topic Re: Last Derog falls off May 2021. Completely clean file after in General Credit Topics

Last Derog falls off May 2021. Completely clean file after

dcp0524 — Wed, 07 Apr 2021 22:57:11 GMT

I've searched the forums for what kind of boost I might see in my score but every single time I find a thread someone will fail to mention at the start that they have another late payment still on their report.

Once this falls I have no lates, no collections, no BK, nothing.

Current F8 are EX 675 EQ 685 TU 692

Util EX 10% EQ 3% TU 3%

Experian doesn't list 2 Commonwealth CU credit cards I have. $5k and $2.4k. Both report 0% on reports.

AoOA 12.5 years

Newest account 3 months

AAoA 2 years 8 months.

Someone tell me my score is about to explode in the right direction?

Also, the derog is updated every month.

Re: Last Derog falls off May 2021. Completely clean file after

Anonymous — Wed, 07 Apr 2021 23:00:46 GMT

@dcp0524 wrote:
I've searched the forums for what kind of boost I might see in my score but every single time I find a thread someone will fail to mention at the start that they have another late payment still on their report.
Once this falls I have no lates, no collections, no BK, nothing.

Current F8 are EX 675 EQ 685 TU 692
Util EX 10% EQ 3% TU 3%
Experian doesn't list 2 Commonwealth CU credit cards I have. $5k and $2.4k. Both report 0% on reports.
AoOA 12.5 years
Newest account 3 months
AAoA 2 years 8 months.

Someone tell me my score is about to explode in the right direction?

Also, the derog is updated every month.

Exactly what kind of derog is it? Late? Charge-off? Collection? Repo? Foreclosure? Bk?

Re: Last Derog falls off May 2021. Completely clean file after

dcp0524 — Wed, 07 Apr 2021 23:19:49 GMT

@Anonymous

Collections. $691. Cap One

Re: Last Derog falls off May 2021. Completely clean file after

Anonymous — Thu, 08 Apr 2021 02:01:12 GMT

So it is a charge off? Is it cap one or a collection agency collecting for cap one?

Honestly, it would be hard to guess a gain or loss, as evey credit profile is different.

I had my only charge off fall off and gained 70 pts, but I do still have 8 x 120d lates and 3 x collection accounts. I won't have a completely clean report until August, so I can not tell you exactly what you seek.

My SO had hus last collection come off and gained 40+ pts, but you guessed it, other delinquencies on the reports.

It will really depend on your credit profile. If it is a charge off and you have a very thin profile, losing the age could drop your score, that happened to my SO when all his old charges off started coming off. There are just too many variables and not enough info and even at that, would be hard to tell.

Not to mention if it is a collection or a charge off you will change scorecards, which may or may not help you. It will likely help, though!

You could have huge gains, large gain, some gain, no gain, or even loss in points.

Is it on all 3 bureaus until May? Where did you get this May date from? You could request early exclusion now from Transunion if May 2021 is the listed "estimated date of removal" and Experian usually drops off 2 months earlier than 2 other bureaus according to their "on record until" date, so I would be surprised if it is still on your EX reports. EQ lists the qctual "date of first delinquency". Add 7 years to that date and it should age off a month or two prior to that.

I would pull all 3 reports from annual credit report for free to know exactly when each bureau drops the baddie and to see if you can request it off now. Then you can can tell us the score gain you got!

Re: Last Derog falls off May 2021. Completely clean file after

Anonymous — Thu, 08 Apr 2021 02:07:59 GMT

OP, similar situation to yours here. My final derog was an old, closed collection. Paid off a year and a half ago, and it's been sitting there festering ever since - collector refused PFD. I'm in NY so the Purge Law benefits me and mandates exclusion of a paid derog at five years rather than seven. My CA was not updating, so my score had been healing. Unlike the others you mentioned who had other negatives, I do not - this derog is the entirety of non-positive info in my reports. It is fully five years old too. All scores quoted below are Classic FICO8.

