Whats it worth?

[Anonymous]

I recently applied to refi on my home.. I was turned down because my scores were too low..Exp 615 ,Tu 619 and Equ a lonely 584.  I needed a 620 minimum for the Lender..I am learning a lot of valuable info on here and am disputing some accounts..I had 6 medical collections on my credit report all showing paid from 2001/2003.  I spoke with Tu today and already 4 have been deleted..Will those accounts being deleted raise my scores? and how soon should the Lender try again? I expect the remaining 2 accounts to be deleted soon as well.  I can't believe it happens so quickly I literally started the disputes 1 week ago... 

[Madison]

Any time you get a bad mark removed from your records, it should help your score. Another fairly easy way is to try and get your CL on your CCC's. Be sure and ask if they will only pull soft credit report. Good luck.

[granny031350]

Wonder what the scoring impact will be when baddies are removed.  I have 10 neg accounts with Equifax that are all disappearing between March and Oct of this year.  I have decided to let them fall of.  I have the same number on Experian, which by the way is IMPOSSIBLE to speak to anyone and get clarification on how they set up their credit report (impossible to read and understand)  I have spent a ton of money buying "experian" reports.  They are very slow also to take care of investigations.  I have a baddie reporting 2 times.  Equifax I call and get it off the same day.  Experian, I have to wait 45 days for them to figure it out???????  Unbelievable.  TU has been awesome.  They deleted all the baddies immediately following dispute as they all fall off this year anyway.  And Equifax is beginning to cooperate.  But Experian, is just plain awful and slow. 

[Anonymous]

I agree with Madison. Deletions of any baddie will raise your scores. How much is anyone's guess. It depends on what other things you have in your CR's.

But congratulations on the progress you have made thus far! Good job, and keep up the good work.

I'd suggest pulling your credit reports after the first week of March, to give the CRA's a chance to get the new credit data from the creditors plus, give them time to update your records. But that's just my opinion.

I'm sure others will chime in with theirs shortly.

[RobertEG]

A lot depends upon whether it was a major or minor derog.  Minor derogs are 30-day lates.  Major derogs are 60 and 90-day lates, sometimes referred to as 2-downs and 3-downs.  They hit much, much harder.  At least twice as much.  Everything I have ever seen published about the effect of derogs on credit score, including FairIsaac publications,  unanimously report that a major derog drastically bumps up  your risk category, and thus has a major impact on credit score.  I would place emphasis on getting any major derog removed, if possible.  They all stay for 7 years, and decay slowly.  In my experience, a major derog will still hit  you for up to -20 points even after two years.  AS months wind along, the effect of a major derog decreases by less that one point a month.  Since payment history is 35% of total FICO, and major derogs have the biggest impact on this category, they are the real FICO killers!

Message Edited by RobertEG on 02-05-2008 10:18 PM

[Anonymous]

yes they should help and I am sure by now you have probably gained the necessary few points you need--similar thing happen to me months ago with my co-appliant they told us wait a month and they repulled and it was even higher and we got an interest rate even better than the initial offer keep the faith

[Junejer]

OP has major derogs as they are medical collections. TU being the highest score already, should concentrate on EQ & EX. No doubt your score has risen already.

[Anonymous]

With a middle score of 615, you are only 5 points shy. Drop your utility on all your cards to between 1 and 3% and you'll see a jump in a month - or whenever your creditors report.