topic Re: Score jump in Understanding FICO® Scoring

Score jump

Mrflip09 — Wed, 03 Apr 2019 23:58:56 GMT

How much should i hope to gain once i have 1 negative account removed? Should it be sufficient jump or just a few points?

Re: Score jump

Anonymous — Thu, 04 Apr 2019 00:40:10 GMT

Not enough information to give you an answer.

What matters most here is how many total negative accounts/items you have, what their severity is and how old each is.

The answer to your question could range from 0 points to 100 points really. 0 points if you have a negative account/item removed but you still have other negative items present, especially if they are more recent and of greater severity. 100 points if you have only one recent major negative account/item present and you were to have it removed. Of course, anything in between that 0-100 range is possible depending on your profile.

Re: Score jump

Mrflip09 — Thu, 04 Apr 2019 00:43:56 GMT

Have about 4 but they all pretty old.... all would be dropping off between 2021-2022

Re: Score jump

Anonymous — Thu, 04 Apr 2019 01:08:01 GMT

Due to the age, you probably won't see any change especially with three others. Once all negatives are gone then you will see a bump.

Re: Score jump

Mrflip09 — Thu, 04 Apr 2019 01:11:50 GMT

So i couldn't pay it and just wait for it to fall off?

Re: Score jump

DollyLama — Thu, 04 Apr 2019 01:25:30 GMT

@Mrflip09 wrote:
So i couldn't pay it and just wait for it to fall off?

You want pay for deletes. Unless these collections are all each under $100, they are not factored in FICO 8 scores, but do affect your mortgage scores. If the collections are over $100, and have not updated the status in some years, a pay in full would result in paid collection but will be updated to zero balance but date of 2019- then start the count down to age off.

Reason it is best to plead for a pay for delete. Google the collection agency with pay for delete. You most likely will be directed back here to someone who has had to deal with the agency before, unless it's a local utility, rent.

Also many get confused and do a settlement, which is pretty much the same position, they could report with a balance, send you a 1099c form for the forgiven balance as income, but again, reflect a balance and updated date of 2019 still. They only can honor that they will not persue any further collection practices, judgment, etc.

Re: Score jump

Mrflip09 — Thu, 04 Apr 2019 01:28:54 GMT

Yeah i got a settlement with portfolio $455 debt for $221 and their policy now is to delete once paid...

Re: Score jump

DollyLama — Thu, 04 Apr 2019 02:14:28 GMT

That's great! Now to head on with the next one. You will eventually get the clean file. Just don't give up hope!