Current utilization as of last Friday was 11.22% of $114,400 TCL, reflected as 11% on my report. TU was 705 and EQ 686. I will omit EX for this as the derog is still there, and will fall later this month.

On Saturday EQ dropped it and I gained 44 points, for a new score of 730. On Sunday it fell from TU, netting me a 40 point jump to 745. Current EX score is 709 and I'm anticipating a similar gain there when it falls off.

As stated, every profile is fingerprint-unique so no two will compare exactly. Strengths of mine are an oldest account that's 14 years old, wide array of cards, loans, etc, and zero payment problems other than that derog. On the downside, and what is tempering my scores even now, are inquiries reaching from 8-12 per bureau (some from car shopping, most from card activity), and eight new accounts in 12 months (six cards, one auto loan, one personal loan). Average age is 2y8m.

Hopefully this helps you compare your profile and get a sense of what to expect - by all means, please share your results when your reports go clean

Re: Last Derog falls off May 2021. Completely clean file after

dcp0524 — Thu, 08 Apr 2021 02:40:27 GMT

@Anonymous

I guess I don't really know the difference.

Original creditor was Cap One. Had the card in 2013, went through some things, stopped paying it. Was terrified to look at my credit for years and finally bit the bullet in early 2018. Weirdly I never had any late payment showing ... from any delinquent account. Just 6-7 collections that I have slowly dwindled down to this last one showing on all 3 CRA. The original cap one card information was gone from my report but I do have the collections from Portfolio Recovery, orginap creditor: Cap One Bank. $691.

Yes on all 3 bureaus. I got the removal date from Experian and my mailed copy of Equifax(??) I believe. Could be wrong but I have def seen removal date May 2021 from more than just Experian app. So if Experian shows 2 months early maybe I'm looking at July 2021 if requesting the removal from TU and EQ doesn't work?

I do still have my student loans from 2008 showing that have never been late so I'm hoping my file isn't so thin it rebuckets me with a lower score, but cleaner profile. I mean if it does, clean is still the better option.

But I also have A LOT of new accounts (10) since I started trying to fix my credit, which again was just from early 2018 and forward.

State Farm Bank vehicle loan opened March 2020, which was actually a refi of another SF Bank vehicle loan with a cosigner so I could get a better rate -5.34%.

8 revolving, 2 of them only show on EQ and TU

1 personal loan that only shows on EQ & TU.

Re: Last Derog falls off May 2021. Completely clean file after

SPChaser — Thu, 08 Apr 2021 04:17:17 GMT

Congrats on upcoming clean CRs! 🥳🥳🥳 I had that till $&@$ covid happened!!!

Re: Last Derog falls off May 2021. Completely clean file after

AllZero — Thu, 08 Apr 2021 04:27:24 GMT

@Anonymous wrote:
OP, similar situation to yours here. My final derog was an old, closed collection. Paid off a year and a half ago, and it's been sitting there festering ever since - collector refused PFD. I'm in NY so the Purge Law benefits me and mandates exclusion of a paid derog at five years rather than seven. My CA was not updating, so my score had been healing. Unlike the others you mentioned who had other negatives, I do not - this derog is the entirety of non-positive info in my reports. It is fully five years old too. All scores quoted below are Classic FICO8.

Current utilization as of last Friday was 11.22% of $114,400 TCL, reflected as 11% on my report. TU was 705 and EQ 686. I will omit EX for this as the derog is still there, and will fall later this month.

On Saturday EQ dropped it and I gained 44 points, for a new score of 730. On Sunday it fell from TU, netting me a 40 point jump to 745. Current EX score is 709 and I'm anticipating a similar gain there when it falls off.

As stated, every profile is fingerprint-unique so no two will compare exactly. Strengths of mine are an oldest account that's 14 years old, wide array of cards, loans, etc, and zero payment problems other than that derog. On the downside, and what is tempering my scores even now, are inquiries reaching from 8-12 per bureau (some from car shopping, most from card activity), and eight new accounts in 12 months (six cards, one auto loan, one personal loan). Average age is 2y8m.

