Rebucket

[dodgeball]

Does anybody know if there is diffrent buckets for people have 30 COA and CO compared to somebody who has one or two  that are over 4 years old? I had 3 CO and 4 collections. Now I am down to one Charge off and one paid collection that are over 4 years old. I would think that I look like a saint to someone with over 10 collections. Im wondering because It seems that you cant break 720 with a anykind of charge off. Im sitting at the 660 area and other than those two baddies on my report Its pretty clean. when I run the fico simulator for a year of payments it gives me a 720 to 740 but those wont fall off for another three years so it does seem I will be put into another bucket very soon. Any thoughts on this.

[RobertEG]

No one can really answer that question except Brother Fair Isaac.

"Bucketing" is generally a reference to the fact that scoring algorithms can change based on certain general characterics of the credit file.

Those can be in multiple categories.  Perhaps there are multiple categories for major delinquencies, based on the reported number.  Who knows.  How the algorithms categorize consumers in each scoring category is a proprietary trade secret.  So we can only use anecdotal experiences to try and figure them out.

One general observation reported over and over by those on this site is that they usually dont see significant score improvements until all major derogs are gone, implying that the "bucketing" for payment history is much more dependent on having any than on the number.

[dodgeball]

Agreed there seems to be no method to the madness. I keep on reading where people do not get any points for collections being deleted but on the other hand with my experience every time one gos off the report I gain about 20 points. I always keep my CC utilization at 0%. SO there should be no other factor involved other than another month of paid bills on my credit report and point increases on paid bills seem to come in at  3,6,12,18,24 month aniversarys. Maybe I just have to live with fair to average credit for the next few years. It does not seem to hinder my ability to obtain financing at this point.

[llecs]

FICO has published info on buckets before, as well as hints from a certain resident Admin, but there are roughly a dozen buckets for the two FICO versions found on here. Two of these have been designated for major baddies. We can only guess as to how those two break down, but it has been speculated that one if for PRs and the other for CAs/COs/and major lates (defined as 90+). There was a webinar on fico.com that mentioned that newer FICO versions (FICO08) included 14 buckets, but they didn't get into details of how those were spread out or why they added two. Newer versions also exclude collections under $100 and I don't know how that plays into being in or out of a derog bucket if that's all you have left, as an example.

It was also reported that if you are in a derog bucket, let's say for having a CA, then you are stuck in that bucket until the very last baddie drops. You cannot get rebucketed if you have a CA reporting, no matter how old or how many.

I think it is possible to hit into the mid 700s with a derog, provided there's a solid mix of credit, decent length of history, etc. DW hit 733 on her TU04 with a 7-yr old CapOne CO reporting. The week after we applied for the mortgage, it dropped. Irony. I've seen a couple of verified posts by posters who hit 750 with a BK reporting, and a long, positive history behind it.