topic Re: Delinquent And Positive Closed Account Questions in Understanding FICO® Scoring

Delinquent And Positive Closed Account Questions

fico64 — Mon, 25 Jul 2011 21:40:36 GMT

In general, when a delinquent account drops off report after 7 years, in general what is the Fico score increase? In points please, from your experience.

Why do my old, non deliquent, paid, closed accounts, eight, nine years old, show up as "current" on Equifax credit report? On Experian and Tranunion, they show as closed which is correct.

Thank you.

Delinquent And Positive Closed Account Questions

haulingthescoreup — Mon, 25 Jul 2011 21:41:08 GMT

fico64 wrote:
In general, when a delinquent account drops off report after 7 years, in general what is the Fico score increase? In points please, from your experience.

Why do my old, non deliquent, paid, closed accounts, eight, nine years old, show up as "current" on Equifax credit report? On Experian and Tranunion, they show as closed which is correct.

Thank you.

The delinquency drops off after 7 years. The account itself should continue to report for 10 years after closing. Two different things.

Are you looking at a credit monitoring service report? Things often display oddly on those, especially on EQ reports. I would say that the "current" means that there were no lates on it. Just a guess.

Re: Delinquent And Positive Closed Account Questions

fico64 — Mon, 25 Jul 2011 22:44:04 GMT

haulingthescoreup wrote:
fico64 wrote:
In general, when a delinquent account drops off report after 7 years, in general what is the Fico score increase? In points please, from your experience.

Why do my old, non deliquent, paid, closed accounts, eight, nine years old, show up as "current" on Equifax credit report? On Experian and Tranunion, they show as closed which is correct.

Thank you.
The delinquency drops off after 7 years. The account itself should continue to report for 10 years after closing. Two different things.

Are you looking at a credit monitoring service report? Things often display oddly on those, especially on EQ reports. I would say that the "current" means that there were no lates on it. Just a guess.

Eqifax and Transunion credit reports and Fico scores ordered from this site, My Fico. Experian no longer available here, ordered from their site.

Can you tell me in general, what can I expect in Fico score increase when one (1) delinquent accout drops off my report. Thank you.

Re: Delinquent And Positive Closed Account Questions

llecs — Mon, 25 Jul 2011 23:10:38 GMT

Are you specifically referring to the 8-9 year old TL? Is that 8-9 years from DOFD or 8-9 years old from when it was first opened? The 7-yr clock for bad accounts starts at the DOFD. The 10-yr clock for positive accounts starts at the date of closure. Sometimes, a negative account can turn positive at or about the 7-yr mark and continue to report as a positive. In your FICO reports, is there a red flag next to it in the accounts page?

Per the point change, it is always a YMMV-thing. There's no way to accurately guess. What kind of account(s) are falling off? CAs? OCs? And if they are 8-9 years old OCs, how is your AAoA and how old are your oldest accounts?

Re: Delinquent And Positive Closed Account Questions

fico64 — Mon, 25 Jul 2011 23:47:42 GMT

llecs wrote:
Are you specifically referring to the 8-9 year old TL? Is that 8-9 years from DOFD or 8-9 years old from when it was first opened? The 7-yr clock for bad accounts starts at the DOFD. The 10-yr clock for positive accounts starts at the date of closure. Sometimes, a negative account can turn positive at or about the 7-yr mark and continue to report as a positive. In your FICO reports, is there a red flag next to it in the accounts page?

Per the point change, it is always a YMMV-thing. There's no way to accurately guess. What kind of account(s) are falling off? CAs? OCs? And if they are 8-9 years old OCs, how is your AAoA and how old are your oldest accounts?

Just old accounts, that are fully paid, never delinquent and closed long ago. I'm told they will drop off completely in 10 years.

The account about to drop off: Revolving, Opened May, 1997, status as of May, 2005: Balance $0, current status: Pays account as agreed, one 30 day late Aug, 2004.

Just wondering if anyone monitoring their scores in this forum, have insights on score increases when they see delinquent accounts drop off their own reports, ie; 3,5, 7 points, or ... ?

Thank you

Re: Delinquent And Positive Closed Account Questions

haulingthescoreup — Mon, 25 Jul 2011 23:51:37 GMT

How many lates do you have, and spread out over how many different accounts, and how severe (30-day, 60-day, 90 etc.)?

And how severe is the one getting ready to fall off?

Score changes depend on what else will still be reporting after this one falls off, so that's why it's important to know all that that I asked.

Re: Delinquent And Positive Closed Account Questions

fico64 — Mon, 25 Jul 2011 23:52:41 GMT

fico64 wrote:
llecs wrote:
Are you specifically referring to the 8-9 year old TL? Is that 8-9 years from DOFD or 8-9 years old from when it was first opened? The 7-yr clock for bad accounts starts at the DOFD. The 10-yr clock for positive accounts starts at the date of closure. Sometimes, a negative account can turn positive at or about the 7-yr mark and continue to report as a positive. In your FICO reports, is there a red flag next to it in the accounts page?

