Scoring Experts,
I could use your expertise in this one please.
So a credit grantor agreed to delete a revolving credit card Acct which was CO’s exactly a year ago. They sent me a letter as confirmation which I then used to send to the CBS to expedite the removal process. TU has been the first to get it done but to my surprise, the removal had NO IMPACT on my score. Yes you read that correctly!
It was an account opened at the same time as a few others so didn’t expect AAOA to be impacted but given this was a negative tradeline CO’d just a year ago I honestly expected a score bump. I do have some other baddies (a few incorrect 30 and 60d lates I’m working to get removed); however it seems really odd that my score didn’t go + or - a single point! I double checked with T’union to make sure there system updated my file and they said that anytime they internally make a change to a file it updates immediately.
Isn’t that a bit odd? Insight would be greatly appreciated!
I could use your expertise in this one please.
So a credit grantor agreed to delete a revolving credit card Acct which was CO’s exactly a year ago. They sent me a letter as confirmation which I then used to send to the CBS to expedite the removal process. TU has been the first to get it done but to my surprise, the removal had NO IMPACT on my score. Yes you read that correctly!
It was an account opened at the same time as a few others so didn’t expect AAOA to be impacted but given this was a negative tradeline CO’d just a year ago I honestly expected a score bump. I do have some other baddies (a few incorrect 30 and 60d lates I’m working to get removed); however it seems really odd that my score didn’t go + or - a single point! I double checked with T’union to make sure there system updated my file and they said that anytime they internally make a change to a file it updates immediately.
Isn’t that a bit odd? Insight would be greatly appreciated!
@BrutalBodyShots,
Thanks for that information.
If that’s the case than I would presume there wouldn’t be any score changes on my file when things change, either positive or negative but that way any the case.
I do a number of 30-90d lates from around the same timeframe and high utilization. Still shocked no increase to score. Oh well at least it’s a bit ‘cleaner’!
Thanks for that information.
If that’s the case than I would presume there wouldn’t be any score changes on my file when things change, either positive or negative but that way any the case.
I do a number of 30-90d lates from around the same timeframe and high utilization. Still shocked no increase to score. Oh well at least it’s a bit ‘cleaner’!
Also bears asking where are you getting your scores from and have you confirmed that it is now gone from your report?
There is a delay in some CMS’s, possible that whichever you are looking at might not be updated yet.
That said 90D vs CO, I would have expected a small difference but as others have stated the more negatives you have the less score movement you will see when one gets added or removed assuming similar age.
There is a delay in some CMS’s, possible that whichever you are looking at might not be updated yet.
That said 90D vs CO, I would have expected a small difference but as others have stated the more negatives you have the less score movement you will see when one gets added or removed assuming similar age.
@Revelate,
I’ve confirmed with Transunion both verbally and via my TU monitoring subscription that it is gone and I received an alert from myFICO subscription of the removal. Neither showed any score increase. MyFICO monthly report updates next week so it will be interesting if that’s shows a score change in the TU credit file.
I’ve confirmed with Transunion both verbally and via my TU monitoring subscription that it is gone and I received an alert from myFICO subscription of the removal. Neither showed any score increase. MyFICO monthly report updates next week so it will be interesting if that’s shows a score change in the TU credit file.
Removing a single collection, while nice, has little to no value if the report is tainted with more negative info. Your CO is actually not that heavy as it has been cooling off for a year. To have a massive positive change you need to actually remove info that is massively effecting your score. The last time I removed a collection from my reports it gave me a chunk of points immediately(~30-40) and over the next few months added more(~20-25) but these were recent-ish when I worked on them and were the only negatives. There are penalties for having negatives of any kind, having negatives per a category, and having a negative. Obviously having the first negative will hurt the most as you hit all three categories but the second one will not hurt as much. Work on talking with your other lenders on cleaning up and the score will recover based on a curve, not a straight line. Also if that collection account's original account has lates reporting then they will ironically be heavier than the collection.
@zerofire,
Thanks for the info. It was actually a charge off of a revolving credit card still with original creditor and not placed with a collection agency.
While it was CO’d a year ago they have been updating it monthly til April. Not sure if those monthly updates still categorize it as having a ‘cooling off period’!
Thanks for the info. It was actually a charge off of a revolving credit card still with original creditor and not placed with a collection agency.
While it was CO’d a year ago they have been updating it monthly til April. Not sure if those monthly updates still categorize it as having a ‘cooling off period’!
I am pretty sure a negative being removed is an instant in time thing.
I strongly doubt there are changes for that specific event after that, most likely was something else TBH.
I strongly doubt there are changes for that specific event after that, most likely was something else TBH.