Taniaeve Posted May 12, 2003 Report Share Posted May 12, 2003 A collection item is going to be totally deleted from our TU report this week, I'm wondering if anyone knows how much this might raise our FICO? It is 614 right now and we need it to be 620 to buy our house. Thanks for any help! Link to comment Share on other sites More sharing options...
smontoya5 Posted May 12, 2003 Report Share Posted May 12, 2003 Well, it depends on a lot of factors...How old is it?Do you have any other negative info?Is it your oldest tradeline?etc etcScore jumps vary from person to person. Some have even seen scores go DOWN once a neg is deleted just because it shortens their overall history. Link to comment Share on other sites More sharing options...
matt2402 Posted May 12, 2003 Report Share Posted May 12, 2003 I'm in a similar situation with some student loans about to be removed after rehabilitation. Good luck...I hope your FICO jumps at least a little. I'm in the same neighborhood as you too...right on the edge. Let us know what happens. I'd be willing to bet if your overall credit history is pretty long, this deletion will give you a little nudge. Link to comment Share on other sites More sharing options...
Ravenous Wolf Posted May 12, 2003 Report Share Posted May 12, 2003 When my paid collection was deleted from TU, my score soared. The paid collection had always been a score killer even though it was six years old. Link to comment Share on other sites More sharing options...
ADSOFT Posted May 12, 2003 Report Share Posted May 12, 2003 I had a $1700 PAID CHARGE OFF 6 yrs old, dropped off score went up 7 pts.I thought it would have a larger effect, but that's what happened Link to comment Share on other sites More sharing options...
Ravenous Wolf Posted May 13, 2003 Report Share Posted May 13, 2003 My six year paid collection was 296 clams and when it fell off, my score went up over 30 points.However, there are a lot of interdependencies between one factor and another. These nuances still play a big role and in some ways, fits into the Fair Isaac philosophy that no one single item dominates your score although they do have a significant influence. Link to comment Share on other sites More sharing options...
C Whitney Posted May 13, 2003 Report Share Posted May 13, 2003 <blockquote>Originally posted by matt2402I'm in a similar situation with some student loans about to be removed after rehabilitation. Good luck...I hope your FICO jumps at least a little. I'm in the same neighborhood as you too...right on the edge. Let us know what happens. I'd be willing to bet if your overall credit history is pretty long, this deletion will give you a little nudge.</blockquote>Can you give me any more info on rehabilitation of student loans? How does that work? :) Link to comment Share on other sites More sharing options...
matt2402 Posted May 13, 2003 Report Share Posted May 13, 2003 I'm just finishing up my student loan rehab. If your loan has defaulted and is now held by the guarantor, they probably have a rehab program. Mine was with American Student Assistance. You sign an agreement with them (IN WRITING!!) and you agree to make 12 consecutive monthly payments. After those payments are made, they sell your loan to a new lender and delete the negative items on your credit report. I've completed mine and I've started paying my new lender...I'm just waiting for the items to be removed from my CR...I'm hoping for a little jump in FICO whent that happens. My EQ is 619 and my TU is 637...so I'm right on the edge. Good luck! Link to comment Share on other sites More sharing options...
Anonymous Posted May 13, 2003 Report Share Posted May 13, 2003 A collection just expired off my report and my score went up 59 points. If that gives you any idea..nm Link to comment Share on other sites More sharing options...
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