Do Not Ever Believe......

DoctorLoomis · ‎10-21-2017

Do not ever believe the saying that really old negative accounts don't hurt your FICO much. Yesterday a 7 year old account fell off my Transunion report and I received a FIFTY FOUR point gain. 54 points. The account was about a $1000 and was 120 days late. I paid it in full years ago but that little ding was worth a tremendous amount of points. Now all three bureaus are immaculate and will remain that way.

Chase Southwest - $88,500 I CSP - $50,000 I Barclays Aviator Silver - $50,000 I Wells Fargo Sig - $25,000 I AMEX Amazon Prime - $40,000 I B of A Cash Rewards - $77,200 l AMEX Platinum NPSL l PayPal MC - $10,000 l Sportsmans Guide Visa - $18,400 l CITI Simplicity - $16,600 l CITI Premier - $17,000 | AMEX Hilton Honors - $20,000 | Discover It - $20,500 | Coldwater Creek MC - $10,000 | Williams Sonoma - $11,500 | Nordstrom VISA Sig - $20,000 | J Crew - $10,000 | Apple Card - $68,000

RootDet · ‎10-21-2017

Congrats!

Ardecko · ‎10-22-2017

Was that a collection it just an account that had a 120 late on it?

2017-09-09 FICO 08: EQ 677, TU 640, EX 705
2020-02-07 FICO 08: TU 789
2020-02-10 FICO 08: EX 752

Gardening, mostly, again until... soon(I need to replace my car)

Anonymous · ‎10-22-2017

wow

Anonymous · ‎10-22-2017

Major derogs / delinquencies do impact score for the full 7 years. Those that say they don't impact score for a long time may be referring to minors such as 30/60 day late payments. Gaining 50-75 points is pretty standard with the removal of your final/only baddie. Earlier this month I had my last major (120 day late) come off of TU and my score gain was 68 points.

marty56 · ‎10-24-2017

It is possible to have a 760 FICO score with a 120 day late. I did but I also have a long credit history.

1/25/2021: FICO 850 EQ 848 TU 847 EX

Anonymous · ‎10-24-2017

@marty56 wrote:
It is possible to have a 760 FICO score with a 120 day late. I did but I also have a long credit history.

Correct. My TU FICO 08 was at 768 with a 4.5 year old 120 day late present. At 3.5 years my score was 764. If that trend were to follow, it's possible that my score could have ticked up another 4-8 points by the time the 120 would reach the point of falling off, so I'd estimate around a 772-776 score being the max possible with the presence of a major so long as all other FICO factors are maximized, including a long credit history as you stated.

Anonymous · ‎10-24-2017

Congrats OP!!!

I can't imagine what the impact will be when my ch7 falls off, I'm currently at 714 in TU and wife at 734.

Anonymous · ‎10-27-2017

Due to the fact my Equifax just had a five year old collection removed (much to my surprise) my score jumped 61 points.

>_> I concur with the OP, never believe the hype about "3 year old" stuff not affecting you anymore. Note my EX and TU are 50-60 points behind my EQ as of now, only difference? That collection is still on those.

Anonymous · ‎10-27-2017

@Anonymous wrote:

>_> I concur with the OP, never believe the hype about "3 year old" stuff not affecting you anymore. Note my EX and TU are 50-60 points behind my EQ as of now, only difference? That collection is still on those.

I've personally never heard anyone state this. Almost everyone on this site posts that major derogs/delinquencies will adversely impact your score for the full 7 years. I have never heard of anyone saying that "3 year old stuff" doesn't affect you any more; I've only heard it suggested that people have said that in this thread. The only other commonly agreed upon point aside from majors impacting score for the full 7 years is that minors can lose their sting after 2 years. Collections and the baddies being discussed in this thread are indeed majors, so there would be no reason to believe they'd lose their adverse impact so long as they are present.