topic Re: Old Collections and Credit Score. in Rebuilding Your Credit

Old Collections and Credit Score.

Anonymous — Sat, 09 May 2020 02:22:58 GMT

I want to buy a house in the next 18 months so I am looking at the best way yo go about taking care of some old collections. I have 5 kinda old collections from 2015/2016 listed below. My current score is 612. My income is in a much better place now where I can pay them off. I would like to negotiate them down of course. I would only pay if there was a pay for delete in place for each of them. Credit Utilization is at 57% right now. I'm working on this getting down. Payment history on my report is at 100%. Unfortunately, I know there isn't a lot I can do for the charge offs.

So a couple of questions:

1. Do I just wait them out? Or pay them off with a pay for delete?

2. I know my score should see a nice increase when my utilization goes below 30%. What score increase am I likely to see when the collections are off? I am assuming it won't matter if I wait for them to fall off or pay for delete.

PORTFOLIO RECOVERY -- $710 -- Estimated month and year that this item will be removed: 01/2022

PORTFOLIO RECOVERY -- $877 -- Estimated month and year that this item will be removed: 12/2021

PORTFOLIO RECOVERY -- $1090 -- Estimated month and year that this item will be removed: 01/2022

MIDLAND FUNDING -- $915 -- Estimated month and year that this item will be removed: 12/2021

MIDLAND FUNDING -- $662 -- Estimated month and year that this item will be removed: 02/2022

Re: Old Collections and Credit Score.

AllZero — Sat, 09 May 2020 02:26:36 GMT

@Anonymous PRA and Midland does PFD Pay For Delete as noted on their website.

Alternatively, you can request EE Early Exclusion on the 7 years from DoFD.

TransUnion - 6 months early.
Experian - 3 months early.
Equifax - 1 month early. I would not recommend requesting EE. Let derogatory / delinquency fall off naturally.

Convergent Outsourcing

Anonymous — Sat, 09 May 2020 02:28:18 GMT

I have a soft inquiry from Convergent Outsourcing, but when you look at my collections accounts, they are nowhere to be seen on any of my 3 reports. Has anyone ever had this happen?

Re: Old Collections and Credit Score.

Anonymous — Sat, 09 May 2020 02:29:51 GMT

Any guess of what kind of score increase I could see on a PFD? Let's say all 5 went off.

Re: Old Collections and Credit Score.

AllZero — Sat, 09 May 2020 02:33:32 GMT

@Anonymous wrote:
Any guess of what kind of score increase I could see on a PFD? Let's say all 5 went off.

I'm not well versed on the derogatory score card points. Hopefully, another member can chime in?

Re: Old Collections and Credit Score.

AllZero — Sat, 09 May 2020 02:41:43 GMT

@Anonymous wrote:
Credit Utilization is at 57% right now. I'm working on this getting down.

Your utilization is a 30% factor in FICO scoring for amounts owed. You will see gains if you can get your utilization down.

Not knowing your exact details, below are benchmarks for FICO 8. Before applying for mortgage or to see what mortgage scores you can achieve seek AZEO.

Remember these aggregate utilization thresholds: 8.9%, 28.9%, 48.9%, 68.9%, 88.9%
Remember these individual utilization thresholds: 28.9%, 48.9%, 68.9%, 88.9%

If you're not crossing a threshold, you won't be getting points.

Aggregate: 10-15 points for aggregate crossing a threshold.

Individual: ~5 points points for individual crossing a threshold.

Look into AZEO Technique. All Zero Except One card reporting a small balance e.g. $5-$10. Use a bank card. Do not use a store card.

Get your CC aggregate utility at or below 8.9% for full FICO points optimization.

Scores will react positively with one revolving credit card reporting a balance.

Re: Old Collections and Credit Score.

AllZero — Sat, 09 May 2020 02:43:24 GMT

Free mortgage scores

EX2 + 3 Bureau report for $1 at Experian or CreditCheckTotal (part of Experian). Cancel in 7 days or less to avoid the reoccurring charge.

TU4 WyHy quarterly score. Not sure on membership requirement. Maybe hard pull TU?

EQ5 Get a savings account with DCU. Soft pull EQ to be a member. Free monthly score.

You can also obtain your 3 bureau mortgage scores at . Cancel plan after you obtain your scores and reports to avoid re-occurring monthly charge.

Midland & Portfolio

Anonymous — Sat, 09 May 2020 02:55:43 GMT

This might be a stupid question, but if I log into the Midland or Portfolio to see what PFD options they have on the website, will that trigger them to get agressive with their contacts? I've already got letters saying they won't pursue legal action.

Re: Midland & Portfolio

Mdg1307 — Sat, 09 May 2020 03:48:38 GMT

Well the good news is every one of your collections do PFD. So personally I'd pay them and expect a big score increase from the combo of lowered utilization and a clean collection free report

Re: Midland & Portfolio

Brian_Earl_Spilner — Sat, 09 May 2020 03:57:26 GMT

@Anonymous wrote:
This might be a stupid question, but if I log into the Midland or Portfolio to see what PFD options they have on the website, will that trigger them to get agressive with their contacts? I've already got letters saying they won't pursue legal action.

It shouldn't matter. Since they delete anything settled or paid over 2 years past DoFD, you should be paying them all off. If you're trying to pay over an extended period of time, you can set up payment arrangements way in advance that will stop all phone calls as long as you're making payments as agreed

Re: Old Collections and Credit Score.

M_Smart007 — Sat, 09 May 2020 03:59:37 GMT

@AllZero wrote:
Free mortgage scores

EX2 + 3 Bureau report for $1 at Experian or CreditCheckTotal (part of Experian). Cancel in 7 days or less to avoid the reoccurring charge.

TU4 WyHy quarterly score. Not sure on membership requirement. Maybe hard pull TU?

EQ5 Get a savings account with DCU. Soft pull EQ to be a member. Free monthly score.

You can also obtain your 3 bureau mortgage scores at FICO Advanced . Cancel plan after you obtain your scores and reports to avoid re-occurring monthly charge.

+ https://www.annualcreditreport.com/index.action

Re: Midland & Portfolio

nmk94 — Sat, 09 May 2020 20:17:41 GMT

@Anonymous wrote:
This might be a stupid question, but if I log into the Midland or Portfolio to see what PFD options they have on the website, will that trigger them to get agressive with their contacts? I've already got letters saying they won't pursue legal action.

No stupid questions. Always ask in case you aren't sure. It's lack of knowledge that got a lot of us here in the first place.

I had this same worry. Decided to go ahead and login to Midland. I settled last week, and just this morning saw it had been removed from Experian (will check the other two CRA's on Monday). It was past the SOL so they couldn't sue.