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When a collection or another derogatory item is deleted from the credit report
how much will the score increase? The answer, go figure, is that it depends.
The question that should be asked is what are the factors that it depends on?
A derogatory account can weigh as little as 0 points on your credit score! But
don’t get too excited because you actually don’t want your derogatory items
weighing nothing. On the other side of the scale you could lose up to 175
points with one negative remark and this is much better news...don’t worry I’m
not insane, let me explain.
positive credit represents your potential credit score ceiling, and your
negative credit reduces that ceiling to wherever the scores are sitting. The
more points you lose on a negative remark the better your positive credit was
to begin with. For example, if you have 10 collections and nothing in the
positive account section then you have a 0 or N/A score, therefore each
collection weighs 0 points. It’s not until you build up your positive accounts
that these collections carry any weight. Other major factors regarding weight
of a derogatory remark is the quantity of negatives you have, the more negative
marks on the credit report the less each one weighs (diminishing returns), and
also your Date of Last Activity (DLA) is a major player. The more recent the
DLA the more damaging the account. The balances of an account are not a factor!
No, these bureaus are not in your corner, but we are; so please call us today at 303-531-0411 or send us a quick e-mail below to get started!