topic Re: How high will it go? in Rebuilding Your Credit

How low will it go?

dapps06 — Fri, 06 Jun 2014 06:44:31 GMT

I know there are seemingly countless factors that determine how many points your score will go up (or down) once something falls off, but I'm interested in hearing opinions about this anyway. I need something to look forward to after seeing all of these sparkling 700+ credit scores floating around the forum.

Here's what drops off by December of this year:

1. Capital One charge off (this month)

2. Judgement (December)

3. Repo (December)

The repo situation isn't the norm. In December of 2007 my car was technically repo'd, but I paid the tow fees and reacquired the car less than a week later. I went on to own the car for three more years. Ultimately I ended up having to sell the car under a settlement agreement with Wells Fargo. I park my car on the side of the road at night and one morning I woke up to see that the rear left end had been smashed in. No note, nothing. This caused me to be upside down on the car, leading to the settlement. So this is probably a unique situation in that a repo will come off the record but the account will still exist as a settlement.

At this point (after the three items above drop off) I'll be down to one more charge off (which will be 6 1/2 years old) and the settled auto loan (4 1/2 years old) remaining as baddies. I'll have student loans in good standing, two closed credit cards in good standing, and three new credit cards that will have 6 months of good payments. That pretty much wraps up my history.

So, how many points can I expect, in your estimation, when these three baddies drop off in the next six months?

Re: How high will it go?

dapps06 — Sun, 01 Jun 2014 19:33:00 GMT

No guesses? Trying to give myself something to look forward to haha.

Re: How high will it go?

dapps06 — Sun, 01 Jun 2014 19:41:46 GMT

I have an additional question. My dad has very good credit, I don't know what his score is exactly, but I know it's very high and his credit cards have as much as 20k limits. If he adds me as an authorized user, do I benefit only from account activity that takes place from that point on, or will I get a boost from his previous solid history with the card? Also, do his limits increase my overall credit available, factoring into my utilization, or is that only for the primary account holder?

Re: How high will it go?

Whitneyy — Sun, 01 Jun 2014 19:51:11 GMT

Hello, and welcome.

You know you can request an early exclusion from your accounts that will fall off in December, sometimes it works, sometimes it doesn't. Just have to be persistent, and hope you get a CSR that will understand what you're asking for. Search for those threads within this forum.

Also, as far as your father adding you, it WILL help but I have also read that with the new FICO 08 they don't factor in AU as much as they used to. I hope this helps.

Re: How high will it go?

dapps06 — Sun, 01 Jun 2014 22:05:38 GMT

@Whitneyy wrote:
Hello, and welcome.

You know you can request an early exclusion from your accounts that will fall off in December, sometimes it works, sometimes it doesn't. Just have to be persistent, and hope you get a CSR that will understand what you're asking for. Search for those threads within this forum.

Also, as far as your father adding you, it WILL help but I have also read that with the new FICO 08 they don't factor in AU as much as they used to. I hope this helps.

Yeah maybe I'll take that advice and attempt to get some of these things removed a little bit early. The relationship didn't end very well with Jax Federal, the company my judgement is with, but I guess it never hurts to try.

I have a lot of phone calls to make this week, that's for sure.

Re: How high will it go?

dapps06 — Tue, 03 Jun 2014 07:13:26 GMT

Called five creditors today and got rejected by all of them regarding early exclusion requests or goodwill late payment removal. Unreal. I have no clue how some of you have such great success with this, Not one person I spoke with today entertained the idea for even a second. With Sallie Mae, I have student loans going back to 2001. I have ONE late payment after a lapsed deferment in 13 years and they wouldn't budge.

Next step is to send out some goodwill letters I wrote tonight, hopefully they find the right people. For my SST/Providian charge off account from six years ago, the one that's outside of the SOL time frame, I offered 300. The guy wouldn't even submit it for authorization. We're past the point of being cordial so I flat out told him that when someone doesn't have to pay you a single cent, and they offer 300 anyway, you should take it every time. The guy got so flustered he attempted to read me a quote out of the Koran. Looks like that account will be going the distance, comes off next June and at this point that's fine by me. I just hope I have some luck with these letters, would really help.

