Can someone please tell me how many points are earned each quarter once collection accounts have been paid and removed? I happened to come across this website here at work, and I think I've found a new family! My coworker says I am obsessed with this credit thing. And I am!!!! It seems all of the questions I have about repairing my credit and increasing my score can be answered here. After reading some of the discussions, and seeing the scores go up w/in a matter of a month, I am just inspired. I WANT TO BE IN THE 600+ CLUB! I just need to know where to start. I've posted one of my credit dilemmas on the board, so your advice is definitely needed! Thanks!
Welcome, I too am new, but I can tell you, this is a wonderful place. I have seen some people gain at least 100 points for 1 account being deleted. I wish you luck in your credit journey also. Remember, read, read, read, and you will get everything you need here.
A 100-point gain when a derog is deleted usually only occurs when it is the last piece of derogatory info. you have left on your file.
Oh, Ok. I remember reading about someone who got rid of a medical account, and it rose about 97 points. (I rounded off).
Hmm, I'm sure that's correct. However, it was most likely their last derog. Lizardking's wifes FICO was a perfect example. Her EQ was a 611 with 1-90 day late from Sears. Her EX and TU had zero derogs, and scores were in the 700's. After the last derog from Sears was deleted on EQ, her score shot up approx 100 points.
My last derog, this past month, on EQ sent my score from 616 to 700....so I think your right about the last derog being the most score boosting
ah, yes, then there is George ""my wife and I applied for that card but were turned down even though we both have high FICO scores and have had credit since 1972 with never a late payment..."
Actually I got that increase deleting one of two derogs on my reports but it was prob becuz the last derog I had was a very old collection, so it didn't have a great impact on my score. So I assume it's safe to say that it depends on how old or new your derogs are. As I deleted the newer first and got that increase.
