7 baddies but my scores are good....questions about fico score

[Anonymous]

Hi everyone!

Alrighty here goes. I am in the rebuilding stage of my credit after an eviction I got 4 1/2 years ago. I have 7 baddied (including the eviction) but all three of my credit scores are 695. I have recently been pre approved via SCT for quite a few cards which I did excepted a couple.  I am wanting to rebuild with new credit.Plus the ones I opted for I will actually use as a regular shopper to those stores. My question is some of my debts are low debts. My worst being my eviction(which is the only one I am waiting the 2 1/2 years to fall of. But how much of a jump could I expect from removing each debt? I had a $37 debt fall off and my score jumped 20 points! I guess what I am wanting to know is the score reflective of " How many baddies you have" or is it the amount you have in collections? I appreciate any help on this subject.

[Anonymous]

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wrote:

Hi everyone!

Alrighty here goes. I am in the rebuilding stage of my credit after an eviction I got 4 1/2 years ago. I have 7 baddied (including the eviction) but all three of my credit scores are 695. I have recently been pre approved via SCT for quite a few cards which I did excepted a couple.  I am wanting to rebuild with new credit.Plus the ones I opted for I will actually use as a regular shopper to those stores. My question is some of my debts are low debts. My worst being my eviction(which is the only one I am waiting the 2 1/2 years to fall of. But how much of a jump could I expect from removing each debt? I had a $37 debt fall off and my score jumped 20 points! I guess what I am wanting to know is the score reflective of " How many baddies you have" or is it the amount you have in collections? I appreciate any help on this subject.

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Everybody's profiles are different. When you have multiple baddies, usually you don't see much of a score increase when a baddie is deleted. You got 20 points! Is that FICO or credit karma?

Usually, you don't see a significant score increase until your very last baddie is gone.

[Anonymous]

I have between 8 and 26 baddies on my report, depending on the CRA....sometimes I see a score increase when they drop off and sometimes not. Generally it's CK that I'm checking when this happens because I don't have any FICO monitoring system aside from my cards which include my Fico score. My scores range between 659 and 695 currently. I can't even imagine what will happen once my report is clean but that won't happen until like 2023 :/ A large chunk of my baddies will fall off in 2019 though so that will be a good year.

[Anonymous]

OP, if you list out each baddie that you have along with it's severity and time it happened (how long ago) we will be able to help you.

First, we'd need to determine if they are majors or minors. 

If you gained 20 points from the removal of 1 of 7 baddies, it could be because it was the most recent and therefore you're most recent (still present) is now older.  It also could be completely unrelated and your score took a 20 point increase from something else that just coincidentally happened at the same time as the baddie coming off.  Finally, it could be your most or one of your most severe baddies, meaning that your remaining ones are of lesser severity.

[Anonymous]

Does the type of derog matter?  For example I have 1 collection left scheduled to fall off in 2019, but will still have multiple lates and charge offs.  Would I see an increase when the final late, final collection, and final chargeoff fall off?  I understand that I will see the biggest difference once my final derog is gone, but are they broken into categories?

P.S. - not trying to hijack the thread, but it seems relevant to the topic.

[Anonymous]

They are broken down into two categories.  Majors and Minors.  Minors would be things like 30-60 day late payments.  Majors are things like 90-120 day late payments, collections, charge offs, etc.  I'm sure someone out there has a list of what exactly constitutes a major verses a minor.  Majors will adversely impact your score in a big way for the full 7 years (10 for BK) while minors are said to lose a good portion of their impact around the 2 year mark.

[Anonymous]

Thank you for the help everyone! To start off my scores( because someone asked) are from Credit Karma. I haven't recently checked my Fico and probably wont until Summer. Also here are my negatives...

Eviction from 2013    for                     7,560.00

Medical Bill from 2015 for                     879.00

Medical Bill from 2014 for                     814.00

Closed Credit Card from 2014 for        716.00

Closed Citi Card from 2014 for             634.00

Old Phone Bill from 2013 for                 127.00

Old Utility Bill from 2013 for                   201.00

I have no late payments on my history from the last 5 years and I am paying off the Utility Bill and Phone bill when I get paid next week. That eviction I am going to just let fall off. The company isn't willing to do a PTD so I will just wait until that one is gone. I have 0 utilization on all of my cards as well as ontime payments. The oldest card I have open now is 6 months old and student loans that hit a year old in June. I know you credit can fluctuate for several reasons, I just didn't think I would get a 20 point increase for paying on such a low debt.

[Anonymous]

If you go to creditscorecard.com you can get your EX FICO 8 score for free and that will update monthly for you.  That will at least let you know where you stand with respect to FICO scores, as the CK scores you're going off of now aren't worthwhile.

[Anonymous]

I am signing up now. Thank you so much for the info!