Re: How high will it go?

myjourney — Tue, 03 Jun 2014 17:43:53 GMT

@dapps06 wrote:
I know there are seemingly countless factors that determine how many points your score will go up (or down) once something falls off, but I'm interested in hearing opinions about this anyway. I need something to look forward to after seeing all of these sparkling 700+ credit scores floating around the forum.

Here's what drops off by December of this year:

1. Capital One charge off (this month) Could see a scoring bump
2. Judgement (December) Could see a big bump but depending on what type of judgement some report up to 10 years IIRC
3. Repo (December) Could see a bump

The repo situation isn't the norm. In December of 2007 my car was technically repo'd, but I paid the tow fees and reacquired the car less than a week later. I went on to own the car for three more years. Ultimately I ended up having to sell the car under a settlement agreement with Wells Fargo. I park my car on the side of the road at night and one morning I woke up to see that the rear left end had been smashed in. No note, nothing. This caused me to be upside down on the car, leading to the settlement. So this is probably a unique situation in that a repo will come off the record but the account will still exist as a settlement.

At this point (after the three items above drop off) I'll be down to one more charge off (which will be 6 1/2 years old) and the settled auto loan (4 1/2 years old) remaining as baddies. I'll have student loans in good standing, two closed credit cards in good standing, and three new credit cards that will have 6 months of good payments. That pretty much wraps up my history.

So, how many points can I expect, in your estimation, when these three baddies drop off in the next six months?

As for points your guess is as good as mine but I'll be pulling for a huge boost in scores for you

Good luck

Re: How high will it go?

growing123 — Tue, 03 Jun 2014 17:49:52 GMT

@dapps06 wrote:
Called five creditors today and got rejected by all of them regarding early exclusion requests or goodwill late payment removal. Unreal. I have no clue how some of you have such great success with this, Not one person I spoke with today entertained the idea for even a second. With Sallie Mae, I have student loans going back to 2001. I have ONE late payment after a lapsed deferment in 13 years and they wouldn't budge.

Next step is to send out some goodwill letters I wrote tonight, hopefully they find the right people. For my SST/Providian charge off account from six years ago, the one that's outside of the SOL time frame, I offered 300. The guy wouldn't even submit it for authorization. We're past the point of being cordial so I flat out told him that when someone doesn't have to pay you a single cent, and they offer 300 anyway, you should take it every time. The guy got so flustered he attempted to read me a quote out of the Koran. Looks like that account will be going the distance, comes off next June and at this point that's fine by me. I just hope I have some luck with these letters, would really help.

You would call the CRAs for the early exclusion on items that will fall off within next six months or so. Did you call them or the OC/CA?

Re: How high will it go?

dapps06 — Tue, 03 Jun 2014 20:23:45 GMT

@growing123 wrote:
@dapps06 wrote:
Called five creditors today and got rejected by all of them regarding early exclusion requests or goodwill late payment removal. Unreal. I have no clue how some of you have such great success with this, Not one person I spoke with today entertained the idea for even a second. With Sallie Mae, I have student loans going back to 2001. I have ONE late payment after a lapsed deferment in 13 years and they wouldn't budge.

Next step is to send out some goodwill letters I wrote tonight, hopefully they find the right people. For my SST/Providian charge off account from six years ago, the one that's outside of the SOL time frame, I offered 300. The guy wouldn't even submit it for authorization. We're past the point of being cordial so I flat out told him that when someone doesn't have to pay you a single cent, and they offer 300 anyway, you should take it every time. The guy got so flustered he attempted to read me a quote out of the Koran. Looks like that account will be going the distance, comes off next June and at this point that's fine by me. I just hope I have some luck with these letters, would really help.
You would call the CRAs for the early exclusion on items that will fall off within next six months or so. Did you call them or the OC/CA?

I called the OC and CA, oops haha. I didn't think CRA's had the authority to remove items unless the OC/CA instructed them to. So I should call the CRA's and ask to have these items removed?

Re: How high will it go?

dapps06 — Tue, 03 Jun 2014 20:25:28 GMT

@myjourney wrote:
@dapps06 wrote:
I know there are seemingly countless factors that determine how many points your score will go up (or down) once something falls off, but I'm interested in hearing opinions about this anyway. I need something to look forward to after seeing all of these sparkling 700+ credit scores floating around the forum.

