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Moderator
Posts: 4,766
Registered: ‎12-18-2013
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EX 08 questions

I have some questions about EX 08 to whomever might know the answer.

 

1. This is the model for the Experian FICO score given here correct?

2. In regards to collections, I think I read that 08 scoring models don't ding you as bad for one late payment, but ding you worse for multiple late payments. Are collections included in this?

3. Do older collections coming off improve your score if you have a newer one? For example, if you get a creditor to PFD a collection from '09, but still have one from '12, will your score improve? Assuming those are the only two collections on record?

4. How long until inqs starting losing their damage to your score? Most of the effect gone by six months, with the rest completely gone by a year?

 

Thanks in advance!

Valued Contributor
Posts: 1,993
Registered: ‎04-07-2009
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Re: EX 08 questions

1)  Yes

2) Yes

3) The more recent collection  (12) is the one having the most impact. You might see a score increase but I doubt it.

4) The greater the number of inquires the more impact they have at each bureau. The inquiry that is over a year old does not factor in your score. My adivice only apply for the credit you need and not want.  Also remember with auto, mortgage and student loans are treated differently because inquires made in 30 day period will treated as only one inquiry as far as the score is concerned.

 

Hope this helps.

Equifax My FICO score 815 5/28/2012, 818 on 7/28/2014 . Average of Accounts 12 years and no Installment accounts. MyFICO TU 810 6/26/2012 809 4/21/2013 MyFICO XPN -805. 2/26/2014 Discover TU FICO 813 App free since 9/2011
Epic Contributor
Posts: 22,398
Registered: ‎01-17-2008
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Re: EX 08 questions


msf12555 wrote:

I have some questions about EX 08 to whomever might know the answer.

 

1. This is the model for the Experian FICO score given here correct?

2. In regards to collections, I think I read that 08 scoring models don't ding you as bad for one late payment, but ding you worse for multiple late payments. Are collections included in this?  No a late and a collection are 2 different things.  On the 08 model, collections with the original amount of $100 or less are not scored. The others things you said about late payments is correct.

3. Do older collections coming off improve your score if you have a newer one? For example, if you get a creditor to PFD a collection from '09, but still have one from '12, will your score improve? Assuming those are the only two collections on record?

4. How long until inqs starting losing their damage to your score? Most of the effect gone by six months, with the rest completely gone by a year?

 

Thanks in advance!


 

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Frequent Contributor
Posts: 465
Registered: ‎10-11-2013
0

Re: EX 08 questions

I have 3 collections that are around 2 years old...1 of em paid.  I just had a collection fall off due to age...it gave me a 7 pt increase...albeit, it was EQ 04.

(EX08 - 654) --- (TU08 - 643) --- (EQ08 - 667) --- (EQ04 - 676)


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