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How much is this affecting my score?????

slowlyclimbing
Established Member

How much is this affecting my score?????

Im looking for some best guestimates lol.

I have spent the last 5 months cleaning up my credit and my score has risen quite nicely.

 

Now, the only "baddies" left are a 90 day late on 9 student loans from 2/2019 and this charged off account.  

 

I have already tried goodwilling the student loans and that has gone nowhere quick.

 

When i pay the last "charge off" account off, how much do you think it will affect my scores?

 

 

 

ch do you think it will affect my scores?21.jpg19.jpg20.jpg

Message 1 of 14
13 REPLIES 13
Bankrupt2019
Established Contributor

Re: How much is this affecting my score?????

Tough to say. It is an account showing 105% utilization. It could be 10 points it could be 40. The other thing that could affect things is when the account updates if it hasn't been updating for years.









Message 2 of 14
slowlyclimbing
Established Member

Re: How much is this affecting my score?????

do you think taking care of it could potentially negatively affect me or should it only be positve?

Message 3 of 14
Greenmach
Valued Member

Re: How much is this affecting my score?????

From my recent experience Jan 2021, my EX8 went down 24 points when I paid off an old CO that hadn't updated since 2018. However, my EX2 shot up 31!  Now it's a temp point loss and should lessen over time. I'm sure more experienced people on here will chime in with more insights. 

Starting Score: 511 521 411
Current Score: 639 622 570
Goal Score: 700


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Message 4 of 14
Girlzilla88
Valued Contributor

Re: How much is this affecting my score?????

@slowlyclimbing      From my Understanding the 90 day lates are going to hurt your score a good chunk...But those you can't GW and will likely stay on around 7-10 years, HOWEVER with the COLLECTION I would try to reach out to the CEO not just a regular person (do it mail where you need a verified signature if you have to) and see if they will accept the FULL payment (if possible) in exchange for Deleting it from all 3 CB's.     This way it does not restart your clock.      For having those negatives your scores are still pretty good Smiley Very Happy  650 and up is a good middle man to be, 700 up is even better while 750 and up is pretty solid gold ^^










Message 5 of 14
Girlzilla88
Valued Contributor

Re: How much is this affecting my score?????

@slowlyclimbing     Be sure to get the PFD in Writing in some shape or form in case they try to add it back later to your profile.










Message 6 of 14
BrutalBodyShots
Super Contributor

Re: How much is this affecting my score?????


@Girlzilla88 wrote:

@slowlyclimbing      From my Understanding the 90 day lates are going to hurt your score a good chunk...But those you can't GW and will likely stay on around 7-10 years


Not sure what you mean about can't GW a 90D late?  You certainly can (I have) get them removed via GW.  Also late payments typically stay on your CR for 7 years, not longer. 

 

OP, when one removes their final major negative item often they see score increases to the tune of 60-90 points.

Message 7 of 14
thornback
Senior Contributor

Re: How much is this affecting my score?????


@BrutalBodyShots wrote:

@Girlzilla88 wrote:

@slowlyclimbing      From my Understanding the 90 day lates are going to hurt your score a good chunk...But those you can't GW and will likely stay on around 7-10 years


Not sure what you mean about can't GW a 90D late?  You certainly can (I have) get them removed via GW.  Also late payments typically stay on your CR for 7 years, not longer. 

 

OP, when one removes their final major negative item often they see score increases to the tune of 60-90 points.


OP's lates are attached to student loans and, as far as I know, federal SLs don't entertain goodwills for accurate reporting of delinquencies/defaults at all- though I guess you could try.  If they are private SLs then there may be a better chance.

 

The late payments will drop after 7 years -  I believe extended reporting is allowed for Federal Perkins loans that have defaulted and were never repaid. 

Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 11/2020: EX 780 ✦ EQ 771 ✦ TU 781
Current FICO 9s | 11/2020: EX 793 ✦ EQ 780 ✦ TU 778
2020 Goal Score | 800s


My AAoA: 3.8 years not incl. AU / 4 years incl. AU
My AoOA: 7.10 years not incl. AU / 9.10 years incl. AU
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Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 8 of 14
LaHossBoss
Valued Contributor

Re: How much is this affecting my score?????


