I had two collections recently removed from my reports. One PFD and one aged off. Transunion jumped up 31 points. That was the only negative data on my report with that CRA so YMMV.
I have a few questions:
1. I had an old CAP1 account that is not showing on my CR now, but is showing in collections. Should that collections account also be gone as the original creditor is no longer showing.
2. Also have an auto loan that shows up as closed. The account shows last payment Aug. 2012. It then when 60-90 days. There were a few payments in 2013, but the vehicle was repo in Nov. 2013. The CR shows a payment in 2014. I am thinking that’s when it was sold. I made no payment in 2014.
3. Between now and Nov. 2019 I have 4 collections that should fall off my CR and 4 CO/closed accounts. The closed accounts are no longer reporting. Should I contact EX and TU to try for an EE? I’m thinking from everything I have read so far I should just wait on EQ.
(The CO accounts are CAP1, PP, HSBC and Walmart).
When the CO’s fall off should I see a good increase in my FICO? I just opened a DISCO Card And OpenSky this month.
All responses appreciated. I’m new to the rebuild. I don’t want to open a door that’s about to close.
Your acct will be able to be removed when the DoFD (date of first deliquency) is 7 years old (+180 days) Most CRA's will removed at the 7 year mark, or will EE (early exclusion) within a certain time close to that if you ask. (EX 6 months early, TU 4 months early, EQ 1 month early).
Even if the original credit removes an acct, but the DoFD is not past the 7 year mark, the CA is under no obligation to remove it as well.
Having the CO's fall off should see a score bump up. Depending on the rest of your profile as to how much that will be. If the CO's are the only negatives you have then it would be more than if you still have any lates or other collections left on there.
Sounds like you are on the path to recovery, and doing good things. One thing that has been invaluable to me was learning (the hard way) that credit is a marathon, not a sprint. It takes time, but keep doing the right things like you are now, and before you know it, you'll be set.
CK is okay for acct monitoring as far as collections and payment updated and such. The VS3 Fako score they give doesn't really do you any good, but for free it is not an aweful resource to have for other things.
myFico is the way to go, but in the meantime take a look at the CRAs sites. I know Experian and Transunion will let you monitor you score either free or a couple of dollars for the first month. I recommend Experian though.
With Disco you can accurately monitor Transunion since Transunion use Vantage on their own paid subscription. smh
My experience so far is that CK is 100% accurate with a good interface for seeing updated events; for example, seeing an item fall off, or a new account start reporting; reviewing your accounts, etc.
The scores it uses (VantageScore 3.0) are directionally helpful, but should not be taken that seriously and are not worth obsessing over. VS 3.0 is not intended to duplicate FICO, it gives different weight to stuff, counts some things FICO doesn't count and vice versa. They serve different markets and while somebody who pays their bills on time will have a high score on both, you cannot use VS 3.0 to split hairs about how your FICO score is doing.
If the collection company will do a PFD, then yes that is the way to go because it will disappear off your CRs. Many companies will not do PFD the first time you request it and often, you must ask in writing numerous times over a period of time before they will do a PFD. Some companies do not allow PFD at all though it can't hurt to ask (maybe you will get lucky).