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How much is this affecting my score??

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New Contributor

How much is this affecting my score??

Ok so I know this question is asked all the time for alot of diff scenerios BUT, I'm just dying to know how much my score will improve. I have 8 closed students loans that each had 9 late payments (90-120+). So theres alot of them. There was more but they have aged off already. The last string of them are due to fall off July 2021-Jan 2022. Im pretty sure they fall off in a string bc  the others seem to have gone that way. 

My question is, How much would you think that would boost my score once they do fall off? I know 90+ day lates ding you for the entire time they are on your report soo...the anticipation is killing me. Im dying to know what kind of bump ill see. Obv i know there is no way to guess with certainty but i guess i thought it would be fun to hear opinions!

For reference I have no other baddies and my scores are accurate in my sig. 

 

Thanks in advance!!

*Gardening until November 2020*





Current Fico



14 REPLIES 14
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Valued Contributor

Re: How much is this affecting my score??


@Doodlebug30 wrote:

Ok so I know this question is asked all the time for alot of diff scenerios BUT, I'm just dying to know how much my score will improve. I have 8 closed students loans that each had 9 late payments (90-120+). So theres alot of them. There was more but they have aged off already. The last string of them are due to fall off July 2021-Jan 2022. Im pretty sure they fall off in a string bc  the others seem to have gone that way. 

My question is, How much would you think that would boost my score once they do fall off? I know 90+ day lates ding you for the entire time they are on your report soo...the anticipation is killing me. Im dying to know what kind of bump ill see. Obv i know there is no way to guess with certainty but i guess i thought it would be fun to hear opinions!

For reference I have no other baddies and my scores are accurate in my sig. 

 

Thanks in advance!!


I would think since you have a string of 90 day lates, once those all fall off this will give you a fairly large bump? Once my final baddie (which was a judgement) came off I saw about 60 points across the board. As your scores are already pretty good for having some old lates, I wouldn't expect 60 but I could see 20-30 across the board.

 

just a rough wild guess! Congrats on your impending clean report.

 

-scott

Starting FICO Score: October 2010: TU 498 | EQ: 502
Current FICO Scores:: May 2020: TU: 755 | EQ: 770 | EX: 771
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


Message 2 of 15
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Senior Contributor

Re: How much is this affecting my score??

The difference dealing with how strings are dealt with across bureaus and how strings versus monthlies varies by bureau and is explained in a thread linked in post 7 of the scoring primer linked at the top of my signature.

As to how many points you’re going to gain when you lose all the derogatories, yes, that’s very hard to estimate because we know nothing about your profile.

Assuming you only have 90 and 120 day lates, then you should be in a mature derogatory scorecard. Now, when you’re reassigned to a clean scorecard, we need to know how many accounts do you have on your CR? What’s the age of the oldest account? And what’s the age of the youngest revolver?

With all that said, do you know how many points you gained by 24 months for those lates? Because you’ll probably gain about that amount again.

Just totally shooting from the hip, I’m gonna say 50 points give or take depending on bureau. And that’s knowing nothing about your profile. Could be more, could be less depending on the rest your profile.
For a collection of our current FICO scoring wisdom, updated as we learn, read the following. Watch the revision dates on the bottom of the first 8 posts as they are regularly updated: Link to Scoring Primer.



RIP:






Scores updated May 2020, unless otherwise noted. 5 revolvers reporting a balance, where it's normally 1, but took an HP on EX.

(Forgive typos, mobile.)(Everything said is Just IMHO.)

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? Severity and recency? (clean/dirty), Number of accounts, both open and closed on CRs (thick/thin), AoOA? (aged/nonaged), AOYRA-Age of Youngest Revolving Account (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/aged/new account, with open loan on record.
If you don't know where you fall, just detail any baddies, your number of open and closed accounts, AoOA, AOYRA and whether you have a loan on record.

For utilization questions, list individual and aggregate utilizations, revolving and installment, please.
Message 3 of 15
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New Contributor

Re: How much is this affecting my score??

