As the title says, I recently did a PFD for the only collection on my credit reports. I have two questions:
According to PRA it will take about 30 days before it's deleted from my reports and I'm very anxious! I realize everyone's file is different but I'm wondering what type of score bump I can expect (if any). It is the only collection on my report. It is an $849 balance that was sent to collections in February 2015. My current FICO score, according to Amex is a 671 (which includes the collection)
The settlement was for about 40% of the balance (It was a fraudulent account but considering the cost it was easier, faster and cheaper to settle). My concern is that it might now be difficult or impossible to get a Citi card in the future. So... I'm having some buyer's remorse that I did not go through the hoops of getting another police report and disputing it. Shoukd I be concerned that I am now blacklisted by Citi?
Do you have other major derogs, such as a monthly 90+ late, a CO, or a public record, in your report?
If so, your scoring continues to be under a less-favorable scorecard until all major derogs are gone, after which you will be re-bucketed into a more favorable ("clean") credit scoring category.
Stated simply, the scoring impact of removal of a major derog depends upon what other major derogs also remain.
If your last major derog, the impact will likely be substantial.