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2 are older, will fall off in about a year that I think I will let rot off. combined about $1400
1 that Portfolio owns, just paid that off so it should delete soon
1 that LVNV owns ($432), could not get them to PFD, so set up 3 payments, just made first one..
1 that a local bank owns, currently being contacted by Tek-Collect.. amount is $1200
Then I also have 5 CC that were charged off, most recent lates on all of then are 120 day lates in May 2013, so they too should be falling off soon..
And then a Ford credit that reports 30 and 60 day lates from 2014-2016 (loan is paid)
My current Experian FICO is 602
So a few questions...
Will I need all 5 collection accounts and all of the 90 and 120 day lates to fall off before I see 700??
What can/should I do to speed the process up? If I can reach that goal by May of next year, I am happy.. but would like to see some steady climb before then.
Thanks a ton.. Maybe dumb question, but is 5 accounts with a 120 still showing any worse than just 1 account showing a 120? If that is the case, maybe just let them age off rather than need to rely on 5 GW letters working.
Rest of my profile is 3 unsecured CC's:
QS One ($500 CL)
Cap One ($500 CL)
Milestone ($300 CL)
Paid in full or close to it each month... think currently my reports are showing $23/$1300
Student loan reporting on two lines
No current auto loan or mortgage
@jons998877 wrote:Thanks a ton.. Maybe dumb question, but is 5 accounts with a 120 still showing any worse than just 1 account showing a 120? If that is the case, maybe just let them age off rather than need to rely on 5 GW letters working.
Rest of my profile is 3 unsecured CC's:
QS One ($500 CL)
Cap One ($500 CL)
Milestone ($300 CL)
Paid in full or close to it each month... think currently my reports are showing $23/$1300
Student loan reporting on two lines
No current auto loan or mortgage
Scoring wise, as long as there is a single 12 day late on you CR, it will hurt. Even if you removed four of them, you would not see that much in terms of gain as long as one remains.
Thanks... so in my mind, I am just thinking what I need to get my score to be in May 2020 when my last 120 should drop off... so my focus will be on the 3 collections and the Ford Motor.. though maybe if I get the time I will send out a quick Goodwill letter to the 5 CC companies and see what happens..
Those 120 lates are in accounts that are COed so until the CO account itself is excluded or otherwise removed your Fico will be affected. A 120 day late in an account that has returned to a current paid as agrees has the scoring pretty much the same as a CO account.
My scores are EQ 727, TU 704, EX 697 and I have the following negatives on my report:
One collection with a balance due (have done a PFD so it will be removed soon, but is still currently there)
One collection with a zero balance (ages off in September but still currently there)
One 120 day late from December 2016
Two 90 day lates from November 2016 & February 2016
Seven 60 day lates from Aug, Sep, & Oct 2016, Jan 2016, Jan & Feb 2015, and Dec 2014
Eleven 30 day lates from July 2016, Oct & Dec 2015, Jan Feb Jun Seo Oct & Nov 2014, Jun 2013, Aug 2012
A 700 score is not impossible with some negatives as long as you do well and let them age as well as build good history while trying to rebuild.
For me personally, a charge-off with a balance did more damage than a collection with a balance, but YMMV.
I have one 120 day late from 2013 showing on my reports. I have a 723 score. So, its possible to be in the 700's with lates.
So perhaps if I can knock out the 3 current collections (from 2017), my score will actually see a decent jump.. though I do still have the Ford account showing several 30 and 60's from 2014-2016... So nothing negative within 2 years, so its just a work in progress as this point..
@jons998877 wrote:So perhaps if I can knock out the 3 current collections (from 2017), my score will actually see a decent jump.. though I do still have the Ford account showing several 30 and 60's from 2014-2016... So nothing negative within 2 years, so its just a work in progress as this point..
In my experience once you have 24 months with no lates, they affect your score less and less