Here's what drops off by December of this year:

1. Capital One charge off (this month) Could see a scoring bump
2. Judgement (December) Could see a big bump but depending on what type of judgement some report up to 10 years IIRC
3. Repo (December) Could see a bump

The repo situation isn't the norm. In December of 2007 my car was technically repo'd, but I paid the tow fees and reacquired the car less than a week later. I went on to own the car for three more years. Ultimately I ended up having to sell the car under a settlement agreement with Wells Fargo. I park my car on the side of the road at night and one morning I woke up to see that the rear left end had been smashed in. No note, nothing. This caused me to be upside down on the car, leading to the settlement. So this is probably a unique situation in that a repo will come off the record but the account will still exist as a settlement.

At this point (after the three items above drop off) I'll be down to one more charge off (which will be 6 1/2 years old) and the settled auto loan (4 1/2 years old) remaining as baddies. I'll have student loans in good standing, two closed credit cards in good standing, and three new credit cards that will have 6 months of good payments. That pretty much wraps up my history.

So, how many points can I expect, in your estimation, when these three baddies drop off in the next six months?
As for points your guess is as good as mine but I'll be pulling for a huge boost in scores for you
Good luck

I spoke with the OC for the judgement yesterday, they confirmed it will be dropping off in December. I'm so sick of having that on my record, it's going to be so refreshing to see it depart.

Re: How high will it go?

dapps06 — Tue, 03 Jun 2014 23:24:32 GMT

Just called TU to try and get an early exclusion for an item that drops off in only ten days. Yep, denied. As I said before I have no clue how you guys accomplish these things haha.

Re: How high will it go?

myjourney — Tue, 03 Jun 2014 23:46:34 GMT

@dapps06 wrote:
Just called TU to try and get an early exclusion for an item that drops off in only ten days. Yep, denied. As I said before I have no clue how you guys accomplish these things haha.

Forum trick

Quoting

Under the message you wish to respond to

Click reply

Top right hand corner

Click quote

Enter response

Re: How high will it go?

growing123 — Wed, 04 Jun 2014 16:13:11 GMT

@dapps06 wrote:
Just called TU to try and get an early exclusion for an item that drops off in only ten days. Yep, denied. As I said before I have no clue how you guys accomplish these things haha.

Yes, the CRA's are in charge of removing/deleting a TL that has or is about to pass it's CRTP.

I'm surprised that TU told you no. If it were me, I would keep calling. EX was very easy as well for me.

Don't give up!! Good luck!

Re: How high will it go?

dapps06 — Wed, 04 Jun 2014 21:13:55 GMT

@growing123 wrote:
@dapps06 wrote:
Just called TU to try and get an early exclusion for an item that drops off in only ten days. Yep, denied. As I said before I have no clue how you guys accomplish these things haha.
Yes, the CRA's are in charge of removing/deleting a TL that has or is about to pass it's CRTP.

I'm surprised that TU told you no. If it were me, I would keep calling. EX was very easy as well for me.

Don't give up!! Good luck!

I signed up for the USAA credit monitoring premium last night, and I found that the account in question was missing from my TU report. So it looks like they went ahead and deleted it even though they said otherwise. My experience with EX was much better, I called and they immediately granted the request to remove the account. I have to say at this point I prefer EX over the other bureau's. They seem to be the easiest to work with, and it's the only report where I didn't find a single error. EQ appears to be the worst, I have three disputes with them for wrong information, and I noticed today that they even have two of my addresses listed wrong. Took forever to convince them to change it without sending in a copy of my license or other document, but they finally caved and updated my info.

I have a question for anyone who knows the answer. I've always read the DoFD is the date the seven year clock starts ticking. For my Wells Fargo auto loan that was settled in July of 2010, I actually first became past due October of 2009. I called one of the CRA's, can't remember which one now, and was told that the DoFD only applies to collection accounts, and that once I sold the car in July of 2010 and settled the account, it became current and that's the date the seven year period started from. Is this accurate information? If not that would be great, I'd continue to fight it and get this auto loan removed almost a year earlier than first expected.

