@FreedomHammer wrote:
Hello,
I have eleven derogatories on my Experian report -- 4 collections (unpaid), and seven charge offs, all unpaid.
My EX score is approximately a 600. This report will be clean by August 2021. My oldest account is from 1999, and is closed and paid with perfect history.
TransUnion is a 598, with nine derogatory accounts, all unpaid, and with early exclusion will be clean by May 2021. Oldest account same as Experian.
My Equifax has a similar profile.
How many points can I estimate I will gain by the removal of that many items? Is it possible to estimate this?
I tried the simulator; however, it doesn't offer the option of showing what the score will be once your report is clean.
How much of an increase can I expect? Or will I see a huge decrease?
I will be honest with my results and they are not pretty. It will be credit profile specific and account type/amount specific.
Also simulators are basically worthless, IMO/IME, especially when you have derogs.
Me and my SO have had loads of derogs and have had many deleted this year via EE, aging off, or PFD.
SO had 18 derogs to begin with. He had 8 accounts (SLs - 4 OC w/o balance and 4 matching CAs) removed all at once via EE/aging off of TU and EX. TU gained +9 pts and EX gained +0 pts. Depressing, right?
SO got his *only* CA removed from TU and EX and gained 35-56 pts per bureau.
I had over 30 derogs including over a dozen CAs and I am now down to 3 or 4 (depending on bureau) and have seen +0 score gain from any of their removal.
I had 2 First party CAs (SLs) w/balance removed via EE from TU and saw +31 pt gain. Comapre that to the 8 my SO had removed and saw max of +9 pts.
So as you can see, it wildly varies on type of account, credit profile/scorecard (possible reassignment), balances, if there are any, and so much more. I am afraid it would be difficult to give you any guesstimate and there is no flat number of points gained per account removal.
I will say as long as you have a CA reporting that is $100+, any CAs removed will likely yield you no score gain until the last one is gone.
If your COs have balances, you may see some score improvement there. If they have no balance, you may see little or no score gain.
Again, this is all just IMO/IME, so it will "just depend".
If you have maintained some credit or established new credit during this rebuilding period while getting the derogs removed/paid, you may see some good gains.
I found out the hard way that waiting out all the derogs and having no current credit does not equal good credit, as there is nothing to score you on. If the accounts are old and closed, you may get some points, but it might not be what you expected, since you have no recent credit to rate you.
Just realize with EX, the "on record until" date already includes 2 months of early exclusion, so you can only request it 1 month prior to that date given on your report. I have had difficulty with EE and just mostly accepted the "on record until" date, since it is 2 months early, anyway.
TU offer 6 months of EE and is the absolute easiest to get EE with as far as bureaus. Just request it 6 months prior to the "estimated date of removal" and it should be no issue.
EQ does not play nice with EE and is only 1 month (which generally it ages off on it's own at that time), so I would not even bother with them. Search the forums and there are plenty of stories of entire credit profiles (or close) getting deleted, including positive TLs.
Good luck!