Hopefully this helps you compare your profile and get a sense of what to expect - by all means, please share your results when your reports go clean

Congratulations on your success! Scores look great.

Re: Last Derog falls off May 2021. Completely clean file after

Anonymous — Thu, 08 Apr 2021 04:36:39 GMT

Thanks @AllZero , it's coming together. Hopegully this will give @dcp0524 insight into what to expect next month

Re: Last Derog falls off May 2021. Completely clean file after

dcp0524 — Thu, 08 Apr 2021 04:40:39 GMT

@Anonymous

Yeah I have a bunch of hits too.

EX 10

EQ 7

TU 9

3 or 4 do fall off of my report within the next 5-6 months but I have def been busy. Also applied for a couple of things I had no business applying for. -_-

What might in hurting my score is my oldest open card is only 2 yrs 2 months old. Idk if my Navient (opened 2008) student loans will prop me up or my revolving accounts being so new will cause a decrease.

We shall see.

Congrats on the cleaning things up. I know how hard it is and how dedicated you have to be to the process. I've learned a lot about patience as well. Not much in life has no quick fix available. Credit is one that just takes time.

I will be sure to post back when it does fall off. Hoping to cross 700 for the first time in close to a decade.

Edit: Im sorry if I'm making replies confusing but idk how everyone is quoting in their replies. All I know how to do is tag who I'm responding to.

Re: Last Derog falls off May 2021. Completely clean file after

Anonymous — Thu, 08 Apr 2021 06:24:22 GMT

@dcp0524 so yes, if you got it from EX, that will be 2 months earlier than TU and EQ (generally).

If it is Portfolio on your credit report, then it is a collection account.

TU you can still request EE (early exclusion) now. I would even try EX since it is next month. I personally would let it fall off EQ on its own in June/July.

A collection account does not prop up your age of accounts, and collection accounts do nothing for you except keep your scores down. Hopefully you see a nice increase!

Re: Last Derog falls off May 2021. Completely clean file after

M_Smart007 — Thu, 08 Apr 2021 10:51:01 GMT

@Anonymous wrote:
OP, similar situation to yours here. My final derog was an old, closed collection. Paid off a year and a half ago, and it's been sitting there festering ever since - collector refused PFD. I'm in NY so the Purge Law benefits me and mandates exclusion of a paid derog at five years rather than seven. My CA was not updating, so my score had been healing. Unlike the others you mentioned who had other negatives, I do not - this derog is the entirety of non-positive info in my reports. It is fully five years old too. All scores quoted below are Classic FICO8.

Current utilization as of last Friday was 11.22% of $114,400 TCL, reflected as 11% on my report. TU was 705 and EQ 686. I will omit EX for this as the derog is still there, and will fall later this month.

On Saturday EQ dropped it and I gained 44 points, for a new score of 730. On Sunday it fell from TU, netting me a 40 point jump to 745. Current EX score is 709 and I'm anticipating a similar gain there when it falls off.

As stated, every profile is fingerprint-unique so no two will compare exactly. Strengths of mine are an oldest account that's 14 years old, wide array of cards, loans, etc, and zero payment problems other than that derog. On the downside, and what is tempering my scores even now, are inquiries reaching from 8-12 per bureau (some from car shopping, most from card activity), and eight new accounts in 12 months (six cards, one auto loan, one personal loan). Average age is 2y8m.

Hopefully this helps you compare your profile and get a sense of what to expect - by all means, please share your results when your reports go clean

Congratulations on your score jump's! ...

Re: Last Derog falls off May 2021. Completely clean file after

Anonymous — Thu, 08 Apr 2021 12:25:38 GMT

@dcp0524 wrote:
@Anonymous

Yeah I have a bunch of hits too.
EX 10
EQ 7
TU 9

3 or 4 do fall off of my report within the next 5-6 months but I have def been busy. Also applied for a couple of things I had no business applying for. -_-
What might in hurting my score is my oldest open card is only 2 yrs 2 months old. Idk if my Navient (opened 2008) student loans will prop me up or my revolving accounts being so new will cause a decrease.
We shall see.

