02-04-2013 10:46 AM
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?
02-04-2013 11:31 AM
02-05-2013 05:50 AM
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.
02-06-2013 04:31 PM
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.
02-06-2013 05:00 PM
You guys are great. A lot of knowledge out there. I have rebounded a little, 11 points Which is a net 6 points.
Copyright ©2001-2013 Fair Isaac Corporation.
All rights reserved.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.