Credit Score Increase When Collections Account(s) Falls Off?

[Anonymous]

So I have been in the process of rebuilding my credit for a few years now. I have paid all of my bills on-time, carry low credit card balances, etc. I have only had 1 credit inquiry on my report over the course of 2 years, no derogatory marks, etc. My current score, through Credit Karma, is 661 and 687 through Credit Sesame. My question is... I have two collections accounts that are due to fall off of my credit report in April of 2015 and May of 2015. Does anyone have any insight as to whether this will cause a score increase, even if it is ever so slight? Any feedback is greatly appreciated!

[Anonymous]

This should definitely cause some increase, but there is no way for us to tell you how much. I got a collection deleted and it improved myFICO scores 126 and 121 points, but only 34 points for another, since there was more deragatory information on that report.

Right now you only are getting educational scores for two bureaus. I would sign up for Quizzle to get your third bureau educational score. However, these scores are almost definitely not the same scores as what any lender would use (which are generally only FICO scores) and may vary drastically, so I wouldn't put too much weight in them or how much they increase after the collections falls off. They are more useful to see what negative information is still on your report and any changes while workingo n improving your credit. When I bought myFICO scores, they were over 100 points lower than the scores Quizzle and Credit Sesame gave me, while my CreditKarma score was 38 points higher than my TransUnion FICO score (CK is based on TransUnion data whereas Quizzle is based on Equifax and CreditSesame is based on Experian).

[Anonymous]

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@Anonymous wrote:

This should definitely cause some increase, but there is no way for us to tell you how much. I got a collection deleted and it improved myFICO scores 126 and 121 points, but only 34 points for another, since there was more deragatory information on that report.

Right now you only are getting educational scores for two bureaus. I would sign up for Quizzle to get your third bureau educational score. However, these scores are almost definitely not the same scores as what any lender would use (which are generally only FICO scores) and may vary drastically, so I wouldn't put too much weight in them or how much they increase after the collections falls off. They are more useful to see what negative information is still on your report and any changes while workingo n improving your credit. When I bought myFICO scores, they were over 100 points lower than the scores Quizzle and Credit Sesame gave me, while my CreditKarma score was 38 points higher than my TransUnion FICO score (CK is based on TransUnion data whereas Quizzle is based on Equifax and CreditSesame is based on Experian).

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 Wow mouse If i'm not mistaking you possibly have had the most sucess with just getting ONE account removed (that i know of of course)

And yes to the OP. You will surely expect an increase, how big? unsure are these your last collections?

[Anonymous]

I have read on many threads that Credit Karma and Credit Sesame scores have varied greatly from people's actual FICOs. I'll go ahead and pull my actual FICOs today and see what they say. Always a nerve racking thing. I'm assuming it cant be too terrible seeing as I just got approved for an AMEX yesterday (my 1 inquiry) with an opening CL of $5,000? 

[Anonymous]

These are my last two collections (only two that I have ever had) on my credit report. After they fall off, my credit report will include a vehicle that has been fully paid off with no lates and four credit cards that all have utilization of less than 10% and all on-time payments.

[Anonymous]

Yeah I doubt you'd get approved by Amex for that amount if your scores were terrible. While my FICO scores were lower than the CK, CS and Quizzle scores, some people have the opposite experience. Let's hope your Fico scores are actually higher!

I had huge jumps because two of my accounts only had bad lates that were almost 7 years old and then one 30 day late over two years ago. The collection was just under 2 years, which is when collections affect your scores the most. Since your collections are older, they probably won't have such a huge affect, even though the rest of your reports are clean. Still, score isn't everything. When applying for loans they look at the content of your reports too, so not having the collections there will be a big improvement!

[Anonymous]

Be aware also that the FICO scores you get here is also different than the FICO scores a mortgage lender would pull - FICO 08 vs FICO 04....

[Anonymous]

Thank you so much for the feedback! I'm looking to possibly buy a home towards the end of next year so it will be great to not have any collections on my report for that. This rebuilding process is a long process! 

[Anonymous]

Yikes... being that I am new here I have no idea what the difference between the two are?

[Anonymous]

I am also looking to buy a home and wish I had access to FICO04 scores. Still, I feel confident that any difference between FICO08 and 04 will be less severe than FICO08 and CK, CS, Quizzle scores. The best you can do is clean up your reports and if you see your score go up on FICO08, that's always a good thing and it most likely is going up on FICO04 too.