Re: How high will it go?

growing123 — Thu, 05 Jun 2014 21:11:43 GMT

@dapps06 wrote:
@growing123 wrote:
@dapps06 wrote:
Just called TU to try and get an early exclusion for an item that drops off in only ten days. Yep, denied. As I said before I have no clue how you guys accomplish these things haha.
Yes, the CRA's are in charge of removing/deleting a TL that has or is about to pass it's CRTP.

I'm surprised that TU told you no. If it were me, I would keep calling. EX was very easy as well for me.

Don't give up!! Good luck!
I signed up for the USAA credit monitoring premium last night, and I found that the account in question was missing from my TU report. So it looks like they went ahead and deleted it even though they said otherwise. My experience with EX was much better, I called and they immediately granted the request to remove the account. I have to say at this point I prefer EX over the other bureau's. They seem to be the easiest to work with, and it's the only report where I didn't find a single error. - Congrats! I agree about EX being very easy to deal with.

EQ appears to be the worst, I have three disputes with them for wrong information, and I noticed today that they even have two of my addresses listed wrong. Took forever to convince them to change it without sending in a copy of my license or other document, but they finally caved and updated my info.

I have a question for anyone who knows the answer. I've always read the DoFD is the date the seven year clock starts ticking. For my Wells Fargo auto loan that was settled in July of 2010, I actually first became past due October of 2009. I called one of the CRA's, can't remember which one now, and was told that the DoFD only applies to collection accounts, and that once I sold the car in July of 2010 and settled the account, it became current and that's the date the seven year period started from. Is this accurate information? If not that would be great, I'd continue to fight it and get this auto loan removed almost a year earlier than first expected. -

The DOFD applies to OC accounts that become past due and never brought current again. The OC is actually the one who sets the DOFD.

So it sounds like your DOFD was 10/2009. But not sure if i have this right...you were late, never brought it current, it was repo'd and you settled with OC?

Re: How high will it go?

dapps06 — Thu, 05 Jun 2014 21:31:56 GMT

@growing123 wrote:
@dapps06 wrote:
@growing123 wrote:
@dapps06 wrote:
Just called TU to try and get an early exclusion for an item that drops off in only ten days. Yep, denied. As I said before I have no clue how you guys accomplish these things haha.
Yes, the CRA's are in charge of removing/deleting a TL that has or is about to pass it's CRTP.

I'm surprised that TU told you no. If it were me, I would keep calling. EX was very easy as well for me.

Don't give up!! Good luck!
I signed up for the USAA credit monitoring premium last night, and I found that the account in question was missing from my TU report. So it looks like they went ahead and deleted it even though they said otherwise. My experience with EX was much better, I called and they immediately granted the request to remove the account. I have to say at this point I prefer EX over the other bureau's. They seem to be the easiest to work with, and it's the only report where I didn't find a single error. - Congrats! I agree about EX being very easy to deal with.

EQ appears to be the worst, I have three disputes with them for wrong information, and I noticed today that they even have two of my addresses listed wrong. Took forever to convince them to change it without sending in a copy of my license or other document, but they finally caved and updated my info.

I have a question for anyone who knows the answer. I've always read the DoFD is the date the seven year clock starts ticking. For my Wells Fargo auto loan that was settled in July of 2010, I actually first became past due October of 2009. I called one of the CRA's, can't remember which one now, and was told that the DoFD only applies to collection accounts, and that once I sold the car in July of 2010 and settled the account, it became current and that's the date the seven year period started from. Is this accurate information? If not that would be great, I'd continue to fight it and get this auto loan removed almost a year earlier than first expected. -
The DOFD applies to OC accounts that become past due and never brought current again. The OC is actually the one who sets the DOFD.

So it sounds like your DOFD was 10/2009. But not sure if i have this right...you were late, never brought it current, it was repo'd and you settled with OC?

