03-08-2012 02:12 PM
I really need a new hobby...lol ! Watching and waiting for my scores to climb is like watching a tree grow or paint to dry! Fico simulator claims in 24 mons. I'll be in the 700's but it's already been roughly 5 month's with one increase of 4 pts. Wow! I really don't understand it. Everythings been paid on time, old collection have long been paid and still won't budge. My cc and installment loan has already reported for the month and nothing. Even the LO said he thought my score would be higher by now. Is Fico sure they didn't mean 24 yrs? Lol. Any thoughts??
03-08-2012 04:48 PM
Keep sending GWs to the collection. When is it slated to fall off? I'm not too familiar with the simulator. Maybe it's hedging a bet that they'll delete inside of two years? I dunno.
How is the CC util?
03-08-2012 05:21 PM
I would keep working on getting those collections removed... that will boost your score... GW's do wonders...
03-08-2012 07:07 PM
They will clime slowly, but steadily over time. However, the real jump will be when your last baddie falls off. Then you get rebucketed and the ceiling is the limit on your scores. Just keep at those GWs. Good luck!
03-08-2012 07:23 PM
@Jimbo- What is the rebucketing and how does it work??
03-09-2012 03:49 AM
@Jimbo- What is the rebucketing and how does it work??
FICO doesn't use one scoring formula for everyone. They have tons of different "buckets" that they group people in to. Some buckets might be for people with no revolvers, buckets for people with/without mortgages, etc, etc. This allows them to score you relative to others with similar credit situations. One bucket they use is for people with major derogatories on their report (charge offs, forclosures, etc). If you have a charge off, but otherwise stellar credit history, you will have one of the best scores in your bucket. However, you will never compete with superprime scores until you get rebucketed with other superprime type people.
This is why people see the biggest score changes when major changes happen to their credit file. If you dump your last charge off, your score skyrockets as you go into the clean bucket. If you get a new charge off, you go out of the clean bucket and get grouped with others who have derogs, seeing a huge drop in score. If you add your first credit card, your score will go way up, despite having a new INQ and a new account. This is because you get put in a bucket with people who have revolvers. Others may know more details than me, but that is the jist of it.
03-09-2012 06:53 AM
Good to know and extra motivation to get the CO off my CR's!
03-09-2012 10:46 AM
5 months is short, and not any milestone. I bet you get another 5-8 point jump at the true 6 month mark. After a solid year, possibly another 8-13 points, and so on.
03-10-2012 07:40 AM
03-10-2012 07:57 AM
Remember remember remember...
FICO is designed to show the probability of defaulting on loans/obligation in the next 2 years. Thats the whole point.. it is used as a predictor.. often times, it is mistaken that the higher your score, the higher the probability you will pay on time, but the truth is they are only looking for percentage of people who will default..
So you really need to work of a continually moving sliding 2 years scale.. the further your baddies move from 2 years at present, the better the score.. which is why nothing much changes on your reports, you see small incremental up ticks..
Payments and positives are essentially a wash. You are expected, as a consumer, to make payments..
Once you learn your sweet spot, you can kind of massage your bucket. I stopped goodwilling away my last three collections, because they are 5 years old .. if I got rid of them, as crazy as ths sounds, my FICO may go down.. because I will be put into the bucket with all the Fico High Achievers, and I would pale in comparison with no installment loans and no mortgages.. but in my current bucket, with a high of 722, I look like Mother Teresa -- once I get my mortgage, I am going to resume goodwilling those collections..
I may have near topped out in my bucket. I still have a public record, and 3 collections showing..
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