If I have a credit score of 588, and a closed account will be removed soon, how much increase can I

my credit score is currently 588, I have an account that was late for 5,000 years ago and it will be removed within the next month, how much improvement should I expect to see?

If I have a credit score of 588, and a closed account will be removed soon, how much increase can I expect?

It depends on far too many factors... you may actually LOSE points because you may jump from one scorecard to another.

The following are notes from Liz Pulliam Weston%26#039;s book %26quot;Your Credit Score: How to Fix, Improve, and Protect the 3-Digit Number that Shapes Your Financial Future%26quot;

**YOUR CREDIT SCORECARD**

If the credit history only shows positive information, the model takes into account the following:

- The number of accounts

- The age of the accounts

- The age of the youngest account

If the history shows a serious delinquency, the model looks for these:

- The presence of any public record, such as a bankruptcy or tax lien

- The worst delinquency, if there%26#039;s more than one on file

* After the model has this information, it decides which of the 10 scorecards to assign. Although Fair Isaac keeps the details pretty secret, it%26#039;s known that there is at least one scorecard for people with a bankruptcy in their backgrounds, and another for people who don%26#039;t have much information in their reports.

* Grouping people this way is supposed to enhance the formula%26#039;s predictive power. The theory is that the same behavior in different borrowers can mean different things. Someone with a troubled credit history who suddenly opens a slew of accounts, for example, might been seen as a much greater risk than someone with a long, clean history. Scorecards allow the FICO formula to give different weight to the same information.

* You can lose points as you transition from one scorecard to the next... The negative items on your credit report will get you assigned to a certain scorecard, but your efforts to rebuild your credit -- making payments on time and using credit responsibly -- will help you rise to the top of that scorecard group... When the negative marks disappear, you%26#039;ll be transferred to another group with tougher standards.

* Fair Isaac says its NextGen formula eases this issue by segmenting borrowers into finer groups, which should lead to less dramatic tumbles from one group to the next.