Understanding FICO® Scoring

[cfstr1]

Does any one know how long before the status goes from "bad" payment history to "not bad" payment history to "good" payment history. My TU payment history went from "bad" to "not bad" with the last score increase. I have 3 good tradelines never late and 2 chargeoffs due to come off very quickly. My EQ went from "not bad" to "bad" similar info and 3 chargeoffs and a collection reporting as 120 late. The collection is 2.5 years old and I negotiated a PFD settlement. The chargeoffs are going to be gone very quickly. The good accounts I have are Chrysler Financial 5 months - new - great payment history, Geico Credit Card - 4 months - new - great payment history. Chase - 6 years - AU account - great payment history.

[Noah_Bodie]

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cfstr1 wrote:
Does any one know how long before the status goes from "bad" payment history to "not bad" payment history to "good" payment history. My TU payment history went from "bad" to "not bad" with the last score increase.

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"Bad", "Not Bad" and "Good" are very subjective terms and entirely dependent upon your situation and goals. Everything is a situation.

One person might be trying to get a prime home loan, so they might be upset their FICOs are low 700s but they can't hit 720.

Another person might be climbing outta post BK Gehenna, so when they hit 600 they throw a party.

A TL is either "good" or "adverse" (another word for "bad" ).

Any late makes the TL adverse.

Message Edited by Noah_Bodie on 07-23-2007 03:08 PM