Hello. A collection is rated as an R-9. This rating lowers your credit score by a minimum of 50 points, therefore you can expect the opposite to occur when a collection is deleted. You can get a snap shot of your credit score(s) for free by visiting creditkarma.com (this will give you your Trans Union score) and Privacyscore.com (it is believed that this may be your Experian score). Best of luck. Christina of Everlasting Credit Repair.... more
First, congrats on your efforts, it's tough working on your credit.
It depends on when the charge-offs were and if there was a balance reported as well as the limit. Charge-offs report as a revolving balance most of the time, so if yours did, and there was a balance over the card's limit (like 9 times out of 10 it is on a charge-off) then you will get some score improvement just from having the utilization decreased. If the charge-offs were within the past 24 months, then the removal of the negative information from the reports should also result in a score increase. However, one factor in your score is the AAoA (Average Age of Accounts) so if there is very minimal credit history and the 3 charge-offs had a lot of "months reported", then the AAoA will be reduced and that hurts scores. As soon as the charge-offs are removed from each of the credit bureaus then the corresponding score will change - as in that same day. You can subscribe to a credit monitoring service like TrueCredit.com to get alerts when it happens.
From what you have said, "only remaining late payment is from 30 months ago", I suspect you will get a score increase, but depending on the variables above will determine how much of a score increase will happen.... more