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How to tell potential score increase

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Red1Blue
Super Contributor

How to tell potential score increase

I bought Fico credit reports and looked into the simulators. It does not tell how much score gain I'll receive if the collection accounts are removed. I have 2 accounts showing as collection. If I were to make a settlement and if the were to remove the collections from the credit report do I see any gain in the scores? I want to get some idea so I can determine how much I want to settle the amount for and how quickly I want to get them out. The fico simulator is not tailored for strategy to rebuild the credit and scores. Especially it does not give any indication of how much score increase we will get if the collections were removed. How much score increase we will get if the lates are removed. It would be helpful to know some details then I can priorotize which ones to tackle first and how soon to clear things up. I know it is a long journey rebuilding the credit.

Message 1 of 28
27 REPLIES 27
Anonymous
Not applicable

Re: How to tell potential score increase

Simulator doesn't do it because it's too variable.

 

If you can PFD it's going to be more points. If you just clear them and they stop updatig it's a bit less.  If you have a large purchase coming up it's best to tackle them either way.  I would say a good ballpark though is somewhere around 50 points but it's still dependent on the rest of your CR info.

Message 2 of 28
Anonymous
Not applicable

Re: How to tell potential score increase

Simulators are trash, so I suggest not even bothering to look at them.

 

If you start a thread and list out all of your profile data it would be helpful in getting the advice you're looking for.  You'd need to list out all of your accounts with balances/limits, all negative items present on your CR (not just the 2 collections) including late payments or anything else, your total number of accounts, your age of accounts factors, etc. 

 

It's possible to see a 100 point gain from the removal of 2 collections and possible to see a 0 point gain, or anything in between.  The more profile data you can provide, the better the prediction members on here can give you.

Message 3 of 28
Red1Blue
Super Contributor

Re: How to tell potential score increase

Thanks for the reply to my message. I am trying to put together a plan of action and figure out what steps to take. There is no way I would be able to clear every thing over night. Probably takes me about 6-9 months to clean things up. I am not looking to add any new credit. Just clean things up and get a boost in the scores. In case if I want to apply for good jobs, I dont want to be disqualified due to poor credit. Hoping to clean things up and live a comfortable life with no debt.

Message 4 of 28
firemartinez1980
Regular Contributor

Re: How to tell potential score increase

If you have any update on this let me know. 

 

I am in the same boat as far as wanting to know what I can expect my score to change to. I had a collection for almost $900 on my report for the last 4 years and just paid it off a few days ago as I am trying to rebuild my credit. In the agreement, the collection agency is also going to completely delete it from my report. Just curious how much my score will go up.

Message 5 of 28
Anonymous
Not applicable

Re: How to tell potential score increase

If it helps, went from 681 to 706 by removing a $7k collection. Utl at 45%, another paid CO on file. Everything else goodies.
Message 6 of 28
Anonymous
Not applicable

Re: How to tell potential score increase

The other CO went from “Payment Status: Charged Off” and Util of 39% to “Payment Status: Legally paid in full for less than Full Balance” and Balance was updated to blank and credit bumped to 716 (10pt increase).

Looking to get this removed due to some reporting errors. If it happens i’ll update if anything changes.
Message 7 of 28
Red1Blue
Super Contributor

Re: How to tell potential score increase


@Anonymous wrote:
The other CO went from “Payment Status: Charged Off” and Util of 39% to “Payment Status: Legally paid in full for less than Full Balance” and Balance was updated to blank and credit bumped to 716 (10pt increase).

Looking to get this removed due to some reporting errors. If it happens i’ll update if anything changes.

Congrats for the score increase in your reports. I am trying to do the same thing by chipping away baddies little bit at a time. Looks like it might take 6-9 months for me to completely resolve all the issues. Good luck with your cleanup efforts.

Message 8 of 28
Anonymous
Not applicable

Re: How to tell potential score increase

632 to 716 in 6 months. I’m not complaining. It takes time and dozens of letter but it’s doable.
Message 9 of 28
SouthJamaica
Mega Contributor

Re: How to tell potential score increase


@Red1Blue wrote:

I bought Fico credit reports and looked into the simulators. It does not tell how much score gain I'll receive if the collection accounts are removed. I have 2 accounts showing as collection. If I were to make a settlement and if the were to remove the collections from the credit report do I see any gain in the scores? I want to get some idea so I can determine how much I want to settle the amount for and how quickly I want to get them out. The fico simulator is not tailored for strategy to rebuild the credit and scores. Especially it does not give any indication of how much score increase we will get if the collections were removed. How much score increase we will get if the lates are removed. It would be helpful to know some details then I can priorotize which ones to tackle first and how soon to clear things up. I know it is a long journey rebuilding the credit.


1. Simulators are not meaningful and will not tell you how many points you will get.

2. If you "settle" a debt you can wind up with a long term negative.

3. By paying off an item you do not remove it, unless you have successfully negotiated a "pay-for-delete".

 


Total revolving limits 657200 (536700 reporting) FICO 8: EQ 712 TU 710 EX 708

Message 10 of 28
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