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Paid off collections, PFD

chrysgold
New Member

Paid off collections, PFD

I had 11 collections accounts, I paid them all off end of March with taxes/stimulus check. 3 have been closed pending deletion, 4 have been deleted. 4 haven't updated at all yet. (Yes I'm being patient).

I was using 3 or 4 different apps to keep an eye on my credit score, and all of a sudden I realized that all these apps or "get your free credit score" services, use VantageScore 3.0

Why? That's not what any lenders check. VantageScore shows 687. FICO is 554. That's over 100pt difference.

The main question here, (sorry about the random rant) my VantageScore went up 26pts after paying 3 collections that are now closed pending deletion. My FICO went up 3-5pts. 

Seeing as all 11 accounts are pending deletion within 90 days, can I expect my FICO score to go up after all collections are deleted. I have one credit builder 9 months old. And a Self loan opened midMarch.

A lot of secured credit cards require bank information, I haven't had a bank account in years, but I'm attempting to get one at a local Credit Union.

I'm hoping to purchase a house in late 2022, or early 2023 which is why I'm am looking for ways to start improving my score now.

(My "credit builder" is basically a prepaid debit card, with no cash back option. Chime Credit Builder.)

5 REPLIES 5
AllZero
Super Contributor

Re: Paid off collections, PFD

Free or $1 you can obtain your 3 bureau FICO 8 scores and reports at Experian or CreditCheckTotal (part of Experian). Cancel in 7 day or less to avoid the re-occurring monthly charge. Wash, Rinse, and Repeat as needed.

AnnualCreditReport. Free weekly 3 bureau online reports through April 2022.

Free credit reports (disregard the VantageScore 3.0 score) at:
Credit Karma for weekly TU and EQ reports.
WalletHub for daily TU report.

Message 2 of 6
AllZero
Super Contributor

Re: Paid off collections, PFD


@chrysgold wrote:

I had 11 collections accounts, I paid them all off end of March with taxes/stimulus check. 3 have been closed pending deletion, 4 have been deleted. 4 haven't updated at all yet. (Yes I'm being patient).

I was using 3 or 4 different apps to keep an eye on my credit score, and all of a sudden I realized that all these apps or "get your free credit score" services, use VantageScore 3.0

Why? That's not what any lenders check. VantageScore shows 687. FICO is 554. That's over 100pt difference.

The main question here, (sorry about the random rant) my VantageScore went up 26pts after paying 3 collections that are now closed pending deletion. My FICO went up 3-5pts. 

Seeing as all 11 accounts are pending deletion within 90 days, can I expect my FICO score to go up after all collections are deleted. I have one credit builder 9 months old. And a Self loan opened midMarch.

A lot of secured credit cards require bank information, I haven't had a bank account in years, but I'm attempting to get one at a local Credit Union.

I'm hoping to purchase a house in late 2022, or early 2023 which is why I'm am looking for ways to start improving my score now.

(My "credit builder" is basically a prepaid debit card, with no cash back option. Chime Credit Builder.)


That is good you are opening a bank account. Credit Unions are great. CU's to join for Savings Rate now and possible Credit Products later!

 

I would recommend DCU for their free monthly EQ5 score and 6.17% APY savings account up to $1,000.

Message 3 of 6
chrysgold
New Member

Re: Paid off collections, PFD

That's where I went to get my scores, both experian and transunion gave me VantageScore 3.0. After that, I was too exhausted to fill out my information a third time to potentially get another VantageScore. The Experian app is the only place I can find my FICO score.

 

I do have creditkarma, and it shows VantageScore, is there a way to change that? Because I still use the app to check for report updates.

Message 4 of 6
AllZero
Super Contributor

Re: Paid off collections, PFD


@chrysgold wrote:

That's where I went to get my scores, both experian and transunion gave me VantageScore 3.0. After that, I was too exhausted to fill out my information a third time to potentially get another VantageScore. The Experian app is the only place I can find my FICO score.

 

I do have creditkarma, and it shows VantageScore, is there a way to change that? Because I still use the app to check for report updates.


To my knowledge, Experian and CreditCheckTotal offers the 3 bureau FICO 8s scores plus Experian EX2, bankcard, auto, scores.

 

CreditKarma is VantageScore. No way to change it. CK is a great tool to track your credit report updates, excluding scores.

Message 5 of 6
AllZero
Super Contributor

Re: Paid off collections, PFD


@chrysgold wrote:

The main question here, (sorry about the random rant) my VantageScore went up 26pts after paying 3 collections that are now closed pending deletion. My FICO went up 3-5pts. 

Seeing as all 11 accounts are pending deletion within 90 days, can I expect my FICO score to go up after all collections are deleted. I have one credit builder 9 months old. And a Self loan opened midMarch.


To answer your question, once all your collections are removed, yes, you should see a FICO score increase.

 

Congratulations on manageing that achievement. Hope you get a hefty score increase.

Message 6 of 6
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