PFD score increase?

[Anonymous]

I'm having a large collection that updated last in may 2013 deleted! Still leaves one collection, that also updates monthly, left in the report. Any idea if I can expect an increase in score?

I am sitting at 615 and need to get to 640. Paid cc down to 5% from 72% uti and that reports on June 22. And that pfd just came off today but no score alert yet.

[Anonymous]

Just paying your utilization down from 72 to 5% should give you that increase alone.

How old were the collections that were PFD?

[Anonymous]

It's from 09, but it updated every. Single. Month! And it was for $1400!

[Anonymous]

The money amount of a collection doesn't matter.  You will probably get at least 10 points for it being removed probably more.

[Anonymous]

Really? I thought if it was under a certain amount FICO didn't count it?

[DaBears]

+1 guiness, you are going to see a very nice bump!!!!! Congrats!!!

[Anonymous]

---

@Anonymous wrote:
Really? I thought if it was under a certain amount FICO didn't count it?

---

That is FICO 08 I believe, for collections $100 or under.   All the other versions/models count them.

[Anonymous]

Does anyone use FICO 08 for mortgage?

[Anonymous]

I think 04 is what is used.  

And for what it is worth and something I didn't know, was something I found while doing some research:

The main reasons that mortgage lenders fail to migrate to the newest FICO model are due to internal programming limitations, especially those related to underwriting systems.  New models are also regulated by Fannie Mae and Freddie Mac. 

[swtneka]

I did a pfd for a medical account that was $18 and got a 19 point increase!