Even 6-1/2 year old lates hurt

[Anonymous]

So I decided to try something to see the effect of very old derogatory payment info on my profile. This is in relation to FICO8 scoring.

Years ago I had a CapOne card that went into default. It had a DoFD that would be 7 years old this coming July. It was charged off with 30/60/90/120 late and then FP notations for failure to pay. CapOne garnished me to get their money, and eventually the tradeline was updated to chargeoff/paid in full, balance $0. All collection activity was in-house with CapOne.

We all know that payment history is more important than Account age as a percentage of your score’s makeup. This account was on all three of my bureau reports. I wanted to see if this would hold true as the age of the Account increased and the damage of the derogs faded and aged.

In January it entered the EE window for TU. A couple weeks ago I called TU to ask that they EE the negative payment info on the account history and I was told that they could only do that if the account had been sold off to a collection agency. Since it wasn’t, and was paid off with the OC, they couldn’t do this, but they could delete the entire tradeline if I wanted.

I wasn’t sure I wanted to do this since it was one of my older accounts, and was far older than my AAoA, but I figured that even with the passage of time, the negative effect of the payment history was hurting more than the account’s age was helping, so I went ahead and deleted the entire tradeline.

Today my TU score updated in my Disco Account. I’ve had profile changes the last 30 days, most notably a 23% decrease in aggregate UTI. But I compared the new TU score to my current (as of today) EX score, and where I had gained 10 points on EX, I had gained 18 points on TU. The only difference between the two reports’ changes was the deletion of that CapOne tradeline on TU. Even with some active medical collections on TU (which were there last month and are still there now), and which are not on EX, I gained 8 additional points on my TU score over what my EX report gained.

Not that this is a big revelation but it is a good indication that even very old derogatory info that will soon age off a report can and will still hurt you. It seems that it’s definitely worth the EE effort to clear it as soon as you can. In my case, next month I’ll be requesting an EE of the tradeline on EX, and in June I’ll call EQ for the same.

Just thought I’d share to hopefully help someone else in the same situation in the future.

[Anonymous]

You must have more charge offs or other seriously damaging accounts. 

I had a charge off and two loans with 60 days late one time removed via EE by TU in January leaving just my BK and I went up 54 points from 652 to 706. 

The data that says older items aren’t very damaging has been proven false lately, even 30 day lates have been returning 25+ points when they age off. 

[Anonymous]

For me, EX has one remaining old derog from Synchrony that they flat-out refuse to accept a GW deletion for. That one enters EE territory at the end of this year. TU has the active medicals which I’ll address soon enough but which aren’t a huge priority right now.

When I either PFD or HIPAA the medicals away, TU will be clean, and getting an EE for the Synch Account will clean my EX. The only other suppression I’m seeing is from aggregate UTI which is currently 48% and coming down steadily (not as quickly as I’d like but monthly trips from NY to Cleveland for my wife’s medical issues are keeping me from paying down as fast as I’d like - no helping that). But yeah, dropping aggregate UTI and clearing those last derogs should shoot me way up from where I am. By the end of 2019, barring a setback, I should be well into the 700s.

I agree, the aging of old derogs definitely doesn’t seem to have as much effect as has been put forth in the past.

[Anonymous]

One additional possible benefit from this is that instead of an instant denial for a CLI on my Disco, today I got the 2-day message, so maybe Disco is sufficiently encouraged by my UTI improvement and the loss of that dirty tradeline to throw me a bone 👍

[Anonymous]

Best of luck! Lol! I got my insufficient experience letter yesterday so I’m not gonna poke Disco for awhile. 

[GApeachy]

Congrats on the removal and score bump.  With your tl's, aging and all that good stuff going on I wouldn't be surprised for you to be in the mid 700's end of 2019.  Happy Dance, Woot, Woot!!!!!

[GApeachy]

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@Anonymous wrote:

Best of luck! Lol! I got my insufficient experience letter yesterday so I’m not gonna poke Disco for awhile. 

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What's that supposed to mean? (Insufficient experience)  You've been with them a long time haven't you?

[Anonymous]

Laurachrissy, I certainly hope so! I’m working on it for sure and not apping again until I’m comfortably above the threshold for BCE approval.

[Anonymous]

Saeren, I have plenty of those types of letters already. Good thing is, Disco doesn’t seem to care how many times you try. They’ve been more than happy to tell me “no” no matter how many times I ask lol. I’m not at the level that AJC is (think his wording was along the lines of having enough letters to wallpaper a medium size bathroom) but I’ve gotten quite used to rejection. But the 2-day is encouraging as there seems to be at least as many CLIs granted as denied when that is the instant response, based on a forum search. We shall see!

[Anonymous]

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@GApeachy wrote:

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@Anonymous wrote:

Best of luck! Lol! I got my insufficient experience letter yesterday so I’m not gonna poke Disco for awhile. 

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What's that supposed to mean? (Insufficient experience)  You've been with them a long time haven't you?

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Insufficient experience with current credit limit is basically a way of saying you have enough for now. Lots of us get these letters from Disco and Sync. 

I cant really argue with that. I went from $7500 SL in March of last year to $11,200 January of this year. I don’t really need more. The button just gives me my credit fix 😂