The car was repo'd in December of 2007, but only for about a week. I went to the tow yard and paid the fees and the car was returned. I went on to own the car until July of 2010 when I sold it. I first became late in October of 2009, the following month I was able to make a payment, but I couldn't afford to make two payments to compensate for the previous month, so for the next several months that's how it went. I was able to make a payment for one month, but I never was able to cover that initial missed payment, giving me a long stretch of late payments. If that makes sense. Here is how it's listed on my EX report:

Sep 2009 - OK

Oct 2009 - 30 day

Nov 2009 - 30 day

Dec 2009 - 30 day

Jan 2010 - 30 day

Feb 2010 - 30 day

Mar 2010 - 30 day

Apr 2010 - 30 day

May 2010 - 60 day

Jun 2010 - 30 day

Jul 2010 - OK (Sold, settled for less because of damage from hit and run driver)

Aug 2010 - CLS

I called in to EXP and was told that once the car was sold in July, it became current and therefore that's the date my deletion date is based on. I was told that DoFD is for collection accounts only, and that doesn't apply to this account. So, not sure what to believe. It's scheduled to drop off in July of 2017, but I feel like it should really be October of 2016, and that's a big difference.

Re: How high will it go?

growing123 — Thu, 05 Jun 2014 21:49:47 GMT

@dapps06 wrote:
@growing123 wrote:
@dapps06 wrote:
@growing123 wrote:
@dapps06 wrote:
Just called TU to try and get an early exclusion for an item that drops off in only ten days. Yep, denied. As I said before I have no clue how you guys accomplish these things haha.
Yes, the CRA's are in charge of removing/deleting a TL that has or is about to pass it's CRTP.

I'm surprised that TU told you no. If it were me, I would keep calling. EX was very easy as well for me.

Don't give up!! Good luck!
I signed up for the USAA credit monitoring premium last night, and I found that the account in question was missing from my TU report. So it looks like they went ahead and deleted it even though they said otherwise. My experience with EX was much better, I called and they immediately granted the request to remove the account. I have to say at this point I prefer EX over the other bureau's. They seem to be the easiest to work with, and it's the only report where I didn't find a single error. - Congrats! I agree about EX being very easy to deal with.

EQ appears to be the worst, I have three disputes with them for wrong information, and I noticed today that they even have two of my addresses listed wrong. Took forever to convince them to change it without sending in a copy of my license or other document, but they finally caved and updated my info.

I have a question for anyone who knows the answer. I've always read the DoFD is the date the seven year clock starts ticking. For my Wells Fargo auto loan that was settled in July of 2010, I actually first became past due October of 2009. I called one of the CRA's, can't remember which one now, and was told that the DoFD only applies to collection accounts, and that once I sold the car in July of 2010 and settled the account, it became current and that's the date the seven year period started from. Is this accurate information? If not that would be great, I'd continue to fight it and get this auto loan removed almost a year earlier than first expected. -
The DOFD applies to OC accounts that become past due and never brought current again. The OC is actually the one who sets the DOFD.

So it sounds like your DOFD was 10/2009. But not sure if i have this right...you were late, never brought it current, it was repo'd and you settled with OC?
The car was repo'd in December of 2007, but only for about a week. I went to the tow yard and paid the fees and the car was returned. I went on to own the car until July of 2010 when I sold it. I first became late in October of 2009, the following month I was able to make a payment, but I couldn't afford to make two payments to compensate for the previous month, so for the next several months that's how it went. I was able to make a payment for one month, but I never was able to cover that initial missed payment, giving me a long stretch of late payments. If that makes sense. Here is how it's listed on my EX report:

Sep 2009 - OK
Oct 2009 - 30 day
Nov 2009 - 30 day
Dec 2009 - 30 day
Jan 2010 - 30 day
Feb 2010 - 30 day
Mar 2010 - 30 day
Apr 2010 - 30 day
May 2010 - 60 day
Jun 2010 - 30 day
Jul 2010 - OK (Sold, settled for less because of damage from hit and run driver)
Aug 2010 - CLS

I called in to EXP and was told that once the car was sold in July, it became current and therefore that's the date my deletion date is based on. I was told that DoFD is for collection accounts only, and that doesn't apply to this account. So, not sure what to believe. It's scheduled to drop off in July of 2017, but I feel like it should really be October of 2016, and that's a big difference.

Maybe someone else will chime in because this situation seems unique, but I still think you're DOFD is 10/2009. You went late/almost repo'd in 2007, brough current again until 10/2009 and then late and never current again. and if the account was brought current according to EX, then what is the CA trying to collect on?

Forgive me if i'm getting this all wrong..

