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All Collections Gone - Result - No Score Change in 2 months

BoomStangs
Established Contributor

All Collections Gone - Result - No Score Change in 2 months

I have been working to eliminate collection accounts from my CR. A couple were mine, and a couple went away through the verification process because they were never my debts.

 

They are all on debts that are more than 4 years old, so maybe that's why they haven't changed my score?

 

I thought there might be some change. I only have two active card accounts and a mortgage. I just thought that eliminating $20k in collections that were reporting monthly would make some change in my score. 

 

Any thoughts from the smarter than me folks on the board?

Starting Scores 3/14- TU-489/EX-477/EQ-483
Score per MyFico 8/15-TU-688/EX-655(-1)/EQ-679(+29)
Total Credit $0-1/15/ $27500-6/15 Venture/QS/Freedom/Jcrew/O-Stock....9/17/15-$44,600 With addition CitiBank DC/Commerce/Gap/WalMart-----Garden until Mortgage Apps!
6 REPLIES 6
OmarGB9
Community Leader
Super Contributor

Re: All Collections Gone - Result - No Score Change in 2 months

Normally it would, especially for that high an amount of debt. Two questions:

 

1. What scores are you looking at? True FICO scores, or CreditKarma/WalletHub/Capital One CreditWise scores?

 

2. Do you have any other derogatory accounts still showing on your reports?


Last App: 04/05/2021
Penfed Signature Loan

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 2 of 7
BoomStangs
Established Contributor

Re: All Collections Gone - Result - No Score Change in 2 months

It was through the CRA companies. FICO 8, I believe.

 

I do have two charge-offs that were associated with two of the collection accounts. The accounts passed the SOL (4 years) at the end of last year.

 

3 of the collections were medical and were not listed anywhere other than collection accounts.

Starting Scores 3/14- TU-489/EX-477/EQ-483
Score per MyFico 8/15-TU-688/EX-655(-1)/EQ-679(+29)
Total Credit $0-1/15/ $27500-6/15 Venture/QS/Freedom/Jcrew/O-Stock....9/17/15-$44,600 With addition CitiBank DC/Commerce/Gap/WalMart-----Garden until Mortgage Apps!
Message 3 of 7
OmarGB9
Community Leader
Super Contributor

Re: All Collections Gone - Result - No Score Change in 2 months


@BoomStangs wrote:

It was through the CRA companies. FICO 8, I believe.

 

I do have two charge-offs that were associated with two of the collection accounts. The accounts passed the SOL (4 years) at the end of last year.

 

3 of the collections were medical and were not listed anywhere other than collection accounts.


The only one that offers true FICO 8s is Experian, and only for their own score, unless you sign up for their monitoring service that gives all 3. Equifax gives a proprietary score that's not a FICO 8, and TransUnion gives a Vantage 3.0 score, which is also not a FICO 8.

 

Are the two charge offs accurately reflecting a zero balance?

 

Any other negatives? Late payments, repos, liens, defaulted student loans, etc.?


Last App: 04/05/2021
Penfed Signature Loan

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 4 of 7
Birdman7
Super Contributor

Re: All Collections Gone - Result - No Score Change in 2 months

Were the collections paid or deleted?
-Community’s scoring wisdom: Scoring Primer.
-New: MORTGAGE SECTION.
-Negative Reason Codes: CassieCard’s Score Factors.
-Calculate metrics with ccquest’s Workbook.

Clean/Thick/Mature/No New Revolver - 8,9; Clean/Thick/Mature/No New Account - 5/4/2.
Correct Ag.Util. under 5% all times. (Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.





(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 5 of 7
MikeFromKeller
Established Member

Re: All Collections Gone - Result - No Score Change in 2 months

You stated "I do have two charge-offs that were associated with two of the collection accounts. The accounts passed the SOL (4 years) at the end of last year.

 

The term for charge-off is 7 years regardless of your states statue of limitations.  So unless the 7 year period has passed, those CO's are going to remain on your score unless you can get them removed by other means.

Message 6 of 7
babygirl1256
Frequent Contributor

Re: All Collections Gone - Result - No Score Change in 2 months

@BoomStangs I believe the 2 remaining COs are keeping your scores down . . . I'm in the same position except I have only 1 CO remaining on EX (score 734) and EX (score 781) . . . My only charge off accurately reflects a zero balance; I have no other negatives (i.e. late payments, repos, liens, defaulted student loans, etc.) and my utilization is 5%; yet my Experian score is adversely affected by 100+ points. Hoping that we both get the desired scores soon!!!

Starting FICO 8 Score in 06/2019: EQ-625, TU-649, EX-640
Current FICO 8 Score in 04/2021: EQ-781, TU-781, EX-734
Goal FICO 8 Score in 06/2022: EQ-800, TU-800, EX-800
Message 7 of 7
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