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Estimated Point Gain !!

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New Contributor

Estimated Point Gain !!

I had several charge offs, all pretty old, last year I started paying them, and got last one of these actuall deleted, just wondering what to expect on scores with Transunion as this is where most still showed, but on TriMerge report it will look better, they’re as follows : across all 3 bureaus :
Accounts : Closed Date :
Honda Powersports - Paid - 12/2011 - 0.00
First Premier - Paid - 12/2015 - 0.00
First Premier - Paid - 10/2011 - 0.00
Commercial Bank - Paid - 7/2015 - 0.00
Commercial Bank - Paid - 2/2013 - 0.00
Verizon - Paid - 9/2013 - 0.00

Had one deleted on 1/12/2018, no update, paid cc utilization to 1% as well from 25%, no updates yet.
Message 1 of 6
5 REPLIES 5
Senior Contributor

Re: Estimated Point Gain !!


@bobbytory wrote:
I had several charge offs, all pretty old, last year I started paying them, and got last one of these actuall deleted, just wondering what to expect on scores with Transunion as this is where most still showed, but on TriMerge report it will look better, they’re as follows : across all 3 bureaus :
Accounts : Closed Date :
Honda Powersports - Paid - 12/2011 - 0.00
First Premier - Paid - 12/2015 - 0.00
First Premier - Paid - 10/2011 - 0.00
Commercial Bank - Paid - 7/2015 - 0.00
Commercial Bank - Paid - 2/2013 - 0.00
Verizon - Paid - 9/2013 - 0.00

Had one deleted on 1/12/2018, no update, paid cc utilization to 1% as well from 25%, no updates yet.

Are any of these collections or are they all listed as chargeoffs?  There's a difference.

 

Chargeoffs with a balance reporting hurt your "aggregate utilization" for credit cards and loans, so paying them down means you no longer have any overlimit "cards" and your aggregate utilization is correct.  You may see a bump of 20-40 points most likely, but it could be less depending on what your score ceiling is.

 

Paid collections have no effect on FICO scoring.  Just paid/unpaid chargeoffs.

 

If you post how much each chargeoff balance was, as well as what your credit card balances/limits are, it may help figure out how much those chargeoffs hurt your score.

Message 2 of 6
New Contributor

Re: Estimated Point Gain !!

All of these were Loans, no credit cards, most had collection/chargeoff as status.
As far as cards I have 5 on my own, 2 as AU.
Discover - 867 of 1000 -
Synchrony - 654 of 700
Credit One - 100 of 400
GreenDot - 0 of 200
Capital One - 240 of 300
Capital One AU - 285 of 500
Credit One AU - 75 of 300

Only one on reports so far reporting balance are synchrony, credit one (both), and rest have yet to report but I paid before statement cut, all report soon.

The balances on charge off/collections were :
1. 2244.00
2. 388.00
3. 460.00
4. 4750.00
5. 30279.00

All are at 0.00 balance but still show paid after charge off.
Message 3 of 6
Senior Contributor

Re: Estimated Point Gain !!

Collection or chargeoff matters.  If it's a collection, paying it has no effect on FICO 8 (unless original due amount was under $100).  So paying collections won't raise score.

 

Paying chargeoffs may raise score depending on the utilization factors.

Message 4 of 6
New Contributor

Re: Estimated Point Gain !!

I understand that, just wanted them all at 0.00 respectively for my own sake. I have mortgage scores of Eq-616, TU-622, Ex-682, just needing to get a 640+ mid, hoping paying cards and the c/o being deleted will get me close or at it.
Message 5 of 6
New Contributor

Re: Estimated Point Gain !!

They were definitely charge offs !
Message 6 of 6
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