score increase??

[Anonymous]

ok so about a month and a half ago or so a lender pulled my scores to see where i stood. Not so good actually. At the time of the pull it showed that two credit cards were over the limit. Also four collection accounts that have been deleted.  Since then both have been paid to a zero balance. I have not seen a change in a score quite yet. My scores are 573 TU 497 EQ...any idea of how much my score might increase. I just read a guy who went up 45pts when the util was better.

[Anonymous]

Its is true, I recieved a 45 point increase for paying my balance from 111% to 63%.  So, when both of the cards report if they are your only open revolving accounts and your total util is lower than 9% you should receive a nice sized score jump.  I'm cheering for ya, good luck.  Do you have any other derogs on your report,  recent or old, if so you may recieve some dings.  But,  being over the limit is worse than maxed out so you may get score jumps just for bringing the cards from ol.  Good Luck

[RobertEG]

The queston I have is how were your collections "deleted?"

Did you obtain a prior written  PFD commitment from them before you paid the CA's?

If you just paid the CAs, then they most probably just updated the collection status to paid, which gives you no FICO gain.

How much gain you get from action in any one FICO category depends on your concurrent scoring in the other categories.

One person's gain of 45 pts for the same action may be only a slight gain for another.

[Anonymous]

Robert,

I negotiated a pif, for a deletion. They agreed. Got the letters in the mail already. Just waiting for the update. I disputed a few things on my credit report and my Equifax score jumped like a hundred points to a 584, from 497. Now some of the things I disputed I got deletion letters for. Some I have not got deletion letters from.

[RobertEG]

Thanks, josh!   I am not contesting your efforts!  Not at all!  You are doing fantastic!

I only offer caution from experience  when dealing with a CA "promise." 

All I can say is be wary.  Do you have a letter from them, dated before you did your PIF, in which they promised to include the magic words,  to "delete all prior collection account reporting made to each CRA?"

Some CAs will take your money, without such a firm and prior written agreeent, and then consider their "promise" as one that only requires them to just update collection account status to paid.

I just promote safe intercourse!

[Anonymous]

Robert,

I appreciate your responses. Yes I have written documenatation showing they have notified the bureau's that the accounts are to be deleted. I made sure I had that before any money went out!!! lol...