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NEW HERE, LOOKING FOR TIPS

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NEW HERE, LOOKING FOR TIPS

Hello Everyone. My FICO 8 Score is currently 571. 

I have pulled all 3 credit reports and i have 2 collections with CCS for $418 total. I read on these forums they will delete for payment so that's good. I will give them a call in a few moments to set up some sort of payment plan. I have a ton of medcial bills(not on credit report)  and i am hoping to be able to get a loan to to pay the debut in full ($3500)

 

I want to know if how much my score and credit profile would improve with the 2 collections removed.

 

I currently have 1 installemment loan with DCU is which 100% on time paid. I am 8 months since any late payments on my credit cards. i have a good mix of accounts. But i know i will not get approved a thing close to what i need with a score that low.

https://img src="https://img.shields.io/badge/Experian-[579]-blue.svg
https://img.shields.io/badge/TransUnion-[580]-1ea5c8.svg
Message 1 of 9
8 REPLIES 8
Community Leader
Mega Contributor

Re: NEW HERE, LOOKING FOR TIPS

If those two collections are removed, there should be some improvement, however you'll still have CC lates. 

How much improvement happens will depend on severity and frequency of the lates.If you have multiple lates, 60+ etc, you'll feel less positive impact, but there will be some. 

 

Do you know your current fico scores? 

EX 754 EQ 774 TU 752


Message 2 of 9
New Member

Re: NEW HERE, LOOKING FOR TIPS

i have 3 30 days late payments each on discover and capital one

 

TransUnion: 546

Experian: 571

Equifax: 571

https://img src="https://img.shields.io/badge/Experian-[579]-blue.svg
https://img.shields.io/badge/TransUnion-[580]-1ea5c8.svg
Message 3 of 9
Community Leader
Mega Contributor

Re: NEW HERE, LOOKING FOR TIPS

I would not expect too much in terms of immediate gain. There will be some over time because once you pay and those collections are removed, there wont be any updates on them

Your scores will recover somewhat,  but it's a gradual process. It's going to take a while. 

If you dont pay, and those collections stay, they will keep your scores suppressed with each update, so take care of it if you're looking to rebuild. 

 

Another thing, that's a sizeable medical debt. I suggest you contact them too and make some kind of payment arrangements, hopefully in exchange for non reporting. 

 

Good luck! 

 

 

EX 754 EQ 774 TU 752


Message 4 of 9
New Member

Re: NEW HERE, LOOKING FOR TIPS

thank you for your tips. I was able to call them and a negoiate a pay for deletion.

 

I hoping maybe in a year or so my credit porfile will improve with their removal and 100% on time payments.

 

thanks again 

https://img src="https://img.shields.io/badge/Experian-[579]-blue.svg
https://img.shields.io/badge/TransUnion-[580]-1ea5c8.svg
Message 5 of 9
Community Leader
Mega Contributor

Re: NEW HERE, LOOKING FOR TIPS

Your profile will improve, it's just that it takes some patience

EX 754 EQ 774 TU 752


Message 6 of 9
Frequent Contributor

Re: NEW HERE, LOOKING FOR TIPS


@ETTAMAY09 wrote:

thank you for your tips. I was able to call them and a negoiate a pay for deletion.

 

I hoping maybe in a year or so my credit porfile will improve with their removal and 100% on time payments.

 


As the lates age they will have less effect, but in case you were not already aware, they won't drop off your report for 7 years so it will take some time before their score effect goes away completely.

Current Score: Mar 2019: EX FICO8 779, TU FICO8 800, EQ FICO 780, TU Vantage 773, EQ Vantage 786
AoOA: closed: 35 years, open: 24 years; AAoA: 11.8 years; Inquiries: 2019: 2, 2018: 3; No BK ever, 1 30 day late in 2013
Amex Gold, Amex Green, Amex Blue, Amex ED, Amex Delta Gold, Amex Hilton Surpass, BoA Platinum Plus, Chase Slate, Chase Amazon, Chase CSP, Sync Lowes, Sync JC Penney - total CL 129k
Loans: Prosper (20k/3yrs 7.14%), Lending Club (10k/3yrs 5.89%), Chase car loan (35k/6yrs 0.9%)
Message 7 of 9
Super Contributor

Re: NEW HERE, LOOKING FOR TIPS

Not sure if I missed it, but what is the age of your most recent collection?  If within the last 8 months (more recent than your most recent 30D late) you could see a substantial score gain.  If they are aged past (say) 2 years, the score gain would be significantly less from their removal.

Message 8 of 9
New Visitor

Re: NEW HERE, LOOKING FOR TIPS

If you pay them, use a pay to delete letter. It can be sent to tell them so that they have to delete the collection accounts from your reports as part of cashing the check.  This way, the collections can be removed off your credit reports and will not show up again.  If they cash it and don't delete it, file complaints with CFPB, state attorney generals and BBB and they will be removed.  Done this with a couple of mine and all have been removed.  Also, if the late pays are not correct, you can always dispute them possible get them removed.  Done this as well.  If it was part of a bigger issue, like hurricane or natural disaster, you can ask to remove but they usually say no, sometime will if you send to the ceo of the bank.  

Message 9 of 9
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