Credit Advice (CBV Collections)

Apr 2nd, 2020 10:45 pm

#1

DoubleDDD [OP]: Newbie; Apr 1, 2020; 4 posts; 4 upvotes

Apr 2nd, 2020 10:45 pm

I'm wondering what I can expect to see when my collections account falls off my Equifax report in the next month or so. My score today is 675 with 4 credit cards (amex:$1799/$10,900 limit, amex: $0/$12K limit, NBMC: $0/$3,250 limit & Cap1: $0/$3k limit. I had a tough time in 2016/17 where I was behind almost every month. Not missed a payment since mid 2017 on any cards, mortgage or line of credit. The CBV reports the last payment was May 01, 2014. Your thoughts?

Share:

Apr 3rd, 2020 9:24 am

#2

justme999: Newbie; Jul 29, 2015; 43 posts; 19 upvotes; Toronto, ON

Apr 3rd, 2020 9:24 am

It will drop off may 2020

+1

Apr 3rd, 2020 10:19 am

#3

rychicken: Newbie; Feb 6, 2019; 95 posts; 98 upvotes

Apr 3rd, 2020 10:19 am

DoubleDDD wrote: ↑ I'm wondering what I can expect to see when my collections account falls off my Equifax report in the next month or so. My score today is 675 with 4 credit cards (amex:$1799/$10,900 limit, amex: $0/$12K limit, NBMC: $0/$3,250 limit & Cap1: $0/$3k limit. I had a tough time in 2016/17 where I was behind almost every month. Not missed a payment since mid 2017 on any cards, mortgage or line of credit. The CBV reports the last payment was May 01, 2014. Your thoughts?

Other factors which we don't know about you....other types of loans, mortgages, etc. Average age of accounts, etc

As a guess, I say 40-60 point increase

+1

Apr 3rd, 2020 11:15 am

#4

coolintheshade: Deal Fanatic; Aug 24, 2016; 8052 posts; 8479 upvotes; The Prairies

Apr 3rd, 2020 11:15 am

My guess is you’ll see a 30-40 point increase.
You would have already gotten back some of the lost points on that collection, through it aging.
Be sure to keep us posted!

+1

Apr 3rd, 2020 11:33 am

#5

DoubleDDD [OP]: Newbie; Apr 1, 2020; 4 posts; 4 upvotes

Apr 3rd, 2020 11:33 am

I will keep you all informed. I figure the increase will be 20-30 as its almost been 6 years. Equifax updates my profile on the 6th of each month so I may see the change hopefully in May but most likely on the June update.

+1

Apr 3rd, 2020 6:19 pm

#6

shylok: Deal Addict; Feb 26, 2006; 3490 posts; 1531 upvotes; Ottawa

Apr 3rd, 2020 6:19 pm

Did you pay them back then?

+1

Apr 4th, 2020 8:26 am

#7

DoubleDDD [OP]: Newbie; Apr 1, 2020; 4 posts; 4 upvotes

Apr 4th, 2020 8:26 am

yes

May 6th, 2020 6:56 pm

#8

DoubleDDD [OP]: Newbie; Apr 1, 2020; 4 posts; 4 upvotes

May 6th, 2020 6:56 pm

increase of 24 points. My score now is 699. Over time I'm sure it will go up. Happy to see CBV gone.

+3