Re: How high will it go?

dapps06 — Thu, 05 Jun 2014 22:04:27 GMT

@growing123 wrote:
@dapps06 wrote:
@growing123 wrote:
@dapps06 wrote:
@growing123 wrote:
@dapps06 wrote:
Just called TU to try and get an early exclusion for an item that drops off in only ten days. Yep, denied. As I said before I have no clue how you guys accomplish these things haha.
Yes, the CRA's are in charge of removing/deleting a TL that has or is about to pass it's CRTP.

I'm surprised that TU told you no. If it were me, I would keep calling. EX was very easy as well for me.

Don't give up!! Good luck!
I signed up for the USAA credit monitoring premium last night, and I found that the account in question was missing from my TU report. So it looks like they went ahead and deleted it even though they said otherwise. My experience with EX was much better, I called and they immediately granted the request to remove the account. I have to say at this point I prefer EX over the other bureau's. They seem to be the easiest to work with, and it's the only report where I didn't find a single error. - Congrats! I agree about EX being very easy to deal with.

EQ appears to be the worst, I have three disputes with them for wrong information, and I noticed today that they even have two of my addresses listed wrong. Took forever to convince them to change it without sending in a copy of my license or other document, but they finally caved and updated my info.

I have a question for anyone who knows the answer. I've always read the DoFD is the date the seven year clock starts ticking. For my Wells Fargo auto loan that was settled in July of 2010, I actually first became past due October of 2009. I called one of the CRA's, can't remember which one now, and was told that the DoFD only applies to collection accounts, and that once I sold the car in July of 2010 and settled the account, it became current and that's the date the seven year period started from. Is this accurate information? If not that would be great, I'd continue to fight it and get this auto loan removed almost a year earlier than first expected. -
The DOFD applies to OC accounts that become past due and never brought current again. The OC is actually the one who sets the DOFD.

So it sounds like your DOFD was 10/2009.  But not sure if i have this right...you were late, never brought it current, it was repo'd and you settled with OC?
The car was repo'd in December of 2007, but only for about a week. I went to the tow yard and paid the fees and the car was returned. I went on to own the car until July of 2010 when I sold it. I first became late in October of 2009, the following month I was able to make a payment, but I couldn't afford to make two payments to compensate for the previous month, so for the next several months that's how it went. I was able to make a payment for one month, but I never was able to cover that initial missed payment, giving me a long stretch of late payments. If that makes sense. Here is how it's listed on my EX report:

Sep 2009 - OK
Oct 2009 - 30 day
Nov 2009 - 30 day
Dec 2009 - 30 day
Jan 2010 - 30 day
Feb 2010 - 30 day
Mar 2010 - 30 day
Apr 2010 - 30 day
May 2010 - 60 day
Jun 2010 - 30 day
Jul 2010 - OK (Sold, settled for less because of damage from hit and run driver)
Aug 2010 - CLS

I called in to EXP and was told that once the car was sold in July, it became current and therefore that's the date my deletion date is based on. I was told that DoFD is for collection accounts only, and that doesn't apply to this account. So, not sure what to believe. It's scheduled to drop off in July of 2017, but I feel like it should really be October of 2016, and that's a big difference.

Maybe someone else will chime in because this situation seems unique, but I still think you're DOFD is 10/2009. You went late/almost repo'd in 2007, brough current again until 10/2009 and then late and never current again.  and if the account was brought current according to EX, then what is the CA trying to collect on?

Forgive me if i'm getting this all wrong..

You have it mostly right. There were some late payments between the time of my temporary repo and Oct of 2009, but I brought the account current before Oct/2009 so they are irrelevant.

The account isn't in collections though. It's a closed/settled account. What the EX rep was trying to tell me is that DoFD is only for collection accounts, which this auto loan was not. He said that once the car was sold, that's the same as being brought current, which makes the drop off date begin then, not when I fell behind in Oct of 2009.

Re: How high will it go?

growing123 — Thu, 05 Jun 2014 22:07:26 GMT

I just read your post again and realize there's no CA involved in this case.

Still think the same about DOFD though.

Re: How high will it go?

growing123 — Thu, 05 Jun 2014 23:06:11 GMT

Something else, when an OC acct is paid/closed (even w/ previous lates) it will stay on your report usually ten years after closed date. So why don't they have it set to remove in aug 2020?