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A second set of data points for last IIB accounts falling off TU (Early Exclusion). +50 points

CH-7-Rebuilding
Valued Contributor

A second set of data points for last IIB accounts falling off TU (Early Exclusion). +50 points

Today I was able to finally reach a supervisor at Transunion after an hours-long hold due to COVID-19 staffing.

My FICO 8 score jumped 52 points from 688 to 740
My FICO 9 score jumped 24 points from 764 to 806 (my first score over 800 since BK 7 filing!)

Called Equifax and they refused to budge until one month out, so I have to wait until after July 1st.  I still have 4 IIB accounts on Equifax.

Profile on TU (and EX)

Nothing negative except BK7 itself
No new accounts in two years
No inquiries on any bureau
$5 reporting on one card (1% utlilization)

Approx 6 - 7 years AAofA based on the different CRA
Approximately 250K in open revolving accounts
1 installment auto loan from Alliant paid down from 31K in January 2019 to 6.5K today.   
(Next auto payment not due for three more years.   Alliant extends the due date forward based on prepayments like they used to do with their (now discountined) SSL's.   

Also I can tell folks that Nissan Finance also extends out due dates far into the future if you pay ahead (spouse's car).  So you can pay down to 7% and sit on it for up to 84 months (based on loan term) to get that credit boost for a paid down installment loan.

Standby for July's update when EQ excludes the last IIB accounts.

 

I can tell BK folks this:   You are suffering a huge point penalty if ANY IIB accounts are still reporting on your reports.   This is in addition to the ding from bankruptcy itself.   The only way to maximize your scores is to get every single one of them off there!

 

Message 1 of 7
6 REPLIES 6
soxfaininfl
Frequent Contributor

Re: A second set of data points for last IIB accounts falling off TU (Early Exclusion). +50 points

Yes, I'm working with a company to get the IIB creditors off. I got score bumps every time a couple would come off. I had 12 to 13 IIB. Still have a long way to go. 









Message 2 of 7
CH-7-Rebuilding
Valued Contributor

Re: A second set of data points for last IIB accounts falling off TU (Early Exclusion). +50 points


@soxfaininfl wrote:

Yes, I'm working with a company to get the IIB creditors off. I got score bumps every time a couple would come off. I had 12 to 13 IIB. Still have a long way to go. 


I'm not a fan of using third-party repair companies to work on your reports since you can accomplish the same thing yourself, and sometimes they hurt you by disputing off perfectly good very old accounts -- but the choice is yours.   No judgment.

My point is that ANY IIB accounts reporting will hold your score back  by 50 points in FICO 8.   It doesn't matter if there's 10 or 1 -- the fact of having one of them suppresses your scores.

The people that have managed to succeed in the 700 FICO in 24 months did not have any IIB accounts reporting   This is possible if your BK was due to only say medical debts, which you could dispute off easily.

Over the years I did manage to dispute off 5-7 IIB accounts, and some, for no reason at all, would just fall off way before their time.   But say you are in year 6 and you have 4 IIB accounts, and you manage to get rid of 3 of them, you will take the same hit until that last IIB account is gone.

Message 3 of 7
soxfaininfl
Frequent Contributor

Re: A second set of data points for last IIB accounts falling off TU (Early Exclusion). +50 points


@CH-7-Rebuilding wrote:

@soxfaininfl wrote:

Yes, I'm working with a company to get the IIB creditors off. I got score bumps every time a couple would come off. I had 12 to 13 IIB. Still have a long way to go. 


I'm not a fan of using third-party repair companies to work on your reports since you can accomplish the same thing yourself, and sometimes they hurt you by disputing off perfectly good very old accounts -- but the choice is yours.   No judgment.

My point is that ANY IIB accounts reporting will hold your score back  by 50 points in FICO 8.   It doesn't matter if there's 10 or 1 -- the fact of having one of them suppresses your scores.

The people that have managed to succeed in the 700 FICO in 24 months did not have any IIB accounts reporting   This is possible if your BK was due to only say medical debts, which you could dispute off easily.

Over the years I did manage to dispute off 5-7 IIB accounts, and some, for no reason at all, would just fall off way before their time.   But say you are in year 6 and you have 4 IIB accounts, and you manage to get rid of 3 of them, you will take the same hit until that last IIB account is gone.


Can you please private message me which book you used for guidance on how you achieved your results if you don't mind? I don't think they allow that kind of stuff to be posted here. 









Message 4 of 7
ddamage
Regular Contributor

Re: A second set of data points for last IIB accounts falling off TU (Early Exclusion). +50 points


@CH-7-Rebuilding wrote:

Today I was able to finally reach a supervisor at Transunion after an hours-long hold due to COVID-19 staffing.

My FICO 8 score jumped 52 points from 688 to 740
My FICO 9 score jumped 24 points from 764 to 806 (my first score over 800 since BK 7 filing!)

Called Equifax and they refused to budge until one month out, so I have to wait until after July 1st.  I still have 4 IIB accounts on Equifax.

Profile on TU (and EX)

Nothing negative except BK7 itself
No new accounts in two years
No inquiries on any bureau
$5 reporting on one card (1% utlilization)

Approx 6 - 7 years AAofA based on the different CRA
Approximately 250K in open revolving accounts
1 installment auto loan from Alliant paid down from 31K in January 2019 to 6.5K today.   
(Next auto payment not due for three more years.   Alliant extends the due date forward based on prepayments like they used to do with their (now discountined) SSL's.   

Also I can tell folks that Nissan Finance also extends out due dates far into the future if you pay ahead (spouse's car).  So you can pay down to 7% and sit on it for up to 84 months (based on loan term) to get that credit boost for a paid down installment loan.

