topic Re: Foreclosure fell off and lost 5 points in General Credit Topics

Foreclosure fell off and lost 5 points

Slab — Mon, 04 Feb 2013 18:46:56 GMT

Just when I think I understand credit scores, I am reminded that the CRAs must really has a complicated algorithm. I have been waiting for a foreclosure to fall off and it did. Now that it has fallen off, my score has dropped 5 points. I understand that my average age of accounts is less and that would have an impact but to lose 5 points for the average age being 5 months less after the foreclosure falling off has me stumped. May I ask for some input on this?

Re: Foreclosure fell off and lost 5 points

JM-AM — Mon, 04 Feb 2013 19:31:45 GMT

The negative being removed may have thrown you into a different scoring bucket.

Depending on other things in your report, the good news is your score should rebound fairly quickly and possibly an increase.

Re: Foreclosure fell off and lost 5 points

Slab — Tue, 05 Feb 2013 08:56:22 GMT

Thanks a lot.

Re: Foreclosure fell off and lost 5 points

boomhower — Tue, 05 Feb 2013 13:50:45 GMT

Yep, you've been rebucketed. I've got my last two baddies falling off later this year and really don't expect much of an increase as I will be rebucketed.

You may be overlooking the biggest thing. Score isn't everything. A 720 with a clean report is worlds better than a 740 with a foreclosure.

Re: Foreclosure fell off and lost 5 points

Shogun — Thu, 07 Feb 2013 00:31:15 GMT

JM-AM wrote:
The negative being removed may have thrown you into a different scoring bucket.

Depending on other things in your report, the good news is your score should rebound fairly quickly and possibly an increase.

Re: Foreclosure fell off and lost 5 points

Slab — Thu, 07 Feb 2013 01:00:04 GMT

You guys are great. A lot of knowledge out there. I have rebounded a little, 11 points Which is a net 6 points.