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

MrZissou
New Member

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

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!

Message 1 of 11
10 REPLIES 10
babygirl1256
Valued Contributor

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

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!!!

Starting FICO 8 Score in 06/2019: EQ-625, TU-649, EX-640
Current FICO 8 Score in 06/2021: EQ-796, TU-806, EX-812
Goal FICO 8 Score in 06/2022: EQ-825, TU-850, EX-850
Message 2 of 11
kkboom
Frequent Contributor

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

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


Gardening until 10/2021
Message 3 of 11
GrandBay
Contributor

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

@MrZissou  HUGE CONGRATS on a successful rebuild!

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

Message 4 of 11
jtd5of14
Member

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

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?

Message 5 of 11
MrZissou
New Member

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

@jtd5of14 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!

Message 6 of 11
jtd5of14
Member

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

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

Message 7 of 11
MrZissou
New Member

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

@jtd5of14 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.

Message 8 of 11
jtd5of14
Member

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

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

Message 9 of 11
SouthJamaica
Super Contributor

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


@MrZissou 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!


Congratulations.  Good job. Quite an accomplishment.


Total revolving limits 663000 (585000 reporting) FICO 8: EQ 716 TU 742 EX 713

Message 10 of 11
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