@tsever01 wrote:
I understand what you are saying about the major derogs still being a huge factor. The last collection that is coming off is a result of GW and is coming off a few years early. It was first reported in 2010 or 2011 so I was hoping that having removed all my collections would bump me up a little even though I still have the other badies. Wish I could get Cap One to remove their entries. Wondering if I should even attempt to get the foreclosure or charged off 2nd mortgage removed or would I just be wasting my time on that.
So a couple things to add based on the new info you posted here. First, if it is a recent collection, it may raise your score to remove. I was assuming it was falling off after 7 years. However, even if it is your last collection, FICO doesn't see much difference between charge-offs, collections, repos, etc. They are all scored as major derogatories and have a huge impact just the same. You probably won't be rebucketed with charge-offs left, and rebucketing is where the huge increases come from with regard to removing collections in my experience.
I had 5 out of 8 collections removed from my TU file and it made no difference in my score. None fell off on their own so they weren't super old. Also, having a foreclosure changes things as well. I don't have a lot of experience with that, but my understanding is that those are one of the worst score killers. Chances are the effect of the single collection is pretty small compared to the other charge-offs and especially the foreclosure.
Either way, I would always recommend to keep trying with the GWs. The less baddies on your report the better. Even if you don't see an immediate FICO gain, there is the sastisfaction of having it removed and it would help you certainly on manual reviews down the road. If it were me, I would keep trying.
