@sjt wrote:
@Anonymous wrote:No way to answer this question as we know nothing about your credit file. The biggest pieces of information that we'd need to know are:
What are your current scores? How many total accounts do you have on your reports (open and closed)? What is your AAoA?
How many total negative pieces of information do you have on your accounts?
How many total negative accounts do you have?
How old is each negative piece of information, including the one(s) that are going to be removed?
Where does your current utilization % sit?
Can you help estimate my friend's situation:
2 Collections, one paid and the other is unpaid. Both are about 5 years. scheduled to come off in 2018. Currently negotiating PFD.
He also has about 9 paid charge offs about 6 years old. Five of those were owned by the OC and reported until paid in the last two years.
Scores are EX: 648 EQ:659 TU: 655
Utilization: Around 1%
AAOA over 10 years
FICO simulators show a 20 point drop if a new collection appears.
If the one collection being negotiated comes off, maybe a 5ish point gain if any.
FICO 8, yeah if you get a recent negative you will get dinged for it even if you already have similar negatives on your report... marked change from FICO 5 and earlier, FICO 8 weights recent history more heavily apparently.
It's probably the CO's reporting within the last 2 years which is depressing the score; sounds like in another year and change if those all get excluded based on DOFD he may gain 150+ points when fully clean... 2018 should be a good credit year for your friend heh.
@Revelate wrote:
@sjt wrote:
@Anonymous wrote:No way to answer this question as we know nothing about your credit file. The biggest pieces of information that we'd need to know are:
What are your current scores? How many total accounts do you have on your reports (open and closed)? What is your AAoA?
How many total negative pieces of information do you have on your accounts?
How many total negative accounts do you have?
How old is each negative piece of information, including the one(s) that are going to be removed?
Where does your current utilization % sit?
Can you help estimate my friend's situation:
2 Collections, one paid and the other is unpaid. Both are about 5 years. scheduled to come off in 2018. Currently negotiating PFD.
He also has about 9 paid charge offs about 6 years old. Five of those were owned by the OC and reported until paid in the last two years.
Scores are EX: 648 EQ:659 TU: 655
Utilization: Around 1%
AAOA over 10 years
FICO simulators show a 20 point drop if a new collection appears.
If the one collection being negotiated comes off, maybe a 5ish point gain if any.
FICO 8, yeah if you get a recent negative you will get dinged for it even if you already have similar negatives on your report... marked change from FICO 5 and earlier, FICO 8 weights recent history more heavily apparently.
It's probably the CO's reporting within the last 2 years which is depressing the score; sounds like in another year and change if those all get excluded based on DOFD he may gain 150+ points when fully clean... 2018 should be a good credit year for your friend heh.
If my friend was able to get both collections removed what do you think the gains would be.
Yup, the five CO that were reporting until he paid them were a killer.
May 2018 will be epic for him 
@sjt wrote:
@Revelate wrote:
@sjt wrote:
@Anonymous wrote:No way to answer this question as we know nothing about your credit file. The biggest pieces of information that we'd need to know are:
What are your current scores? How many total accounts do you have on your reports (open and closed)? What is your AAoA?
How many total negative pieces of information do you have on your accounts?
How many total negative accounts do you have?
How old is each negative piece of information, including the one(s) that are going to be removed?
Where does your current utilization % sit?
Can you help estimate my friend's situation:
2 Collections, one paid and the other is unpaid. Both are about 5 years. scheduled to come off in 2018. Currently negotiating PFD.
He also has about 9 paid charge offs about 6 years old. Five of those were owned by the OC and reported until paid in the last two years.
Scores are EX: 648 EQ:659 TU: 655
Utilization: Around 1%
AAOA over 10 years
FICO simulators show a 20 point drop if a new collection appears.
If the one collection being negotiated comes off, maybe a 5ish point gain if any.
FICO 8, yeah if you get a recent negative you will get dinged for it even if you already have similar negatives on your report... marked change from FICO 5 and earlier, FICO 8 weights recent history more heavily apparently.
It's probably the CO's reporting within the last 2 years which is depressing the score; sounds like in another year and change if those all get excluded based on DOFD he may gain 150+ points when fully clean... 2018 should be a good credit year for your friend heh.
If my friend was able to get both collections removed what do you think the gains would be.
Yup, the five CO that were reporting until he paid them were a killer.
May 2018 will be epic for him
Pure swag, ballpark 20 points; my tax lien was worth 16 points with some lates still on the file, I think delinquencies and PR/collections are scored seperately so it's likely the CO's are still going to be the ballgame while they're still on the report.