10-08-2010 04:56 PM - edited 10-08-2010 04:58 PM
I have 3 negative items shown on my EQ credit report; my score is currently 698. One of the items was a 120 day late payment from 2009 but this was an error on the part of the CC company- I was only 60 days late. I called the CC company and they said they would just delete the entire late payment history. Supposedly the CC company will notify the CRAs today and the deletion should appear on my report in a few weeks.
The second negative item is a small (<$200) collection account (medical) I arranged today to "pay for delete." They assured me the entire account would be deleted.
The third and final item is a 30 day late from January 2009.
If I get the first two items deleted but not the third, how much of a jump should I expect? I have low utilization (roughly 10%), a long credit history (almost all accounts are 20+ years old), and these are the only negative items in my entire credit file.
10-08-2010 07:56 PM
Reporting of a 120-day late implies prior reporting of a 30/60/90 late. Deletion of this entire payment history will elimiate one minor derog and three major derogs.
While you wouild still remain in a "dirty" scoring bucket based on the continued inclusion of the major derog in the form of the CA, it should nonethless could add approx 20-30 points.
Additional deletion of the major derog CA would remove you from a dirty scoring bucket, and add maybe another 15-20 pts.
With the deletion of the above derogs, I would etimate a score increase in the ballpark of 30-40 pts.
10-21-2010 02:44 PM - edited 10-21-2010 02:45 PM
Just pulled my reports and scores and the 120 day late payment has been deleted. My scores got a bit of a push but didn't increase all that much. TU is now 718 and EQ is 714. I have written confirmation of my pay for delete from the CA on my only collection account but it hasn't yet been deleted from my credit reports. I hope this will produce another nice jump.
I'm not sure what to do after that to increase my score. Once the collection account is deleted the only negative thing on my credit report will be a 30 day late from January 2009. My total utilitzation is now at 6% (I can drop this if need be- no single account has a utilization over 8%), my AAoA is almost 20 years, I have no inquiries and no recent closed accounts. I'm not sure what else I can do but wait and pay bills timely to become a FICO high achiever.
On an unrelated note, I now subscribe to SW (through MyFico) and it didn't alert me to the removal of the 120 late payment or the increase in my score. Hmmmmmmmm.........
10-25-2010 08:22 AM
Split post to form a new thread within Understanding FICO Scoring
10-25-2010 12:17 PM
12-06-2010 12:18 AM
Well, my small (< $200) medical collection account was deleted yesterday by EQ and my EQ score jumped from 714 to 770. So in my case getting this deleted triggered a 56 point gain! This is much more than I would have expected. TU hasn't updated for this yet. With this change, the only baddie on my entire report is a 1 year 11 month old 30 day late. Does anyone know if this willl be given less weight once the 2 year mark hits? Should my score increase even further then?
12-06-2010 06:46 AM
12-12-2010 12:47 PM
Interestingly TU updated for this deletion and I only got a 35 point bump on my TU score. I'm not complaining, just noting how TU and EQ apparently use different algorithms in computing their scores.