FICO score increased 6 points after deletion of 2 collections, 12 points after using old account
The ONLY two old collections were deleted. The Equifax FICO score increased from 666 to 672.
Disappointed client. There would have been a larger increase if we didn’t have the 76% B/L ratio.
A few days later a $77 balance showed on his JC Penney card and the score went to 684.
That’s a 12 point gain, TWICE the 6 point gain for the deletion of the 2 collections.
And once he paid the account and the $0 balance is reported, he might get a few more points because he’ll have fewer accounts with balances.
When I reviewed the reports, I couldn’t tell whether the JCP account was still open. The DLA was in 2000. The client also didn’t know whether the account was open, didn’t have the card anymore. He called and they immediately sent a new card.
Compare the effort people put in getting collections deleted with how easy it is to make a quick phone call and then go shopping.
Of course a RECENTLY ASSIGNED collection can lower the scores by over 70 points, even if the collection is 6 years old. It all depends on the specific reporting of collections and WHAT ELSE is on the report.
That’s why I really can’t give advice without reviewing the reports and that takes anywhere from 3 to 6 hours, depending on the number of accounts and especially derogatories.
What reason do we have to put up with this absurd system, designed explicitly to exploit people who are NOT wealthy?
Last night I posted about the new Trado and then contemplated ways to eliminate Dollar debts owed to banks by refinancing Dollar debts with Trados.
These aren’t easy concepts for people who never looked into alternative currencies and how the banks create Dollars. But it’s a LOT easier to understand than trying to figure out why you deserve lower interest rates and insurance premiums because you just went shopping a JCP.
Soon we won’t need the commercial banks, credit bureaus and credit scores.
They destroyed the global economy and it’s up to us to do whatever it takes to survive. Only corporations are being bailed out.
The banks, insurance companies and credit bureaus can focus an screwing each other and making billion dollar loans to failing corporations and governments by creating trillions of dollars until the dollar is worthless.
We don’t have to be part of the failing system.
Posted by Christine on 11/19/2008 at 12:04 PM
2008 NEW currency NOT printed by the banks • 2009: Creating a NEW system - jobs, trade, money • 2003 Suit (appealed, Experian filed credit reports on PACER) • Fair Isaac - credit scoring fraudware • (0) Comments • Permalink
