Question about changes to FICO score. Have fun!

[Anonymous]

Here is my current situation:   TU 693 EQ 699 EX - ?   My AAoA is at 5 years, oldest account is 12 years. Util is 26%.  3 CC's but 2 are with 0 balances.  Currently the baddies listed on my report are an AFNI acct showing 120 days past due w/ $244 balance. AFNI luckily agreed to remove the TL last week. Still showing though. 3 30 days lates on an old Auto Loan, the last one was Jan 05.  I just sent a GW so crossing fingers. What's really upsetting is I was never late on this. I have already tried the disputing route. Lastly 2 Capital One accounts that will fall off next month. One is a paid with major lates and the other was a CO.   Here was the question I have.  Worst case scenario the 2 Capital One accts will be gone next month, the AFNI acct also will be erased.  The Auto Loan will still potentially show.  I know that no one can definitively say but what do you think my scores will go to??? I'm hoping for 720. I plan on having the total util down to 5%. 3 inqs.     Anyone wanna take a stab just for fun?   Thanks!!!

[RobertEG]

Hard to predict.

My questtion pertains to the AFNI "account."  AFNI is a CA, and not an OC.  If AFNI removes their collection "account," that wont effect removal of deroogs on the OC account that led up to the collection.   They are separate.   You say the OC account was 120-days delinquenc prior to the CA.  What is the date of that prior delinquency with the OC?  What other prior delinquencies were reported on the OC account, and what are their individual 7-year drop off dates.

Similar questions on the two CAP1 accounts.  Accounts dont have CR drop off dates.  Individidual delinquencies do, one at a time.

What is the date of each prior delinquency of each of the CAP1 accounts?

[Anonymous]

For AFNI account the OC is AT&T and they are not reporting on my CR. The 120 day late was under AFNI. The two Cap1's are both listed as a "Date of Fall Off" in Oct 2010 on my TU and EQ reports. The specifics are, one is paid and the other is CO the DOFD on each was 10/2003. That would mean that both TL's are going to be deleted. Correct me if I'm wrong. I'm just hoping to get 21 points :-)

[RobertEG]

For AFNI account the OC is AT&T and they are not reporting on my CR. The 120 day late was under AFNI. The two Cap1's are both listed as a "Date of Fall Off" in Oct 2010 on my TU and EQ reports. The specifics are, one is paid and the other is CO the DOFD on each was 10/2003. That would mean that both TL's are going to be deleted. Correct me if I'm wrong. I'm just hoping to get 21 points

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Thanks for the update!  You are very, very lucky in not having to deal with the one OC, ATT, after deletion of their collection!

Congrats!

Not to alarm you, but you may not yet be clear of deletiion of derogs on the the two Cap! accounts next month.

I dont think that you can assume the shrapned from your Cap1's will all be gone next month.

If each had a DOFD of 10/2003, then the CRA can continue to include the reported CO on the one Cap1 account until 7 years plus six months from the DOFD, or until after 4/2011.  FCRA 605(c).

DOFD only has revlevance to any charge offf or collection.  It has NO relevance to determination of CR drop off for any other later delinwuencies.

Just for purposes of example, to make my point, assume the charged-off Cap1 had the following payment history:

A 30-day late,  posted 10/2003.  That will drop, under FCRA 605(a)(5), after 10/2010 (which would be in 11/2010)

A subsequent 60-day late, posted 11/2003.  That will drop after 11/2010  (which would be in 12/2010)

A subsequent 90-day late, posted 12/2003.  That will drop after 12/2010  (which would be in 1/2011)

A charge of, regardless of date of the CO.  That will fall after 7 years plus 180-days from your DOFD, with your DOFD assumed to

     be 10/2003.  That CR drop off date would be after 4/2011 (which would be 5/2011).

[Anonymous]

Thank you! I see your points regarding dates. I was going off the section within your CR which states when the TL should be deleted. So maybe it will be 5/2011 as you've suggested. My main concern is where my score will fall after the baddies are gone. Do you think I'll hit the 720 or possibly get rebucketed and stay stuck in the mud? Thanks for your in depth answers. I appreciate it.

[RobertEG]

It is a common misconception that OC accounts, or TLs, drop from credit reporting on a certain date.

What actually expires, under FCRA 605(a) is only the ability of the credit reporting agency to continue to include each indiv specific derog in a CR they issue after certain dates.

The accounts remain.  Derogs under the account each expire individually.

30-day lates at 5 years of age, if you want an estimate, are probabably costing you about 5 points each.

By the time an old derog gets close to 7 years, they are only costing you a point or two max a month, so their drop off wont benefit much.

If the CA drops as planned, you might have a shot at close to 720.  That is a major derog.