@thornback wrote:

@BrutalBodyShots wrote:

@Girlzilla88 wrote:

@slowlyclimbing      From my Understanding the 90 day lates are going to hurt your score a good chunk...But those you can't GW and will likely stay on around 7-10 years


Not sure what you mean about can't GW a 90D late?  You certainly can (I have) get them removed via GW.  Also late payments typically stay on your CR for 7 years, not longer. 

 

OP, when one removes their final major negative item often they see score increases to the tune of 60-90 points.


OP's lates are attached to student loans and, as far as I know, federal SLs don't entertain goodwills for accurate reporting of delinquencies/defaults at all- though I guess you could try.  If they are private SLs then there may be a better chance.

 

The late payments will drop after 7 years -  I believe extended reporting is allowed for Federal Perkins loans that have defaulted and were never repaid. 


+1

 

You cannot GW lates of Fed Loans due to the Higer Education Act. It is a law they must accyrately report while loans are still being repaid. If you have paid off the loan (no consolidated or refinanced with another lender) then you may have a better chance.

 

Perkins loans are quite unforgiving when it comes to reporting.




Starting Score: 2•20 | EQ 550 | TU 498 | EX 505
Current Score: 2•21 | EQ [F8 640] [F9 645] [EQ5 678] [VS3 651] | TU [F8 620] [F9 620] [TU4 683] [VS3 605] | EX [F8 612] [F9 651] [EX2 628] [VS3 589]
Goal Score: 670


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SO Starting Score: 2•20 | EQ 502 | TU 484 | EX 521
SO Current Score: 2•21 | EQ [F8 665] [F9 659] [EQ5 657] [VS3 655] | TU [F8 676] [F9 659] [TU4 644] [VS3 674] [VS4 658] | EX [F8 659] [F9 664] [EX2 640] [VS3 680]
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Message 9 of 14
LaHossBoss
Valued Contributor

Re: How much is this affecting my score?????


@Girlzilla88 wrote:

@slowlyclimbing      From my Understanding the 90 day lates are going to hurt your score a good chunk...But those you can't GW and will likely stay on around 7-10 years, HOWEVER with the COLLECTION I would try to reach out to the CEO not just a regular person (do it mail where you need a verified signature if you have to) and see if they will accept the FULL payment (if possible) in exchange for Deleting it from all 3 CB's.     This way it does not restart your clock.      For having those negatives your scores are still pretty good Smiley Very Happy  650 and up is a good middle man to be, 700 up is even better while 750 and up is pretty solid gold ^^


You are right, the SL lates can probably not be GW'd if they are unpaid fed loans and will remain 7 years or longer (especially if Perkins loans).

 

Now nothing resets DoFD. The account paid or other will age off based off of the DoFD. On original creditor is highly unlikely to PFD. Paying the CO may or may not boost scores, but I like to hope they do and an unpaid CO is easier to overcome in the long term. It should age off in 2+ years (2023), so it definitely is worth the effort to handle it.




Starting Score: 2•20 | EQ 550 | TU 498 | EX 505
Current Score: 2•21 | EQ [F8 640] [F9 645] [EQ5 678] [VS3 651] | TU [F8 620] [F9 620] [TU4 683] [VS3 605] | EX [F8 612] [F9 651] [EX2 628] [VS3 589]
Goal Score: 670


Take the myFICO Fitness Challenge

SO Starting Score: 2•20 | EQ 502 | TU 484 | EX 521
SO Current Score: 2•21 | EQ [F8 665] [F9 659] [EQ5 657] [VS3 655] | TU [F8 676] [F9 659] [TU4 644] [VS3 674] [VS4 658] | EX [F8 659] [F9 664] [EX2 640] [VS3 680]
Goal Score: 670 [X] TU


Take the myFICO Fitness Challenge



Message 10 of 14
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