Per the point change, it is always a YMMV-thing. There's no way to accurately guess. What kind of account(s) are falling off? CAs? OCs? And if they are 8-9 years old OCs, how is your AAoA and how old are your oldest accounts?
Just old accounts, that are fully paid, never delinquent and closed long ago. I'm told they will drop off completely in 10 years.

The account about to drop off: Revolving, Opened May, 1997, status as of May, 2005: Balance $0, current status: Pays account as agreed, one 30 day late Aug, 2004.

Just wondering if anyone monitoring their scores in this forum, have insights on score increases when they see delinquent accounts drop off their own reports, ie; 3,5, 7 points, or ... ?

Thank you

I forgot to say the account about to drop off is reported closed. Just wondering on score point increase to expect when it drops.

Re: Delinquent And Positive Closed Account Questions

fico64 — Tue, 26 Jul 2011 00:01:52 GMT

haulingthescoreup wrote:
How many lates do you have, and spread out over how many different accounts, and how severe (30-day, 60-day, 90 etc.)?

And how severe is the one getting ready to fall off?

Score changes depend on what else will still be reporting after this one falls off, so that's why it's important to know all that that I asked.

The account about to drop off: Revolving, Opened May, 1997, status as of May, 2005: Balance $0, current status: Pays account as agreed, one 30 day late Aug, 2004 and reported closed.

When this one drops off, I will have a total of two left. One is 5 years old and 60 days late, the other is 6 years old and is 30 days late. No collections.

Re: Delinquent And Positive Closed Account Questions

llecs — Tue, 26 Jul 2011 00:05:02 GMT

If I am reading you right, you have one TL that is about 14 years old, an OC account, and only has one late from 8/2004, right? And you want to know how many points your FICO would change when the late drops and/or the account drops. Am I on track?

The late should drop sometime next month and the account will remain. You won't gain any points from that late dropping. It stopped hurting a long time ago. The account will drop 10 years from the date of closure, whenever that was (guessing sometime before 5/2005) and will likely fall off within the next 2 yrs.. Once that drops your score change will vary. If this 14 year old account drops and is among your oldest accounts and/or older than your AAoA (hence the prior question), I'd predict a loss in points. If it is one of your youngest accounts, then maybe a gain.

Re: Delinquent And Positive Closed Account Questions

fico64 — Tue, 26 Jul 2011 00:13:39 GMT

llecs wrote:
If I am reading you right, you have one TL that is about 14 years old, an OC account, and only has one late from 8/2004, right? And you want to know how many points your FICO would change when the late drops and/or the account drops. Am I on track?

The late should drop sometime next month and the account will remain. You won't gain any points from that late dropping. It stopped hurting a long time ago. The account will drop 10 years from the date of closure, whenever that was (guessing sometime before 5/2005) and will likely fall off within the next 2 yrs.. Once that drops your score change will vary. If this 14 year old account drops and is among your oldest accounts and/or older than your AAoA (hence the prior question), I'd predict a loss in points. If it is one of your youngest accounts, then maybe a gain.

My credit history is 21 years old F/Y/I. I look at the analyis on the reports, they say you have 3 delinquent accounts hurting your score. If one of those accounts drops off, now two delinquent accounts, not three and I order an update to my score, I'm expecting an increase to my score ... is this not right? Not so???

Re: Delinquent And Positive Closed Account Questions

llecs — Tue, 26 Jul 2011 00:19:49 GMT

fico64 wrote:
llecs wrote:
If I am reading you right, you have one TL that is about 14 years old, an OC account, and only has one late from 8/2004, right? And you want to know how many points your FICO would change when the late drops and/or the account drops. Am I on track?

The late should drop sometime next month and the account will remain. You won't gain any points from that late dropping. It stopped hurting a long time ago. The account will drop 10 years from the date of closure, whenever that was (guessing sometime before 5/2005) and will likely fall off within the next 2 yrs.. Once that drops your score change will vary. If this 14 year old account drops and is among your oldest accounts and/or older than your AAoA (hence the prior question), I'd predict a loss in points. If it is one of your youngest accounts, then maybe a gain.
My credit history is 21 years old F/Y/I. I look at the analyis on the reports, they say you have 3 delinquent accounts hurting your score. If one of those accounts drops off, now two delinquent accounts, not three and I order an update to my score, I'm expecting an increase to my score ... is this not right? Not so???

I bet not with a 7-year old 30 day late. I just had a 30 and a 60 removed off my CR (at 7 yrs) and saw no impact at all, and that's on a clean report. 30-day lates generally stop hurting at 2 yrs, give or take. Now you will see an annoying red flag in your Accounts page up till it falls off. You'll also see that annoying red flag in the # of accounts with a negative indicator on the Glance page.

If your length of history is 21 years, do you know your AAoA (would be less than 21 yrs unless you opened up all accounts 21 yrs ago)? If your AAoA is older than 14 yrs, as mentioned, you could see a gain when it falls off within a couple of years.

