@MBCLA wrote:
Yes. In December I disputed erroneous information on my report and it was changed by the creditor amend my score improved 30 pts. Nothing since then and now Bang!! I am not seeking credit anytime soon but just curious why it would happen without a change on my reports. thanks for responding. I am not familiar with rebuckeating though. What happens with that?
FICO has scorecards (aka buckets) that group people with similar credit histories together. It's alot like when you were in school & your tests got graded on a curve, rather than on a set point basis. I believe FICO now has 12 scorecards (aka buckets), which are just like rungs on a ladder. Each rung has its own minimum and maximum score that can be achieved while on that rung. You get moved up & down based on your past and present credit behavior. The 4 bottom rungs are where people with major events (bankrupcy, public records, etc.) are placed. Their credit score can only go so high for as long as they are stuck on these rungs. Only after the major derog falls off their report can they move up out of the bottom 4 rungs of the ladder. If you have no major derogatory stuff on your report, then you start your journey somewhere above the bottom 4 rungs. The top rung is for people with stellar credit reports. They got there by having really, really long & perfect history. So as you make your climb up the ladder, you go from being at the top of your class on one rung to being at the bottom of your class on the next rung up. (thats why your score drops when you get rebucketed- you are now being compared to all the other people who are already on that higher rung.) If you get into credit trouble, you'll quickly tumble down this ladder. The higher up you are, the harder you'll fall. Hope this kind of explains it.
