different (worse) scorecard.

Your scores appear to maybe have EX on a 1 negative account scorecard and EQ/TU on 2+ negative accounts scorecard, if I'm making a correct assumption.

Anonymous · ‎01-26-2018

wrote:
The answer here is that it depends. Do you have any other negative items that aren't collections present on your reports? Things like late payments for example? If you have any other negative items, what is there severity and how old are they?

If you have no other negative items, the removal of your collection is probably good for 50-100 points. If you have even 1 other negative item, it would be worth significantly less. If you have another major negative item present, especially if it is more recent than the collection, you'd likely stand to gain zero points.

If you could provide a bit more information we could better estimate.

My TU just went up a lot, but it's still on there. EQ has this as the only collection, but there is a late annotation on a student loan from about five years ago. This may be keeping it down, but it's on all of the other reports as well.

Anonymous · ‎01-26-2018

wrote:
As BBS says it depends on your profile.
Given your spread in CRA scores it appears that one of your CRA reports is cleaner than the others. What other derogatory marks do you have, how old are they and do they differ by CRA?

I have a late payment reporting from an old student loan (2013), but it's on all three reports. My TU did just go up, seemingly overnight, but I don't know why. This is still reporting to TU.

Anonymous · ‎01-26-2018

wrote:
Your FICO spread between EX and the others is huge so I assume your non-EX bureaus have something negative on them such as a late pay or other derogatory.

If that's the case, EX should see a strong increase. Wouldn't shock me if you saw 60-70 points there, but could only see 10-30 points on the other two if there are derogatories.

FICO puts you on a scorecard based on the number of accounts with negative information. If you have 1 account with a negative, you're on one certain scorecard. If you have 2+ accounts with negatives, you're on a different (worse) scorecard.

Your scores appear to maybe have EX on a 1 negative account scorecard and EQ/TU on 2+ negative accounts scorecard, if I'm making a correct assumption.

Thank you for that information. I do have a late payment on an old student loan, but from what I can tell, it's still reporting across all three. My TU did just jump up almost 60 points, but this thing is still on there.

Anonymous · ‎01-26-2018

Note that I have seen on my own reports my FICO score go up 2-3 days before the credit report showed the collection deleted.

When my last collection/chargeoff went away last year, my score shot up like 50 points but my 3B showed the collection on all 3 reports but my FICOs all were higher. 2 days later I pulled reports on Credit Karma and the collection was gone, so obviously there's some shenanigans in report timing and FICO score timing, I have no idea why.

Anonymous · ‎01-26-2018

Okay. That's understand that. I appreciate it.