Derogs Falling off - What to Expect

[Leaf Edge]

I currently have 2 TL's (totaling $43K) that are due to fall off of my credit reports in 8/2021, both are out of SOL.  What expectations should I have about my credit score when they do?  All other payments are up to date, credit ratio is good, minimal inquiries and no judgements or BK.

[BackFromTheDebt]

The short answer is, your credit score will increase.  I can't tell you exactly how much it will increase.  

I think Credit Karma has a tool you can use to see what changing certain things would have on your estimated FICO score.  

Please note: this is NOT your real FICO score.  It is an estimated score, and the effects the tool shows are rough estimates.  Better than what any of us could predict, based on our extremely limited knowledge of your situation, and not knowing the FICO algorithms.  

[Leaf Edge]

Thanks for the response.  I figured that was the case, but with so many variables and formulas, it's like nailing jello to the wall.  Time will tell, and it seems so far out, but also know it will pass quickly.

[Goody_Ouchless]

In our situation it was a case of "be careful what you wish for." When things went south most of our debt was in my wife's name. Even though we are in a community property state, my score improved quickly, while her's remained ruined. Once things fell off CR, she started getting credit offers and opened an Amazon card. Of course the intention was for it to only be used for "point,s" and to be paid off each month - in reality it quickly ballooned to a $3500 debt and arguments where the word "divorce"  was used more than once. I've paid it down to about a $1000 and need to start having daily "don't use that stinking card for Christmas" sessions. I guess the silver lining is that the routine $300 or $400 per month that's been going to that card can soon go to savings without being missed.

So, in answer to your original question, we found the improvement to credit score to be quite rapid.