DP: Charge off & collection removal (+133 pts)

[Anonymous]

I started rebuilding in late 2018 following the advice I found on these forums. Started at 505, quickly made my way to 620 or so with a couple of cards, but languished around 630 for the past year as I waited for three old baddies (a paid charge off and two collections) to fall off. Yesterday I found out about early exclusion and all three were within the 6 month timeframe with TransUnion so I decided to request early exclusion through TU's online dispute portal. Instantly removed! Pulled my TU FICO8 today and...

Before: 641

After: 774

+133 points!

Thought I would share some DPs in the event it is helpful for anyone who has been on a rebuilding journey but is waiting on old charge offs or collections to fall off.

- 3 open credit cards (AZEO, util < 1%, no lates)

- 1 closed installment loan (no lates)

- AoOA: 2 yrs 8 months

- AAoA: 2 yrs 2 months

- Newest Account: 1 yr 1 month

- No inquiries

Removed:

- Paid CO with 120 day late that was due for removal 7/2021

- Two collections that were due for removal 11/2021

My guess is I went from a dirty scorecard to clean/thick/young/no new revolver.

What's interesting is I was only able to remove the CO with Experian but not the collections, so I saw far less of a bump there.

Experian FICO8 before: 638

Experian FICO8 after: 658

The only difference on my Experian report is an additional charge card AU that was opened in 1986 and closed in 2016 with no lates.

Anyways, I really appreciate all the advice, info, and research on here. Wouldn't have gotten to this point without it!

[babygirl1256]

Congrats on the massive TU credit score increase. Try Experian again in July as they will allow EE 3 months from the scheduled purge date. Fantastic credit rebuild . . . Keep up the great work!!!

[Anonymous]

Excellent journey! Thanks for providing  the dp- it's always good to have them.

[GrandBay]

@Anonymous  HUGE CONGRATS on a successful rebuild!

& thanks for sharing the DPs... it gives some of us hope of a brighter future

[Anonymous]

I am assuming when you say the Paid CO was removed that the entire account is gone from your CR(s)? Or just the negative information thus leaving the account positive (until natural fall off after 10 years from closure)? 

Have you ever had a paid CO or CA go positive and remain on your report?

[Anonymous]

@Anonymous Yes, entire account was removed from TU CR. That was actually something I was a little fuzzy on - whether or not a paid CO would go positive at 7 years and stay on the report until the 10 year mark. But the request for early exclusion resulted in full removal of the tradeline. This is the only CO I've had. I had one other CA fall of naturally last year at the 7 year mark.

And thanks everyone!

[Anonymous]

That does make me wonder whether it would be fully removed if you do not do the EE. Decisions decisions.

[Anonymous]

@Anonymous From what I could gather, I believe paid COs are fully removed regardless of EE or not. But I'm letting it just fall off EQ naturally, so if you're interested I can report back here in a few weeks.

[Anonymous]

@Anonymous That would be greatly appreciated. Thank you for all your experience and insights. 

[SouthJamaica]

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@Anonymous wrote:

I started rebuilding in late 2018 following the advice I found on these forums. Started at 505, quickly made my way to 620 or so with a couple of cards, but languished around 630 for the past year as I waited for three old baddies (a paid charge off and two collections) to fall off. Yesterday I found out about early exclusion and all three were within the 6 month timeframe with TransUnion so I decided to request early exclusion through TU's online dispute portal. Instantly removed! Pulled my TU FICO8 today and...

Before: 641

After: 774

+133 points!

Thought I would share some DPs in the event it is helpful for anyone who has been on a rebuilding journey but is waiting on old charge offs or collections to fall off.

- 3 open credit cards (AZEO, util < 1%, no lates)

- 1 closed installment loan (no lates)

- AoOA: 2 yrs 8 months

- AAoA: 2 yrs 2 months

- Newest Account: 1 yr 1 month

- No inquiries

Removed:

- Paid CO with 120 day late that was due for removal 7/2021

- Two collections that were due for removal 11/2021

My guess is I went from a dirty scorecard to clean/thick/young/no new revolver.

What's interesting is I was only able to remove the CO with Experian but not the collections, so I saw far less of a bump there.

Experian FICO8 before: 638

Experian FICO8 after: 658

The only difference on my Experian report is an additional charge card AU that was opened in 1986 and closed in 2016 with no lates.

Anyways, I really appreciate all the advice, info, and research on here. Wouldn't have gotten to this point without it!

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Congratulations.  Good job. Quite an accomplishment.