Re: Scoring guesstimate

Anonymous · ‎12-19-2018

Within the last week, I have made some changes that would affect my credit score and I'd like to see what I'd need to supply you all in order to get an idea of what to expect. Yesterday I completed a PFD, and on Saturday my wife and I traded in her vehicle for a new one. I was on the loan of the old vehicle but not on this one.

Thanks!

Anonymous · ‎12-19-2018

You'd need to provide all of your profile data if you'd like some help here. Based on the limited information you provided, your score could change 0 points or it could change 100 points. You'd want to start out by listing all of your open accounts along with their current balance and limit (or original balance in the case of a loan). Next, list out all of your negative items giving their severity and age, including the PFD item that you're no doubt expecting to go away soon. Also knowing all of your age of accounts factors, inquiries and anything else would be helpful.

Anonymous · ‎12-19-2018

Open Accounts:

Revolving-

Discover $4,850/$9,500

Capital One $65/$1,250

Capital One $16/$550 (30 day late-11/2012)

Chase $0/$1,600 (AU)

Dicks Sporting $542/$700

Fingerhut $0/$700

Installment-

Auto Loan 1. $29,404

Auto Loan 2. $14,865 (60 day late-06/2016, 30 day late-01/2017) *Account to be removed soon

Personal Loan $2,222

Student loan 1. $11,172

Student Loan 2. $23,752

Negative Closed Accounts:

Student Loan 3. 90 Day late 11/2016

Student Loan 4. 90 Day late 11/2016

Student Loan 5. 90 Day late 11/2016

Collections:

IQ Data (PFD 12/18/2018)

Inquiries:

17 in the last 25 months

Age:

Oldest Account-11 years 6 months

Average Age- 4.3 years

Let me know if there is anything else that anyone needs.

Thanks

Anonymous · ‎12-19-2018

Why would that auto loan be removed soon? Just curious, as paid off loans don’t drop from your report for 10 years usually.

Anonymous · ‎12-19-2018

Sorry, I mean it will be paid off, not removed.

Anonymous · ‎12-19-2018

I would say that your score likely won't change at all.

The removal of one negative item shouldn't impact your score, as you still have major negative items (90 day lates, collection) present that are recent. Same thing with closing the one loan, as you have a bunch of other loans and I don't see your installment loan utilization changing much here... if anything, aggregate installment loan utilization will likely increase with the closing of the one loan.

Anonymous · ‎12-19-2018

So the removal of the collection all together won’t help?

Anonymous · ‎12-19-2018

Here’s my analysis:

one loan paid off, others remaining, score goes down due to possibly higher installment utilization.
one collection deleted, zero collections remaining, score goes up due to nothing worse than 90D (collections are similar to 90D tho in points hit).

Those 90D lates hurt the most for the full 7 years with a little relief at year 5 but not much. When will those student loan 90D drop off? That’s going to have a massive effect assuming you don’t go delinquent on anything else!

overall I agree, you won’t see a boost. Maybe 5-10 points depending on a few things happening at once.

Anonymous · ‎12-19-2018

I think that's a fair analysis above... 0 point gain worst case scenario, 10 point gain best case scenario.

Basically, the OP is moving from his most recent major being this year to his most recent major(s) being roughly 2 years old.

Anonymous · ‎12-26-2018

Hi again, everyone. Just a quick update. My fico went up by 8 points, so it looks like you two had it right. However, my fico 2 went up 24 points which a big plus for me because I'm looking to buy a house in May 2019. I was kind of surprised because my balance reported higher for my credit cards. I didn't expect that because it looks like both Chase and Capital One reported outside of their normal dates. I wanted to show this updated for your reference. Thanks!