Score Estimate

[doctort]

What kind of score increase should I expect from the following: 1) Last 2 collections being deleted (PFD waiting updates from CRA): 2) Settled Closed Cap 1 account (CL was $1,000, Balance of $2259 was counting against util) *Will show zero balance when reported. Additional Info: O Collections will remain Will have no open revolving credit. 2 Installment Loans Only baddies will be 3 paid accounts (Closed) with 150-Day Late I know many things have to be considered but with what I have provided what would be a safe expectation for points increase?

[RobertEG]

Hard to answer.

A lot depends, when deleting this or that derog, on what other derogs remain.

Take, for example, the CAs that you have apparently negotiated a PFD with.

Even assuming that the CA fully deletes all of its reporting, and thus the affect of the major CA derogs, what other derogs are still present on you CR that led up to the CA?

OC account reporting of their monthly derogs, including any CO they made, are not delted by a CA.

Settlement of the Cap! may remove the balance from your % util, but does not remove the derogs that led up to it.

If you also have three other paid accounts that showed derogs, and they aapparently still remain.

Unfortunately, I see no basis for expectation of any significant FICO point increase.

[marty56]

The only thing I would add that you could get a possible score increase by the reducing the number of derog accounts on your CR.  I got a nice socre bump on EQ from going from 2 to 1, even though the remaining derog was a 120 day late and the one that fell off was a 30 day late.

[bassethoundmom]

That brings up a question that I have.  Does anyone know if derogs are "bucketed?"  For example...1-2, 3-5 or etc? 

[llecs]

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@bassethoundmom wrote:

That brings up a question that I have.  Does anyone know if derogs are "bucketed?"  For example...1-2, 3-5 or etc? 

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Scoring buckets are like Bigfoot. We know about it but we just can't see it. However, we can hazard a guess. I believe that the number of baddies doesn't define a scoring bucket but rather the existence of that baddie defines which bucket you are in. In other words, it doesn't matter if you have 100 CAs report or just one, you are lumped within a major derog bucket. It's my understanding from reading in here that a major derog is considered 90+ days late, 120, 150, COs, CAs, etc. If you have one, then you are always lumped in that bucket. What I don't know is if PRs play into that. Also, I know that 30 and 60 days late are seperate but I don't know if they exist within that major derog bucket when they first hit. As the last baddie disappears, then you move to another scoring bucket based on several factors on your CR like length of history, AAoA, credit mix, etc.

[doctort]

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@RobertEG wrote:

Hard to answer.

A lot depends, when deleting this or that derog, on what other derogs remain.

Take, for example, the CAs that you have apparently negotiated a PFD with.

Even assuming that the CA fully deletes all of its reporting, and thus the affect of the major CA derogs, what other derogs are still present on you CR that led up to the CA?

OC account reporting of their monthly derogs, including any CO they made, are not delted by a CA.

Settlement of the Cap! may remove the balance from your % util, but does not remove the derogs that led up to it.

If you also have three other paid accounts that showed derogs, and they aapparently still remain.

Unfortunately, I see no basis for expectation of any significant FICO point increase.

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1) Even assuming that the CA fully deletes all of its reporting, and thus the affect of the major CA derogs, what other derogs are still present on you CR that led up to the CA?  No collections will remain on report.  The collections were medical account only reported by the CA.  The OC never reported.

2) OC account reporting of their monthly derogs, including any CO they made, are not delted by a CA.  Correct.  Again the only negative items that will be reflected are the late payments.  These accounts were paid in full and are closed.

3) Settlement of the Cap! may remove the balance from your % util, but does not remove the derogs that led up to it.  Correct again.  It is the removal of the balance from util for which I base my expectation for a significant increase.  Maybe we don't view "significant" the same.  But my CL was $1,000 Balance that is currently reporting is $1162.  I believe from what I've learned at this site I should expect a "significant increase".  I know I will be dinged for no revolving credit, but do expect an increase.

4) If the number one thing hurting my score is a Serious delinquency AND a collection, how does removing collection from that equation not help?

Update 6/15/10:  Experian just deleted my last 2 collection accounts.  Yippeee!!!!!!

[doctort]

Equifax deleted 2 out of 4 remaining collections, got 22 point increase.  Halelujah.  Started this journey at 424.  EQ score today 609.

Experian and TU deleted my last 2 collections - don't have scores yet.  Still waiting on Cap 1 account to post but very pleased with 22 points.