Help with FICO scoring and predictions ?

[Joeysalaaa]

Hi all!!

New to the forums ! Recently, I've begun my credit repair journey again at age 40 after a bad breakup and of course COVID 5 years ago. This last week, I successfully disputed all collections and charge offs either due to early exclusion age off or the creditor couldn't provide proof of account and the bureaus all blocked and removed them!!!!  

So soon, all 3 should reflect no negatives at all -- all payment shave been current for 5+ years and the CO and collections were last of derogs. My present scores (before these removals reflect):

EQ 580 

EX 590

TU 620

I have 20 students loans accounts all in perfect standing, auto loan perfect $12.5k, and the following CC:

SavorOne $0 / $300 CL 

CapOne Platinum $0 / $300 cL

Credit One $0 / $1,000 CL

Arro $50 / $500 CL

Varo LOC $0 / $600 CL

yes I know my lines are low for now -- far cry from my $30-40k lines in 2016!!!! They'll be back though!! 

I have 0 - 7 hard inquiries depending bureau but most are old and aging. I know it's hard to guarantee but once these derogs come off hopefully this week (the bureaus all put in writing it can take up to 30 days to reflect, but some have already come off) can I expect a score jump??? I'm perplexed as to why my scores are so low with derogs being 5-6 years old although they are very large charge offs between $10-40k ouch!!! 

My overall overall will report probably 20-30% by end of month ! I'd like to get  a higher end card with a higher line by early 2026 if possible if only for help in utilization score ($5-10k lines)

Any input is much appreciated !!! I am hoping once these all fall off and my Util updates I can at least see scores in 650s+???? AAofA 15 years !! Income $300k.

Thank you all in advance !! 

[JoeRockhead]

Welcome to the forum.   Be aware that it's not uncommon for the bureaus to temporarily remove adverse information while under dispute.  However,  either once verified, or if a lender reports it in the future, which they can do up until it's time barred from being reported (7 years based on the DOFD that led to the charge off), it can be reinserted on your reports.  If an item is reinserted you'll see scores drop further being the algorithms will treat it as a recent event.

If any of the charged off accounts were revolving accounts they are having a negative impact on your scores in addition to the charge off status.  You won't get your full scores back until all of the derogatory information falls off. 

Once they do all disappear, along with a more positive level of reported utilization, you should see gains of 100+ points. 

[FicoMike0]

We've got our fingers crossed for you.

[Joeysalaaa]

thank you!! I was advised that these would be removed and blocked as some are coming off as they're fraud and I did FTC reports and the rest aged off or EE. 

I am hoping to see some gains by Christmas !!? 

[Yasselife]

@Joeysalaaa Sounds like you’ve made a lot of progress already, especially getting all the COs and collections removed, that’s huge. Once those deletions fully update across all three bureaus, you should see a pretty solid jump since your profile will be clean and you’ve had 5+ years of perfect payment history. How much it jumps will depend on how the remaining factors (utilization, inquiries, age of accounts) play out, but going from high-500s into the mid/high-600s is realistic in the short term. From there, keeping your utilization low and slowly building higher CLs will help push toward your 650+ goal and beyond. Given your AAoA of 15 years and solid income, lenders should be more willing to extend bigger lines once your profile stabilizes.

[Thomas_Thumb]

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@Joeysalaaa wrote:

Hi all!!

New to the forums ! Recently, I've begun my credit repair journey again at age 40 after a bad breakup and of course COVID 5 years ago. This last week, I successfully disputed all collections and charge offs either due to early exclusion age off or the creditor couldn't provide proof of account and the bureaus all blocked and removed them!!!!  

So soon, all 3 should reflect no negatives at all -- all payment shave been current for 5+ years and the CO and collections were last of derogs. My present scores (before these removals reflect):

EQ 580 

EX 590

TU 620

I have 20 students loans accounts all in perfect standing, auto loan perfect $12.5k, and the following CC:

SavorOne $0 / $300 CL 

CapOne Platinum $0 / $300 cL

Credit One $0 / $1,000 CL

Arro $50 / $500 CL

Varo LOC $0 / $600 CL

yes I know my lines are low for now -- far cry from my $30-40k lines in 2016!!!! They'll be back though!! 

I have 0 - 7 hard inquiries depending bureau but most are old and aging. I know it's hard to guarantee but once these derogs come off hopefully this week (the bureaus all put in writing it can take up to 30 days to reflect, but some have already come off) can I expect a score jump??? I'm perplexed as to why my scores are so low with derogs being 5-6 years old although they are very large charge offs between $10-40k ouch!!! 

My overall overall will report probably 20-30% by end of month ! I'd like to get  a higher end card with a higher line by early 2026 if possible if only for help in utilization score ($5-10k lines)

Any input is much appreciated !!! I am hoping once these all fall off and my Util updates I can at least see scores in 650s+???? AAofA 15 years !! Income $300k.

Thank you all in advance !! 

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The charge offs are holding down your score 50-80 points. So, if they all drop off, that's your boost potential. As far as paying down the loans to an aggregate B/L in the 20%-30% range, perhaps another 20 points.