topic Re: How many point increase should I expect? in Understanding FICO® Scoring

How many point increase should I expect?

finfree — Fri, 08 Oct 2010 23:58:14 GMT

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.

Thanks!

Re: How many point increase should I expect?

Anonymous — Fri, 08 Oct 2010 23:59:04 GMT

The 30 day is still newer but after 2 years should have little impact. As far as an increase I'd think you'd be back above 720. Let us know pls. Nice work

Re: How many point increase should I expect?

RobertEG — Sat, 09 Oct 2010 02:56:21 GMT

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.

Re: How many point increase should I expect?

finfree — Thu, 21 Oct 2010 21:45:43 GMT

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.........

Re: How many point increase should I expect?

Anonymous — Thu, 21 Oct 2010 21:49:19 GMT

I'd say that the collection being deleted will be 20 points easy. Maybe a lot more 30-40 isn't out of question. Did you try to GW the 30?

Re: How many point increase should I expect?

llecs — Mon, 25 Oct 2010 15:22:13 GMT

Split post to form a new thread within Understanding FICO Scoring

Re: How many point increase should I expect?

jeannieavc — Mon, 25 Oct 2010 19:17:02 GMT

I received 30 points when my last collection was deleted. Good Luck!

Re: How many point increase should I expect?

finfree — Mon, 06 Dec 2010 08:18:48 GMT

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?

Re: How many point increase should I expect?

Anonymous — Mon, 06 Dec 2010 14:46:56 GMT

Very nice increase. Same happened to me. I dropped my last major derog last week and jumped from 707 to 762. 55 points. The 30 is recent and is still hurting your score but yes you should get a score increase as it ages.

Re: How many point increase should I expect?

finfree — Sun, 12 Dec 2010 20:47:31 GMT

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.

Re: How many point increase should I expect?

haulingthescoreup — Tue, 14 Dec 2010 00:34:12 GMT

@finfree wrote:
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.

They definitely use different algorithms. Each CRA has its own formula, slightly different from the others.

Combined with the fact that most of us have info that is slightly different on each of our three reports explains why our FICO scores are nearly always different from one another.

Re: How many point increase should I expect?

finfree — Fri, 24 Dec 2010 20:24:39 GMT

Yesterday I received the scores shown below from a lender (I'm considering taking out a small mortgage on my home). These scores would not have been possible without the information and resources I obtained here. Paying attention to my CR has really paid off. One question: I have no mortgage loans or installments loans just credit cards (I've had mortgages in the past but they were paid off when my houses sold, and my current hourse is owned free and clear). If I do take out a small mortgage will this increase my score because of a better credit mix, or hurt it because of the credit inquiry (already happened) but loan?

Thanks and happy holidays to all!!

Re: How many point increase should I expect?

ficonightmare — Fri, 24 Dec 2010 20:28:17 GMT

I can't answer your question, but just wanted to say you did an amazing job with your scores. HUGE Congrats

Re: How many point increase should I expect?

Anonymous — Mon, 27 Dec 2010 03:54:05 GMT

I just had a Paid collection removed from my report which resulted in my score going from 666 to 690. I also had a 4 and half year old late payment from a closed account removed from my report that jumped me from 690 to 715. Today I got another alert with no real explanation that my score went from 715 to 726.

Re: How many point increase should I expect?

Anonymous — Tue, 08 Mar 2011 01:50:55 GMT

Hi, just curious how you had a paid collection deleted. I've heard that's very hard to do. Great job getting that removed. Any advice you can give would be wonderful...I need all the help I can get.

Re: How many point increase should I expect?

StartinOver — Tue, 08 Mar 2011 05:41:33 GMT

I know this is last year's thread, but I just wanted to say that when I pull my credit reports I receive the comment about one reason my score is lower is because I don't have a mortgage. Implying it would be higher if I did, (for the credit mix).

Re: How many point increase should I expect?

silentforamoment — Tue, 21 May 2013 20:35:02 GMT

I had 8 student loan derogatory items on my report for 120 days. They occurred 7-10 yrs ago and with Lexington law...were finally removed. Its a long story as to why those items are there, but those items were supposed to be consolidated and deferred. How many points will the deleted derogatory items showing 120days late raise my score. I had dropped to 588.

Re: How many point increase should I expect?

Anonymous — Mon, 21 Oct 2013 13:19:36 GMT

I am not sure of how much it will increase with the student loans. I was in the same boat and had five very derogatory payments on my student loans while going through a divorce....pay your mortgage or student loans? I completed a rehabilitation and have documentation that they will remove all adverse reports and after the third dispute which is pending they still remain on my credit. I will repost once they are removed to let you know how much my score has increased. This has been a battle for sure.

Re: How many point increase should I expect?

Anonymous — Tue, 03 Feb 2015 15:04:02 GMT

Ok so I know this thread is old but didn't want to start a new one without updating this one first. My wife and I are trying to buy a house right now and we're trying to get her credit fixed so that she can go on the mortgage with me as she doesn't qualify right now with a middle FICO score of a 559. She had 15 collections on her account, of which I've paid off all, and gotten 12 to agree for a pay for delete. I just did this last week and it totaled about $7600 in all. The other three accounts will show up as Paid In Full previous Collections. My score is in the 650-680 range between all 3 bureaus and I qualify for a FHA mortgage but we need her to be a 640 to get into the right FHA program. It sucks but we have to wait 3-5 weeks for her credit reports to update, how many points will she gain? She has 6 good credit cards all 0 balances and paid in full every month as well as 2 current car loans as well as 1 previous all paid as agreed.

Thanks,

Ken

Re: How many point increase should I expect?

Anonymous — Tue, 03 Feb 2015 15:12:48 GMT

My starting scores reflect 1 bad (paid collection) on each report. My file is considerably thinner than yours and when the last item fell off my scores updated to my current scores. And just as a note, removal of a baddie is not an updatable event. If you go into the products list you can see what events trigger an update.