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ok so i had a 630 and no cc to a 460 because 7 late student loan payments. Got 3 secured cards. and paid my 2 collections off. my score went back to a like 595.
so im sitting pretty a 595 from a 460 in just 2 months.
my next update 3 changes are reported
1. ACCOUNT COLLECTION CLOSED
2. COLLECTION BALANCE DECREASE (SAME ACCOUNT THAT WAS REMOVED- MIDLAND FUNDING)
3. CAP1 AUTO DECREASE BY $480
these three changes, all green, took my score from a 595 to a 550 a drop of 45 points. Whats that about?
You still have major negative items present on your CR, so you would not expect to see a significant score improvement. Even though you paid those collections for example, if they're still on your CR they are major negatives and will adversely impact your scores in a major way until they're gone. The removal of any other negatives will likely have no positive impact on your scores due to the presence of majors still there.
@Anonymous wrote:You still have major negative items present on your CR, so you would not expect to see a significant score improvement. Even though you paid those collections for example, if they're still on your CR they are major negatives and will adversely impact your scores in a major way until they're gone. The removal of any other negatives will likely have no positive impact on your scores due to the presence of majors still there.
+1
OP, can you possibly have those 2 collections removed through some kind of good will? Feel free to head on over to the Rebuilding board for more information.
You may want to consider BBS' wonderful good-willing method: https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/The-Saturation-Technique-Best-GW-adjustment-odds/td-p/4727098
You need collections to be removed to positively impact your credit profile and possibly scores. Simply having them paid/satisfied but still present on your CR isn't going to do anything major for your scores.
You'd want to next tackle any 90-day late payments, as those are majors. You wouldn't expect to see major FICO score improvement until all of your majors are gone, which includes collections, 90+ day lates, etc. I'm not sure how multiple minors (30 day and maybe 60 day lates) are viewed, but they are definitely not as impactful as even a single major is.