Standby for July's update when EQ excludes the last IIB accounts.

 

I can tell BK folks this:   You are suffering a huge point penalty if ANY IIB accounts are still reporting on your reports.   This is in addition to the ding from bankruptcy itself.   The only way to maximize your scores is to get every single one of them off there!

 


Good info. Thanks for sharing. My IIB items fall off between August and Oct 2020. I disputed them on TU and got all but one off but my socre didnt go up but like 5 points and that was like 8-9 baddies. I guess I should call them. So Im assuming not to call EQ until July 1st according to your info. Again thank you. 

Current FICO





Credit Cards:
PenFed 11k/17.5k
Lowe's 0/5000
Wayfair 248/4500
Best Buy Citi 0/1500
Discount Tire 0/1800
Credit one 0/800
PayPal MC 0/3500

Discover 0/9000 Misc:
Ch 7- 02/2013
7 baddies Nov 2016 thru March 2017 (ill and hospitalized)
Message 5 of 7
Azuieldrago
Frequent Contributor

Re: A second set of data points for last IIB accounts falling off TU (Early Exclusion). +50 points


@ddamage wrote:

@CH-7-Rebuilding wrote:

Today I was able to finally reach a supervisor at Transunion after an hours-long hold due to COVID-19 staffing.

My FICO 8 score jumped 52 points from 688 to 740
My FICO 9 score jumped 24 points from 764 to 806 (my first score over 800 since BK 7 filing!)

Called Equifax and they refused to budge until one month out, so I have to wait until after July 1st.  I still have 4 IIB accounts on Equifax.

Profile on TU (and EX)

Nothing negative except BK7 itself
No new accounts in two years
No inquiries on any bureau
$5 reporting on one card (1% utlilization)

Approx 6 - 7 years AAofA based on the different CRA
Approximately 250K in open revolving accounts
1 installment auto loan from Alliant paid down from 31K in January 2019 to 6.5K today.   
(Next auto payment not due for three more years.   Alliant extends the due date forward based on prepayments like they used to do with their (now discountined) SSL's.   

Also I can tell folks that Nissan Finance also extends out due dates far into the future if you pay ahead (spouse's car).  So you can pay down to 7% and sit on it for up to 84 months (based on loan term) to get that credit boost for a paid down installment loan.

Standby for July's update when EQ excludes the last IIB accounts.

 

I can tell BK folks this:   You are suffering a huge point penalty if ANY IIB accounts are still reporting on your reports.   This is in addition to the ding from bankruptcy itself.   The only way to maximize your scores is to get every single one of them off there!

 


Good info. Thanks for sharing. My IIB items fall off between August and Oct 2020. I disputed them on TU and got all but one off but my socre didnt go up but like 5 points and that was like 8-9 baddies. I guess I should call them. So Im assuming not to call EQ until July 1st according to your info. Again thank you. 


EQ you don't want to touch. Let them age off normally. They get that right. Asking for an EE with EQ is like them boiling water, they mess it up. It's only a month early so best to just wait it out.






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Message 6 of 7
ddamage
Regular Contributor

Re: A second set of data points for last IIB accounts falling off TU (Early Exclusion). +50 points


@Azuieldrago wrote:

@ddamage wrote:

@CH-7-Rebuilding wrote:

Today I was able to finally reach a supervisor at Transunion after an hours-long hold due to COVID-19 staffing.

My FICO 8 score jumped 52 points from 688 to 740
My FICO 9 score jumped 24 points from 764 to 806 (my first score over 800 since BK 7 filing!)

Called Equifax and they refused to budge until one month out, so I have to wait until after July 1st.  I still have 4 IIB accounts on Equifax.

Profile on TU (and EX)

Nothing negative except BK7 itself
No new accounts in two years
No inquiries on any bureau
$5 reporting on one card (1% utlilization)

Approx 6 - 7 years AAofA based on the different CRA
Approximately 250K in open revolving accounts
1 installment auto loan from Alliant paid down from 31K in January 2019 to 6.5K today.   
(Next auto payment not due for three more years.   Alliant extends the due date forward based on prepayments like they used to do with their (now discountined) SSL's.   

Also I can tell folks that Nissan Finance also extends out due dates far into the future if you pay ahead (spouse's car).  So you can pay down to 7% and sit on it for up to 84 months (based on loan term) to get that credit boost for a paid down installment loan.

Standby for July's update when EQ excludes the last IIB accounts.

 

I can tell BK folks this:   You are suffering a huge point penalty if ANY IIB accounts are still reporting on your reports.   This is in addition to the ding from bankruptcy itself.   The only way to maximize your scores is to get every single one of them off there!

 


Good info. Thanks for sharing. My IIB items fall off between August and Oct 2020. I disputed them on TU and got all but one off but my socre didnt go up but like 5 points and that was like 8-9 baddies. I guess I should call them. So Im assuming not to call EQ until July 1st according to your info. Again thank you. 


EQ you don't want to touch. Let them age off normally. They get that right. Asking for an EE with EQ is like them boiling water, they mess it up. It's only a month early so best to just wait it out.


Ok thank you.

Current FICO





Credit Cards:
PenFed 11k/17.5k
Lowe's 0/5000
Wayfair 248/4500
Best Buy Citi 0/1500
Discount Tire 0/1800
Credit one 0/800
PayPal MC 0/3500

Discover 0/9000 Misc:
Ch 7- 02/2013
7 baddies Nov 2016 thru March 2017 (ill and hospitalized)
Message 7 of 7
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