How many points can i expect if i get a collection acct taken off my credit report?

Question

i only have one collection account. I have 6 accounts in good standing that have been paid on time for 2 years or more. The collection account was 3 years ago and i disputed it and won!!! they said it will be taken off completely with all 3 bureus in approx 3-4 weeks. I am @ 600 right now...what can i expect after this is off since that was my only derogatory thing...thanks!

Answer 1

I think it will jump by between 10-60 points depending on your credit file.  

Answer 2

I dont think its going to be a whole whole lot but anythings good.

Answer 3

Could be anywhere from 25 to 100 points, depending on if they were updating the tradeline every month.  

Answer 4

The derog can be taken off quicky but mind you the score takes a few months to re-gain the loss it's not instantaneous.

Answer 5

Should be a pretty good jump.  You may have to wait 30 to 60 days to see the results.

Answer 6

Assuming you have not been late on the 6 accounts for the last 24 months, taking this account off will increase your score by 100 points assuming you get all the points you can for payment history, debt utilization and inquiries. If you have no negative marks on your report and low credit utilization (under 10%), you should get a 700+ score even with 2 year credit. It would probably be low 700s though.

I suspect your score is 600 not just because of one collection but perhaps a late payment that occurred recently or if you have a high debt to credit ratio (greater than 30%). The reason I say this is I have two FICO scores in the 770+ range and one in the 690 range because one of them have a collection that is 5.5 years old. It should come off in 1.5 years. My utilization is 5% and payment history has been perfect for 7 years, except that stupid medical bill which ended up at collections and only shows up on Experian. That is costing me about 75 points right now.  

Late payments tend to hurt you for about 24 months and then the effect starts decreasing.

Answer 7

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20 to 60 points. approx. but it can vary depending on how much collection was for and type