Congrats on the cleaning things up. I know how hard it is and how dedicated you have to be to the process. I've learned a lot about patience as well. Not much in life has no quick fix available. Credit is one that just takes time.

I will be sure to post back when it does fall off. Hoping to cross 700 for the first time in close to a decade.

Edit: Im sorry if I'm making replies confusing but idk how everyone is quoting in their replies. All I know how to do is tag who I'm responding to.

With where your scores are now, I don't see how you stay under 700 when you go clean. I would think 715-730 honestly. And your new revolvers will drop your age average but you have 13 years with your SLs so that will be a big buffer.

You aren't kidding about patience in this stuff - it will be worth it though, no doubts there.

Re: Last Derog falls off May 2021. Completely clean file after

AlanGJP — Fri, 09 Apr 2021 18:28:30 GMT

OP, same boat as you. Except I just received an early exclusion removal from TU, so completely clean file there - zero 30/60/90, nothing bad at all. Had a ~40pt jump to about 720. Quite a few new accounts though.

With that said, I was taking advantage of my BBVA 0% APR and forgot about TU EE possibly and 90% it. I just went ahead and PIF all my cards. Since TU EE happened.

By the end of this month, all cards will have a zero balance and TU will report a completely clean file. I'm super excited to see what I hit. Most simulations are showing 40-60 pt jump, so I should be just under 800.

Hope that helps! My cards are in my sig.

Congrats! Feels good doesn't it?

EDIT: I was wrong! MyFICO.com just updated - I had a 70pt bump, even with my high balance on BBVA. I should be over or close to 800 next month with everything PIF.

Re: Last Derog falls off May 2021. Completely clean file after

dcp0524 — Sun, 18 Apr 2021 18:52:11 GMT

@Anonymous @Anonymous

Update: I called TU for early exclusion on Thursday 04-15. CSR said no problem, removed it. I waited until today to purchased a refresh from Experian app...

My TU FICO8 went from 692 to 758. Lawdy.

EQ is weird. If I go directly to their website it says i have had no derogatory for almost a month but that last derogatory still shows on Credit Karma EQ score and the paid Experian app.

I've read enough around here to leave EQ the hell alone so I think I will.

I'll ask EX for early exclusion in June I believe.

So close.

Re: Last Derog falls off May 2021. Completely clean file after

Anonymous — Sun, 18 Apr 2021 18:56:10 GMT

@dcp0524 wrote:
@Anonymous @Anonymous

Update: I called TU for early exclusion on Thursday 04-15. CSR said no problem, removed it. I waited until today to purchased a refresh from Experian app...

My TU FICO8 went from 692 to 758. Lawdy.
EQ is weird. If I go directly to their website it says i have had no derogatory for almost a month but that last derogatory still shows on Credit Karma EQ score and the paid Experian app.
I've read enough around here to leave EQ the hell alone so I think I will.
I'll ask EX for early exclusion in June I believe.

So close.

Woohoo!

Congrats on your huge score bump! +66pt is AWESOME!

Re: Last Derog falls off May 2021. Completely clean file after

Anonymous — Sun, 18 Apr 2021 19:14:21 GMT

Wow! Now that's an increase to enjoy! Big congrats and hoping the others follow suit

Re: Last Derog falls off May 2021. Completely clean file after

dcp0524 — Tue, 20 Apr 2021 07:54:25 GMT

@Anonymous

Experian removed the last derogatory from my CR yesterday (04-19-21) what they said was a month early. Experian app showed June 2021 for removal, Experian phone rep said May 2021 was removal date so he approved removal a month early.

EX Fico 8 went from 675 to 721.

That leaves EQ. Fico 8 sits at 700 with derog still reporting so hoping it gets up there with my TU 758. 🤞🏻🤞🏻

Update coming when it falls off EQ.