Before getting a chargeoff deleted from my equifax credit file, I had a 592 FICO. After getting 1 collection and chargeoff deleted, and another chargeoff changed to a "120 days past due", my score went down to 542! How could this be? I paid all my bills on time too. Any ideas how this couldve happened?
This happens all the time. When you get trade lines deleted you also wipe out some credit history. FICO uses the average age of your account (not the past-due age but the time you've had teh account), and the longer the better. Here's an example. let's say you had 3 credit cards for ten years each, and defaulted on them 4 years ago. Last year you succeeded in getting a Cap 1 card. Your average age is 7.75 years (3 times 10 plus 1 divided by 4). Now, you dispute the 3 charge off and tehy are all deleted. Now you have 1 trade line, 1 year old with an average age of 1 year. You wiped out your derogs, and you also wiped out your history.
RNG baby! I had three CO's (totalling $12000) removed from my CR and I went from 542 to 517. (FYI they were old TLs from student loans I have rehabbed, so NO I did not shirk my responsibilities all you trolls)
Well, the strange thing about it is that the collections and chargeoffs that were deleted were only around 3 years old, and I have other tradelines that are older and in good standing. I guess over the longhaul this is a good thing, since all my realllllllllly derogatory remarks on my credit are removed. Just outta curiosity, would it be normal to see my score go higher in the next few months now that all this info was deleted?
