topic Re: Score took a plunge in Understanding FICO® Scoring

Score took a plunge

AJC1987 — Mon, 19 Nov 2012 19:48:53 GMT

So I got my last collection removed last month and my score jumped up to 786! I canceled my score watch because I was tired of paying for it, I just resigned up and my score has dropped from 786 to 756 in a matter of about 3 weeks. There is nothing new on my report and I havent signed for anything. I just dont understand why there would be such a hge drop for no reason!!!

Re: Score took a plunge

basballguy — Mon, 19 Nov 2012 20:01:09 GMT

I was jealous of your score so I reported false info to the CRA.

Re: Score took a plunge

AJC1987 — Mon, 19 Nov 2012 20:11:36 GMT

Haha atleast that would give me an explanation as to why :)

Re: Score took a plunge

Shogun — Mon, 19 Nov 2012 20:25:07 GMT

So you got your last baddie removed? Could be a case of rebucketing? I don't know. Maybe something else fell off as well.

Re: Score took a plunge

AJC1987 — Mon, 19 Nov 2012 20:29:44 GMT

Yes, it was a paid collection from about 5 years ago. They removed it and it jumped to 786 then three weeks later it took a plunge. I know it s not that big of a deal because anything over 750 is great, but I really liked that 786 lol it made 800 seem that much more attainable...

Re: Score took a plunge

AJC1987 — Mon, 19 Nov 2012 20:33:57 GMT

I think I may ahve figured it out..... I compared the two reports and found a difference. The 786 report had only one negative factor and that was an account opened 6 months ago. The 756 had 2 negative factors: an account opened 6 months ago and also a short credit history, oldest of 8 years ago and average age at 3 years.

I guess once the collection was removed the age of the accounts became a bigger factor and that dropped the score?

Re: Score took a plunge

Revelate — Tue, 20 Nov 2012 15:55:20 GMT

AJC1987 wrote:
I think I may ahve figured it out..... I compared the two reports and found a difference. The 786 report had only one negative factor and that was an account opened 6 months ago. The 756 had 2 negative factors: an account opened 6 months ago and also a short credit history, oldest of 8 years ago and average age at 3 years.

I guess once the collection was removed the age of the accounts became a bigger factor and that dropped the score?

That's certainly possible. My understanding is that different metrics carry different weights dependent on what bucket you're in (which determines the range of your scores). In general, the higher you are, the more any one given point of negative information affects you.

It's really hard to say in this case, but sounds simply like you need to just sit back and enjoy the ride :).

Re: Score took a plunge

beb86 — Tue, 20 Nov 2012 19:47:38 GMT

Revelate wrote:
AJC1987 wrote:
I think I may ahve figured it out..... I compared the two reports and found a difference. The 786 report had only one negative factor and that was an account opened 6 months ago. The 756 had 2 negative factors: an account opened 6 months ago and also a short credit history, oldest of 8 years ago and average age at 3 years.

I guess once the collection was removed the age of the accounts became a bigger factor and that dropped the score?
That's certainly possible. My understanding is that different metrics carry different weights dependent on what bucket you're in (which determines the range of your scores). In general, the higher you are, the more any one given point of negative information affects you.

It's really hard to say in this case, but sounds simply like you need to just sit back and enjoy the ride :).

+1 you probably went from the top end in one bucket to the low end of the next bucket.