Back taxes were discharged after DC from Chap 7 no asset. I recieved the release within 30 days. Withdrawl was no go due to BK. The CRA's show removal between May-August this year. I read doesn't matter how many public records there are on your file. How much of a increase in score should I expect if any? Thanks!
@FireMedic1 wrote:Back taxes were discharged after DC from Chap 7 no asset. I recieved the release within 30 days. Withdrawl was no go due to BK. The CRA's show removal between May-August this year. I read doesn't matter how many public records there are on your file. How much of a increase in score should I expect if any? Thanks!
If public records / collections >= 1, your score won't increase by much. If you're now at 0, then the score increase is determined by the rest of your file.
Assuming multiple PR's, if you get 5 points be pleased, but if you get 0, don't stress. Fact is need to get them all off anyway so any progress in resolving them is a big step forward even if it's not reflected in one's score.
Thanks for the reply. The BK will stay since it was DC'ed last year. Getting that lien off will only reflect 1 public record then. One is better than 2. Thanks again.
@FireMedic1 wrote:Thanks for the reply. The BK will stay since it was DC'ed last year. Getting that lien off will only reflect 1 public record then. One is better than 2. Thanks again.
Indeed, though I think all of us here would appreciate knowing what score movement you do get; my guess would be ~5 points as I generally assume BK = tax lien with how the algorithm handles it, but there's still a lot of unknowns with specifically how it handles multiple different derogatory types.
@FireMedic1 wrote:Back taxes were discharged after DC from Chap 7 no asset. I recieved the release within 30 days. Withdrawl was no go due to BK. The CRA's show removal between May-August this year. I read doesn't matter how many public records there are on your file. How much of a increase in score should I expect if any? Thanks!
I had three liens in total...one from NYState in 2011 and two from the IRS in March of 2014. NYS agreed (surprisingly and after a lot of begging and pleading) to vacate the lien from 2011 that I had paid, but my two more recent IRS liens remained.
When the NYS one was vacated, I didn't notice any signficant change to my score. My score is steadily climbing as I'm about 42 months since any late payments, have low utilization, high AAoA and a good credit mix. I'm still, however, in the 670-680 ballpark and when the lien came off, I noticed nothing.
As I've learned in here from Revelate and others, however, I still consider the removal a success worthy of a fist bump and maybe even a glass of wine that night. 
It's fine to be finely in tune to the extent you can on your Fico score. I check mine routinely. But even if removal doesn't lead to an immediate impact on score, there will come a day hopefully soon when I can get the IRS liens withdrawn and when that happens, the work I put into getting the NYS lien removed will be justified.
My attitude is to focus the most on the bigger ticket and more recent things and their removal if possible (charge offs, 90+ days late), but it's also good to put the time in to get the older and lesser impact things off as well. In the end, the total picture, if not your current Fico score, will look incrementally better.
That said, I have major baddies (chargeoff) scheduled to fall off this October/November and next January/February. Given I have others more recent than that (early 2012), I'm biding my time and allowing the older ones to leave naturally and spend my budgeted times on the more recent things. No sense in putting in a ton of cycles on something that is coming off soon anyway.
I had my tax lien showing only on my TU report. I also had a Public Record(BK13) on that report. When the tax lien fell off my score jumped from 647 to 659. It then dropped to 643 after getting 3 new cards. I had a very thin file. It actually went down to 638 soon after. After a couple of months I got an EE from TU. My TU report was now clean. I also paid down my utilization to under 9%. My score jumped to 730.
It was only after I got rid of that second blemish and had a clean report that I saw the huge gain.
@Grafton88 wrote:I had my tax lien showing only on my TU report. I also had a Public Record(BK13) on that report. When the tax lien fell off my score jumped from 647 to 659. It then dropped to 643 after getting 3 new cards. I had a very thin file. It actually went down to 638 soon after. After a couple of months I got an EE from TU. My TU report was now clean. I also paid down my utilization to under 9%. My score jumped to 730.
It was only after I got rid of that second blemish and had a clean report that I saw the huge gain.
Good data points Grafton. I'm looking forward to see my score fluctuations when an old c\o comes off, but a BK remains. I'm hoping to be solidly in the 760's+ when my BK falls off.
@grillandwinemaster wrote:
@Grafton88 wrote:I had my tax lien showing only on my TU report. I also had a Public Record(BK13) on that report. When the tax lien fell off my score jumped from 647 to 659. It then dropped to 643 after getting 3 new cards. I had a very thin file. It actually went down to 638 soon after. After a couple of months I got an EE from TU. My TU report was now clean. I also paid down my utilization to under 9%. My score jumped to 730.
It was only after I got rid of that second blemish and had a clean report that I saw the huge gain.
Good data points Grafton. I'm looking forward to see my score fluctuations when an old c\o comes off, but a BK remains. I'm hoping to be solidly in the 760's+ when my BK falls off.
Good luck to you. After getting a totally clean report everything after that is gravy.
UPDATE: My tax lien fell off EX early and it was a 6 point gain. So it is 7 years from the date the lien was filed is when the clock starts. Not the release date. All back taxes were D/C'ed in my BK last year. Now I just have to wait for August for TU and EQ to remove the lien. All I can say is...Whew! Fresh start from 560's to 723 on EX. What a relief!