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High scores lead to big hits when a mistake is made! That is why my one, very old collection, was so major - it was my only baddie
MattH wrote:
I was certainly fascinated when I played with the simulator a while back to see how much hypothetical minor dings would hit my 750-plus scores: one 30-day-late could cost as much as 106 points, maxing-out all my credit cards (which would be a BIG shopping spree) could cost as much as 120 points, and taking out an auto loan of $25K could cost as much as 40 points. I suppose two or three of them at once would take me into subprime territory.
You are probably as happy with his 800 as I am with DW's B&N CLhaulingthescoreup wrote:
I'm working equally hard on getting the collection off and being happy for his 800.
There is a certain gritting of teeth involved. Think, "Look, dear, how wonderful!"
@MidnightVoice wrote:You are probably as happy with his 800 as I am with DW's B&N CL@haulingthescoreup wrote:
I'm working equally hard on getting the collection off and being happy for his 800.
I don’t understand how a paid collection can be “worth” anything, such as 51 points As compared to what baseline? A collection is always a derog, and always detracts from ones score. Does “worth” imply that it had an original score impact of well over 51 points when first reported as a collection, and that after 6.5 years most of the orig impact of the derog impact has gone away, thus implying "worth"?
The total points under credit history is approx. 298 points (35% of 850). 51 points would be almost 18% loss of payment history scoring. That is HUGE!
RobertEG wrote:
I don’t understand how a paid collection can be “worth” anything, such as 51 points As compared to what baseline? A collection is always a derog, and always detracts from ones score. Does “worth” imply that it had an original score impact of well over 51 points when first reported as a collection, and that after 6.5 years most of the orig impact of the derog impact has gone away, thus implying "worth"?
The total points under credit history is approx. 298 points (35% of 850). 51 points would be almost 18% loss of payment history scoring. That is HUGE!
Correct. And mine was the average of the score increse on 3 seperate reports.
cheddar wrote:
RobertEG wrote:I don’t understand how a paid collection can be “worth” anything, such as 51 points As compared to what baseline? A collection is always a derog, and always detracts from ones score. Does “worth” imply that it had an original score impact of well over 51 points when first reported as a collection, and that after 6.5 years most of the orig impact of the derog impact has gone away, thus implying "worth"?
The total points under credit history is approx. 298 points (35% of 850). 51 points would be almost 18% loss of payment history scoring. That is HUGE!
MV was referring to the fact that he famously got 51 points overnight when his paid collection aged off his report.In that case, I think it's clear that the paid collection was "worth" 51 points.I had a similar experience when my only collection aged off of TU. I got 48 points overnight when that happened.