topic Re: Charge off vs Collection in Rebuilding Your Credit

Charge off vs Collection

Stiltzy — Thu, 22 Mar 2012 21:53:18 GMT

After months and months, I am finally down to 2 collections remaining on my EQ and TU reports. One from a small medical collection who already responded to my goodwill stating would be removed in next 30 days, and the other from Capital Accounts listing Bridgewater Assets as the OC. I never had an account with Bridgewater, and cant find anything from googling them but have offered a PFD just to get rid since they always verify. That aside, I have seen and heard on these amazing boards that removing the next to last and last collection from credit reports tends to lead to significant score boosts. While these are the last 2 collections I have, and realistically only 1 since the other has agreed to remove, I still have a few old charge offs paid that I have been goodwilling for the last months to no avail. My question is this, while I know I wont be squeaky clean, at least all of my CA accounts will be gone. From your own experiences, would you anticipate a significant jump in score ?
Current EQ score is at 614|TU98 619

Thanks in advance

Re: Charge off vs Collection

Anonymous — Thu, 22 Mar 2012 22:00:32 GMT

it's hard to see what kind of increase you will see (if any) as each person's experience varies.

it might help to know what kinds of accounts (in good standing) you have on your report, how long is your AAoA, and what is your utilization?

from my personal experience, utilization and time seem to be my biggest friends

Re: Charge off vs Collection

Stiltzy — Thu, 22 Mar 2012 22:10:58 GMT

I understand everyones MMV, but looking more towards a general trend in the scoring buckets. I have 6 accounts open in good standing, no lates. 3 installment, 3 revolving w/ a revolvind util of 2%. AAoA is 5 years. As I mentioned earlier still have the paid charge offs that are all >2 years

Re: Charge off vs Collection

Anonymous — Thu, 22 Mar 2012 22:11:47 GMT

will the removal of either of those items cause your AAoA to change?

Re: Charge off vs Collection

Stiltzy — Thu, 22 Mar 2012 22:33:33 GMT

From my understanding collection accounts dont figure in to AAoA. Only original creditor

Re: Charge off vs Collection

Anonymous — Thu, 22 Mar 2012 22:40:50 GMT

@Stiltzy wrote:
From my understanding collection accounts dont figure in to AAoA. Only original creditor

You're right My misunderstanding...I thought we were talking about "charged off" accounts for original creditors.

Re: Charge off vs Collection

RobertEG — Thu, 22 Mar 2012 23:47:52 GMT

I would not expect a huge gain, as the COs, which are major derogs, will still keep your file in a "dirty" scoring categorization.