Re: Delinquent And Positive Closed Account Questions

fico64 — Tue, 26 Jul 2011 00:24:08 GMT

llecs wrote:
fico64 wrote:
llecs wrote:
If I am reading you right, you have one TL that is about 14 years old, an OC account, and only has one late from 8/2004, right? And you want to know how many points your FICO would change when the late drops and/or the account drops. Am I on track?

The late should drop sometime next month and the account will remain. You won't gain any points from that late dropping. It stopped hurting a long time ago. The account will drop 10 years from the date of closure, whenever that was (guessing sometime before 5/2005) and will likely fall off within the next 2 yrs.. Once that drops your score change will vary. If this 14 year old account drops and is among your oldest accounts and/or older than your AAoA (hence the prior question), I'd predict a loss in points. If it is one of your youngest accounts, then maybe a gain.
My credit history is 21 years old F/Y/I. I look at the analyis on the reports, they say you have 3 delinquent accounts hurting your score. If one of those accounts drops off, now two delinquent accounts, not three and I order an update to my score, I'm expecting an increase to my score ... is this not right? Not so???
I bet not with a 7-year old 30 day late. I just had a 30 and a 60 removed off my CR (at 7 yrs) and saw no impact at all, and that's on a clean report. 30-day lates generally stop hurting at 2 yrs, give or take. Now you will see an annoying red flag in your Accounts page up till it falls off. You'll also see that annoying red flag in the # of accounts with a negative indicator on the Glance page.

If your length of history is 21 years, do you know your AAoA (would be less than 21 yrs unless you opened up all accounts 21 yrs ago)? If your AAoA is older than 14 yrs, as mentioned, you could see a gain when it falls off within a couple of years.

That's dissapointing. I appreciate your input. Thank you.

Re: Delinquent And Positive Closed Account Questions

llecs — Tue, 26 Jul 2011 00:30:42 GMT

If the late were more severe, like a 90, 120, or even a charge-off, my answer would definitely be different. On the flip-side, thankfully damage from a 30-day isn't that bad.

Re: Delinquent And Positive Closed Account Questions

fico64 — Tue, 02 Aug 2011 22:06:13 GMT

One last question, how can I obtain an Experian Fico Score?

Not looking for a generic score, I want to see my Experian Fico Score that most lenders use. Until recently, we could order their score from this site.

Thank you.

Re: Delinquent And Positive Closed Account Questions

llecs — Tue, 02 Aug 2011 22:22:20 GMT

fico64 wrote:
One last question, how can I obtain an Experian Fico Score?

Not looking for a generic score, I want to see my Experian Fico Score that most lenders use. Until recently, we could order their score from this site.

Thank you.

As of 2+ years ago, Experian blocked consumer access to your FICO score, though you can get it from your lender at the cost of a hard pull. There is at least one CU out there (and I'm sure more) that offer your EX FICO as part of a service. PSECU is one. There are other CUs out there that pull EX and will give you your EX FICO on an annual, semi-annual basis if you ask for it. And you can get your EX FICO if you applied for a credit product and your EX FICO was used in consideration of the decision.

Re: Delinquent And Positive Closed Account Questions

fico64 — Tue, 02 Aug 2011 23:04:21 GMT

llecs wrote:
fico64 wrote:
One last question, how can I obtain an Experian Fico Score?

Not looking for a generic score, I want to see my Experian Fico Score that most lenders use. Until recently, we could order their score from this site.

Thank you.

As of 2+ years ago, Experian blocked consumer access to your FICO score, though you can get it from your lender at the cost of a hard pull. There is at least one CU out there (and I'm sure more) that offer your EX FICO as part of a service. PSECU is one. There are other CUs out there that pull EX and will give you your EX FICO on an annual, semi-annual basis if you ask for it. And you can get your EX FICO if you applied for a credit product and your EX FICO was used in consideration of the decision.

Thanks. What is your experience if you know, is Experian score liberal or conservative as compared to Fico model score? What is PSECU?

Seems to me, it is unfair to block access to Fico score. Most lenders use Fico score. Consumers should be allowed to see what their creditors see.

Re: Delinquent And Positive Closed Account Questions

eltrout — Tue, 10 Apr 2012 15:17:45 GMT

PSECU or the Pennsylvania State Employees Credit Union

http://www.psecu.com/learnmore/

Re: Delinquent And Positive Closed Account Questions

fico64 — Tue, 10 Apr 2012 17:05:27 GMT

Thank you.

I want to reiterate, it is unfair to block Fico scores by Experian and not only Experian. We all see the many non Fico products being sold to customers. If the majority of creditors use Fico scores, the consumer is not getting a true picture of their real scores only a estimate. I think everyone reading this should talk to their congressman, et al, so we can get legislation passed to allow consumers to see their true fico scores.

Also, I would like to see one unified scoring system. The present system is confusing and nothing more then a marketing tool to advance each individual provider. Lets get this changed as well.