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I have 5 collection accounts I need to get rid of

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I have 5 collection accounts I need to get rid of

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. 

Begin of Journey ( 9/2018) EX 508 TU 506 EQ 498






Message 1 of 15
14 REPLIES 14
Valued Contributor

Re: I have 5 collection accounts I need to get rid of

You’re unlikely to see much of anything until the 120-lates are gone - those are murder on your scores and do not lose effect until they drop off. 30-lates tend to fade in effect after a couple of years. 60-lates hold effect the whole time but to a lesser extent than 90/120 lates.

Paid collections will fade in significance over time and you’ll start recovering from those. Being left with only a couple of OC-reported chargeoffs and nothing else may allow you to see 700 if the rest of your profile is strong, but I would think it’s more likely that you top out somewhere below that until you’re clean. 700 is possible with derogs for sure, but with the number you have it’ll depend on whether you can goodwill any of them off.

Hopefully Thomas_Thumb, BBS, CGID, or SJ will chime in - they’ve forgotten more about scoring nuances than I’ve even learned and may be able to nail down a likely score range to expect.


Rose Gold/BCP/Delta Gold/Hilton Surpass/Hilton Honors | IT | Quicksilver | Target | VS | Home Depot | Lowes | Firestone | Wayfair | Kohl’s

Heir apparent to the SJ Special (finally got a Disco CLI of $300)

5/24, 1/24, 76445/24, who cares #HappyWithAmex





Entering the garden 5/27/2019, staying until 2020
Message 2 of 15
New Contributor

Re: I have 5 collection accounts I need to get rid of

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

Begin of Journey ( 9/2018) EX 508 TU 506 EQ 498






Message 3 of 15
Community Leader
Super Contributor

Re: I have 5 collection accounts I need to get rid of


@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. 

 

EX 754 EQ 773 TU 752
Message 4 of 15
New Contributor

Re: I have 5 collection accounts I need to get rid of

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..

Begin of Journey ( 9/2018) EX 508 TU 506 EQ 498






Message 5 of 15
Moderator

Re: I have 5 collection accounts I need to get rid of

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.

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 6 of 15
Regular Contributor

Re: I have 5 collection accounts I need to get rid of

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.

 

Total Credit Limit: $36,300


Starting FICO 8 Scores [01/01/17]

Current FICO 8 Scores [07/17/19]

My Progress Thread
2018 Year End Goal: 650 across the board - HIT 11/30/18!
2019 Year End Goal: 700 across the board - HIT 04/30/19!
Updated 2019 Year End Goal: 750 across the board
Message 7 of 15
Valued Member

Re: I have 5 collection accounts I need to get rid of

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.

Message 8 of 15
New Contributor

Re: I have 5 collection accounts I need to get rid of

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..

Begin of Journey ( 9/2018) EX 508 TU 506 EQ 498






Message 9 of 15
Regular Contributor

Re: I have 5 collection accounts I need to get rid of


@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

Total Credit Limit: $36,300


Starting FICO 8 Scores [01/01/17]

Current FICO 8 Scores [07/17/19]

My Progress Thread
2018 Year End Goal: 650 across the board - HIT 11/30/18!
2019 Year End Goal: 700 across the board - HIT 04/30/19!
Updated 2019 Year End Goal: 750 across the board
Message 10 of 15
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