ScoreWatch update question

[rkb84]

So I noticed by checking an updated version of my Equifax report, that the Verizon negative tradeline is gone now. But under my scorewatch it still reports and hasn't given me any updates. I have it set to notify when it goes 1 point up, or anything changes..a glitch or am I missing something?

[Shogun]

Was that your only negative on your CR?  Were you expecting a decent bump on your scores?   If so, give it just a bit.

[rckstrscott]

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@rkb84 wrote:

So I noticed by checking an updated version of my Equifax report, that the Verizon negative tradeline is gone now. But under my scorewatch it still reports and hasn't given me any updates. I have it set to notify when it goes 1 point up, or anything changes..a glitch or am I missing something?

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Do you still have other negative tradelines??

It is possible that you receieved no score increase from this removal.. I saw no score movement as I removed collections until I was near the end of the journey..

I don't know how scorewatch works, I have never use it, but removal of a negative doesn't automatically mean score increase, esp in the collection sense if there are other collections still showing

-scott

[rkb84]

Well it was a collection of $441 and has a 120 late label on it, showing under accounts. it was from the last year or so.

[rckstrscott]

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@rkb84 wrote:

Well it was a collection of $441 and has a 120 late label on it, showing under accounts. it was from the last year or so.

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Do you have other collections on your file?

The 120 date late label is coding initiated from the OC, but it doesn't impact your FICO score if its code as a collection account. It just doesn't 'look pretty' on the report..

-scott

[rkb84]

I do have a couple other negatives still. One not every old and the Cap I from 5 years ago a charge off. I got a few negatives dropped within the last 2 weeks and got a 32 point jump.

[rckstrscott]

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@rkb84 wrote:

I do have a couple other negatives still. One not every old and the Cap I from 5 years ago a charge off. I got a few negatives dropped within the last 2 weeks and got a 32 point jump.

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It really depends on the negatives..

Charge offs are factored different than collections, late payments ect ect

The rule of thumb is, you will not see any point gains removing collections until you have 2, then 1, then none... obviously its YMMV, but in my situation, I had 19 collection accounts and saw no point gains until I went from 3 to 2

-scott

[rkb84]

Yeah it really is strange how the whole system works, I guess if anything all these negative accounts gone will look better to the lenders, even if dropping them doesn't raise the score real high. At least I am getting to a point where I can start to build up without having all the negative crap in my way. Nobody wants to give you a new card or loan when they see you have burned multiple places.

[rckstrscott]

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@rkb84 wrote:

Yeah it really is strange how the whole system works, I guess if anything all these negative accounts gone will look better to the lenders, even if dropping them doesn't raise the score real high. At least I am getting to a point where I can start to build up without having all the negative crap in my way. Nobody wants to give you a new card or loan when they see you have burned multiple places.

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Oh I know the feeling.. keep plugging away!

-scott

[Jutz]

Scott,

You mention charge offs, collections, etc are, for lack of a better term, "categorized".  Does this mean, in your experience, that if I have 1 charge off left, and 3 collections left, if I'm able to remove even one of the collections, I may see an OK bump?