@Birdman7 , Lot of stuff has aged off during my rebuild but,

 

Open: 1 student loan & 5 Credit cards

Closed: 8 student loans and depending on what report u look at I have a paid & closed Kay Jewelers card (good standing) and a paid & closed title loan (also good standing). But that's it. 

Ageof oldest would be about 12 years.

Age of youngest revolver is 7 months right now but by next year of course it'll be 1 yr 7 months (except I'll prob get a new card by then). 

*Gardening until November 2020*





Current Fico



Message 4 of 15
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New Contributor

Re: How much is this affecting my score??

Yeah 90+ lates hurt way more than other lates and affect your scores for the majority of the 7 years, but as time passes they hurt less. Sorry can't give you a number. I've heard other people say they had an 80+ increase, but it also depends on what kind of credit you started with (larger drop if you had good credit and lesser if you started with bad). But let us know when they do!!

Message 5 of 15
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New Visitor

Re: How much is this affecting my score??

I have 16 student loan accounts falling off this year. All of them have a dozen lates of 120+, all are now closed.  They stopped reporting early to Experian, and with only that difference my EX Fico8 is 60-70 points higher than my TU and EQ.

 

So I'm thinking you'll see a significant bump when they fall off.

Message 6 of 15
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Senior Contributor

Re: How much is this affecting my score??

@Doodlebug30 Yeah I'm gonna stick with 50 points give or take 15 assuming you do not get another revolver.

 

@Luna3323 makes a good point that someone with better credit will take a bigger hit than someone with not as good credit. So that's why I asked the questions I asked, to try to classify where you would be in a clean scorecard.

 

One other factor is what is the B/L on your loan? I'm assuming it's way over 9%.

For a collection of our current FICO scoring wisdom, updated as we learn, read the following. Watch the revision dates on the bottom of the first 8 posts as they are regularly updated: Link to Scoring Primer.



RIP:






Scores updated May 2020, unless otherwise noted. 5 revolvers reporting a balance, where it's normally 1, but took an HP on EX.

(Forgive typos, mobile.)(Everything said is Just IMHO.)

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? Severity and recency? (clean/dirty), Number of accounts, both open and closed on CRs (thick/thin), AoOA? (aged/nonaged), AOYRA-Age of Youngest Revolving Account (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/aged/new account, with open loan on record.
If you don't know where you fall, just detail any baddies, your number of open and closed accounts, AoOA, AOYRA and whether you have a loan on record.

For utilization questions, list individual and aggregate utilizations, revolving and installment, please.
Message 7 of 15
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New Contributor

Re: How much is this affecting my score??

@Birdman7 , yes unfortunately it's wayyy over 9% and isn't going anywhere any time soon. But my UTIL on my cards is 1% 😃

*Gardening until November 2020*





Current Fico



Message 8 of 15
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New Contributor

Re: How much is this affecting my score??

@CreditMoose Thanks!! I'm hoping so!!!

*Gardening until November 2020*





Current Fico



Message 9 of 15
Highlighted
Senior Contributor

Re: How much is this affecting my score??

You’ll definitely be in beautiful territory.
For a collection of our current FICO scoring wisdom, updated as we learn, read the following. Watch the revision dates on the bottom of the first 8 posts as they are regularly updated: Link to Scoring Primer.



RIP:






Scores updated May 2020, unless otherwise noted. 5 revolvers reporting a balance, where it's normally 1, but took an HP on EX.

(Forgive typos, mobile.)(Everything said is Just IMHO.)

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? Severity and recency? (clean/dirty), Number of accounts, both open and closed on CRs (thick/thin), AoOA? (aged/nonaged), AOYRA-Age of Youngest Revolving Account (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/aged/new account, with open loan on record.
If you don't know where you fall, just detail any baddies, your number of open and closed accounts, AoOA, AOYRA and whether you have a loan on record.

For utilization questions, list individual and aggregate utilizations, revolving and installment, please.
Message 10 of 15
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