Delinquent And Positive Closed Account Questions

[llecs]

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@fico64 wrote:

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@llecs wrote:

If I am reading you right, you have one TL that is about 14 years old, an OC account, and only has one late from 8/2004, right? And you want to know how many points your FICO would change when the late drops and/or the account drops. Am I on track?

The late should drop sometime next month and the account will remain. You won't gain any points from that late dropping. It stopped hurting a long time ago. The account will drop 10 years from the date of closure, whenever that was (guessing sometime before 5/2005) and will likely fall off within the next 2 yrs.. Once that drops your score change will vary. If this 14 year old account drops and is among your oldest accounts and/or older than your AAoA (hence the prior question), I'd predict a loss in points. If it is one of your youngest accounts, then maybe a gain.

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My credit history is 21 years old F/Y/I.  I look at the analyis on the reports, they say you have 3 delinquent accounts hurting your score. If one of those accounts drops off, now two delinquent accounts, not three and I order an update to my score, I'm expecting an increase to my score ... is this not right? Not so???

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I bet not with a 7-year old 30 day late. I just had a 30 and a 60 removed off my CR (at 7 yrs) and saw no impact at all, and that's on a clean report. 30-day lates generally stop hurting at 2 yrs, give or take. Now you will see an annoying red flag in your Accounts page up till it falls off. You'll also see that annoying red flag in the # of accounts with a negative indicator on the Glance page.

If your length of history is 21 years, do you know your AAoA (would be less than 21 yrs unless you opened up all accounts 21 yrs ago)? If your AAoA is older than 14 yrs, as mentioned, you could see a gain when it falls off within a couple of years.

[fico64]

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@llecs wrote:

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@fico64 wrote:

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@llecs wrote:

If I am reading you right, you have one TL that is about 14 years old, an OC account, and only has one late from 8/2004, right? And you want to know how many points your FICO would change when the late drops and/or the account drops. Am I on track?

The late should drop sometime next month and the account will remain. You won't gain any points from that late dropping. It stopped hurting a long time ago. The account will drop 10 years from the date of closure, whenever that was (guessing sometime before 5/2005) and will likely fall off within the next 2 yrs.. Once that drops your score change will vary. If this 14 year old account drops and is among your oldest accounts and/or older than your AAoA (hence the prior question), I'd predict a loss in points. If it is one of your youngest accounts, then maybe a gain.

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My credit history is 21 years old F/Y/I.  I look at the analyis on the reports, they say you have 3 delinquent accounts hurting your score. If one of those accounts drops off, now two delinquent accounts, not three and I order an update to my score, I'm expecting an increase to my score ... is this not right? Not so???

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I bet not with a 7-year old 30 day late. I just had a 30 and a 60 removed off my CR (at 7 yrs) and saw no impact at all, and that's on a clean report. 30-day lates generally stop hurting at 2 yrs, give or take. Now you will see an annoying red flag in your Accounts page up till it falls off. You'll also see that annoying red flag in the # of accounts with a negative indicator on the Glance page.

If your length of history is 21 years, do you know your AAoA (would be less than 21 yrs unless you opened up all accounts 21 yrs ago)? If your AAoA is older than 14 yrs, as mentioned, you could see a gain when it falls off within a couple of years.

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That's dissapointing. I appreciate your input. Thank you.

[llecs]

If the late were more severe, like a 90, 120, or even a charge-off, my answer would definitely be different. On the flip-side, thankfully damage from a 30-day isn't that bad.

[fico64]

One last question, how can I obtain an Experian Fico Score?

Not looking for a generic score, I want to see my Experian Fico Score that most lenders use. Until recently, we could order their score from this site.

Thank you.

[llecs]

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@fico64 wrote:

One last question, how can I obtain an Experian Fico Score?

Not looking for a generic score, I want to see my Experian Fico Score that most lenders use. Until recently, we could order their score from this site.

Thank you.

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As of 2+ years ago, Experian blocked consumer access to your FICO score, though you can get it from your lender at the cost of a hard pull. There is at least one CU out there (and I'm sure more) that offer your EX FICO as part of a service. PSECU is one. There are other CUs out there that pull EX and will give you your EX FICO on an annual, semi-annual basis if you ask for it. And you can get your EX FICO if you applied for a credit product and your EX FICO was used in consideration of the decision.

[fico64]

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@llecs wrote:

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@fico64 wrote:

One last question, how can I obtain an Experian Fico Score?

Not looking for a generic score, I want to see my Experian Fico Score that most lenders use. Until recently, we could order their score from this site.

Thank you.

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As of 2+ years ago, Experian blocked consumer access to your FICO score, though you can get it from your lender at the cost of a hard pull. There is at least one CU out there (and I'm sure more) that offer your EX FICO as part of a service. PSECU is one. There are other CUs out there that pull EX and will give you your EX FICO on an annual, semi-annual basis if you ask for it. And you can get your EX FICO if you applied for a credit product and your EX FICO was used in consideration of the decision.

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Thanks. What is your experience if you know, is Experian score liberal or conservative as compared to Fico model score? What is PSECU?

Seems to me, it is unfair to block access to Fico score. Most lenders use Fico score. Consumers should be allowed to see what their creditors see.

[Anonymous]

PSECU or the Pennsylvania State Employees Credit Union

http://www.psecu.com/learnmore/

[fico64]

Thank you.

I want to reiterate, it is unfair to block Fico scores by Experian and not only Experian. We all see the many non Fico products being sold to customers.  If the majority of creditors use Fico scores, the consumer is not getting a true picture of their real scores only a estimate.  I think everyone reading this should talk to their congressman, et al, so we can get legislation passed to allow consumers to see their true fico scores.

Also, I would like to see one unified scoring system.  The present system is confusing and nothing more then a marketing tool to advance each individual provider. Lets get this changed as well.