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Ok great so anywhere from 50-80 points probably. Thanks for your help. Anybody else care to share?
@kaverbuck wrote:Ok great so anywhere from 50-80 points probably. Thanks for your help. Anybody else care to share?
Not certain it works like that unless they all come off; which if you're straight paying them won't help your score. PFD yes, but a paid collection under the FICO algorithms used for mortgage underwriting counts the same as an unpaid one. Sucks but that's the case.
Diminishing returns, getting the last collection off is way more important score wise than the first; looked at another way, I had a tax lien from 2010, and then got another one tacked on in 2013: my EQ Beacon 5.0 dropped a total of 5 points from that new tax lien. 5 points. Works the same way for multiple collections, you get massively penalized for having one on your report, and each subsequent one doesn't hurt as much. Inquiries work the same way though the penalty there is minimal to begin with.
Should let a small balance report on one of her cards if I read your post right; $0's across the board is a straight negative in the algorithm and is leaving points on the table.
Ok I will stick to using the Chase card as a rule and letting it hit 25% every statement. Paid off right after statement so I don't pay interest. Should help a little.
10% would be ideal
And just as a note, removal of a baddie is not an updatable event.
Im just now realizing this. How do I get it to update then? I just had 3 collections removed.
OK so out of all the stuff that is supposed to get deleted and updated, so far my wife's cap one card that was COd was updated as $0 balance and Paid In Full as well as 3 medical collections on the EQ report were deleted. From those two things her FICO 8 score went from a 579 to a 597 and her FICO 5 Mortgage score went from a 543 to a 609. Hopefully this means it will only go up even more when everything else updates.
@cassett wrote:And just as a note, removal of a baddie is not an updatable event.
Im just now realizing this. How do I get it to update then? I just had 3 collections removed.
Balance change, or open or close an account. Balance change is typically the recommended route .
Congrats on getting the 3 collections airstruck; I'm about to take a flier for S+G at two of my remaining 3 derogs... pretty certain I'm stuck with the BOFA lates and probably the other two but what the hay.
I have (6) 120 day late payments and (3) 150 day late payments dated 2011...that will be removed. How many points should I expect? I currently have a total of 14 flag indicators...after everything is removed I will only have 3 left.