It should be noted, for new members reading this thread, that each person's report is different, and thus, the effect of a major or minor will be different for each person.
There is an example of one of our members who gained 55 points for the removal of a seven year old collection from his CRs. I personally gained 43 points from a 30 day "current status" being corrected.
So, the points that RobertEG was referring was most likely to his personal report and his results.
There is an example of one of our members who gained 55 points for the removal of a seven year old collection from his CRs. I personally gained 43 points from a 30 day "current status" being corrected.
So, the points that RobertEG was referring was most likely to his personal report and his results.
RobertEG wrote:
Minor derogs/delinquencies do lose most of their negative FICO impact more rapidly, and I estimate they have less than a 10 pt impact after two years, but a CA or CO is scored, from what I have seen, as a major delinquency over the full 7 years on your CR.
My studies of credit models, for what it is worth, shows that a major delinquency (90+, CA, or CO) initiallly impacts credit score by at least 30 points, and then only decays linearly for the remaining 7 years. I would only expect an increase of around 5 pts per year for aging of a CA.
Starting Score: 469