cancel
Showing results for 
Search instead for 
Did you mean: 

How many point increase should I expect?

tag
kaverbuck
Member

Re: How many point increase should I expect?

Ok great so anywhere from 50-80 points probably. Thanks for your help. Anybody else care to share?



$6K----$2K----$1.3K---- $2K---$1K----$900---$500
Discover FICO 675 (2/4/15) MyFico EQ 651 (2/4/15)
Message 21 of 28
Revelate
Moderator Emeritus

Re: How many point increase should I expect?


@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.

 

 




        
Message 22 of 28
kaverbuck
Member

Re: How many point increase should I expect?

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.



$6K----$2K----$1.3K---- $2K---$1K----$900---$500
Discover FICO 675 (2/4/15) MyFico EQ 651 (2/4/15)
Message 23 of 28
cassett
Contributor

Re: How many point increase should I expect?

10% would be ideal


Starting Score: EQ 8/14 545
Current Score: EQ 640
Goal Score:650 650


Take the myFICO Fitness Challenge
Message 24 of 28
cassett
Contributor

Re: How many point increase should I expect?

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.


Starting Score: EQ 8/14 545
Current Score: EQ 640
Goal Score:650 650


Take the myFICO Fitness Challenge
Message 25 of 28
kaverbuck
Member

Re: How many point increase should I expect?

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. 



$6K----$2K----$1.3K---- $2K---$1K----$900---$500
Discover FICO 675 (2/4/15) MyFico EQ 651 (2/4/15)
Message 26 of 28
Revelate
Moderator Emeritus

Re: How many point increase should I expect?


@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 Smiley Happy.

 

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.




        
Message 27 of 28
creditstalker
Frequent Contributor

Re: How many point increase should I expect?

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. 

Current FICO 08 as of 06/01/2015 TU 648 EQ 624 EX 602
FICO Mortgage Scores TU 594 EQ 540 EX 642

Message 28 of 28
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.