How much is this affecting my score??

[Doodlebug30]

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!!

[rckstrscott]

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@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!!

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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

[Anonymous]

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.

[Doodlebug30]

@Anonymous , 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). 

[Anonymous]

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!!

[Anonymous]

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.

[Anonymous]

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

@Anonymous 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%.

[Doodlebug30]

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

[Doodlebug30]

@Anonymous Thanks!! I'm hoping so!!!

[Anonymous]

You’ll definitely be in beautiful territory.