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Established Contributor
Posts: 823
Registered: ‎09-13-2009
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Re: From 800+ to Foreclosure - How Negatives Effect Your Score

[ Edited ]

And here is another round of updates!  120 days late is now reporting... oddly enough though, Equifax is reporting my status as "At least 120 days or more than four payments past due", Remarks state "120 days past due," yet my worst delinquincy is being reported as "90 days past due."   I did pull my credit report from Equifax directly and they are reporting 120 days past due with the correct past due balance (4x monthly payment).

 

 

FICO Scores as of 03/2015 - 90 Days Late Reporting (all scoring models):

Equifax 04 - 622                                                         

Equifax 08 - 636               Experian8- 630            Trans 08  - 640

EQ Home - 622                EX Home - 638            TU Home - 648

EQ Auto 8 - 644               EX Auto 8 - 641           TU Auto8 -  646

EQ Auto 5 - 654               EX Auto 2 - 670           TU Auto4 -  661

EQ Bank8 - 653               EX Bank8 - 653           TU Bank8 - 662

EQ Bank5 - 649               EX Bank2 - 669           TU Bank4 - 662

 

FICO Scores as of 04/2015 - 120 Days Late Reporting (all scoring models):

Equifax 04 - 625                                                       

Equifax 08 - 637               Experian8- 629            Trans 08  - 648

EQ Home - 625                EX Home - 638            TU Home - 636

EQ Auto 8 - 645               EX Auto 8 - 640           TU Auto8 -  654

EQ Auto 5 - 657               EX Auto 2 - 670           TU Auto4 -  650

EQ Bank8 - 656               EX Bank8 - 652           TU Bank8 - 670

EQ Bank5 - 652               EX Bank2 - 669           TU Bank4 - 653

Valued Contributor
Posts: 2,041
Registered: ‎06-01-2008
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Re: From 800+ to Foreclosure - How Negatives Effect Your Score

Thanks for the update!  I was just thinking a couple of days ago that it should be getting close to that time.  

 

It looks like you have already seen the worst.  Is that how you interpret it?   I am no expert in this area (although have been through it, as you know...), however I am guessing that the fact that all other accounts are clean is really working to your favor as far as how the FICO Scoring God's are handling this.  I think what took me down into the 500 range was that I let a credit card account go as well, as I had to do a settlement on the one account.  

 

It will be interesting to see how your recovery goes when that time comes.  Score-wise, perhaps you will recover pretty quickly!  

 

Thanks once again for the regular updates!  Smiley Happy

 

 

Year 2012: All Scores in the 520 range, during a foreclosure, CC Settlement and high UTIL. Very ugly days...
June 2017: EX8: 732; EQ8: 732; TU8: 743; EQ04: 730 FICO 9 Scores about 50 points higher
In My Wallet: Discover $60.2K; Cap1 Venture $30.7K; Amex ED $38K; Amex Optima $12.5K; Cap1 Plat $8.4K; Barclay $7K; Citi TY Pref $13K; US Bank $4K; Dell $5K; Care Credit $6.5K. Total Revolving CL: $185.5K
My UTIL: Less than 1% - Only allow about $10 a month to report, on one account. .
Established Contributor
Posts: 823
Registered: ‎09-13-2009
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Re: From 800+ to Foreclosure - How Negatives Effect Your Score


EW800 wrote:

Thanks for the update!  I was just thinking a couple of days ago that it should be getting close to that time.  

 

It looks like you have already seen the worst.  Is that how you interpret it?   I am no expert in this area (although have been through it, as you know...), however I am guessing that the fact that all other accounts are clean is really working to your favor as far as how the FICO Scoring God's are handling this.  I think what took me down into the 500 range was that I let a credit card account go as well, as I had to do a settlement on the one account.  

 

It will be interesting to see how your recovery goes when that time comes.  Score-wise, perhaps you will recover pretty quickly!  

 

Thanks once again for the regular updates!  Smiley Happy

 

 


According to the Simulator, if I pay all my bills on time for the next 4-6 months, my score would reach between 680 to 700.  However, after 24 months it would only be at 730, so I don't see how that is accurate.  Moreover, the Simulator states that if a foreclosure or short sale is reported, my score would drop (depending on CB) to a score between 597 to 620.  Guess we will see how all this plays out!

Super Contributor
Posts: 7,774
Registered: ‎07-04-2014
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Re: From 800+ to Foreclosure - How Negatives Effect Your Score

I kind of agree. looks like the worst is already over. as all the other accounts are perfect. so far only lates. even 90 day lates. but soon as it says foreclosure on the report. i wonder. still don't thin it will fall much further. i think the first late you got was the biggest hit. almost a 100 points. damn.. but as others stated. at some point. you have to say eff it. and agreed with other poster. cash and the ability to live takes precedent over any fico score. you still have the essentials. and your other lenders have not taken any AA. this is what im amazed by.


Super Contributor
Posts: 6,627
Registered: ‎10-30-2014
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Re: From 800+ to Foreclosure - How Negatives Effect Your Score

I think if it is isolated to one account on the entire CR, then the damage goes to an extreme, then can't go much further. Going to foreclosure at this point, on the same account that is already at 120 days seems like it would have minimal additional impact. The high 500's seem reasonable. Then, since the foreclosure is the ultimate resolution to the issue, time takes over and it starts the slow fade.

 

Regarding no AA from the CCC, OP, what are your open balances on cards now? Are you carrying any balances or just PIF?

 

Thanks for the updates. This isn't a popcorn thread, it's a once-a-month sit down to a meat and potatoes dinner.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727 FICO Simulator 2014: $20k balances = 812 FICO.
March 2017 $20k on $300k 6% util EQ 824 TU 824 EX 815

10 / 24 counting down to 1 Nov 2017
Valued Contributor
Posts: 2,041
Registered: ‎06-01-2008

Re: From 800+ to Foreclosure - How Negatives Effect Your Score

> but soon as it says foreclosure on the report. i wonder

 

Based on what I went through, I think he may be okay.  When I went through a foreclosure, my scores tanked big-time with the 30, 60, 90, 120, 150 lates.  When the status changed to foreclosure, the damage had already been more than done.  I actually saw my scores start to rise very soon after the foreclosure posted - I am just speculating that it is because the balance then showed as $0.  

 

I am thinking that what he is seeing now is the worst of it, especially with all other accounts being positive.  

 

 

 

 

Year 2012: All Scores in the 520 range, during a foreclosure, CC Settlement and high UTIL. Very ugly days...
June 2017: EX8: 732; EQ8: 732; TU8: 743; EQ04: 730 FICO 9 Scores about 50 points higher
In My Wallet: Discover $60.2K; Cap1 Venture $30.7K; Amex ED $38K; Amex Optima $12.5K; Cap1 Plat $8.4K; Barclay $7K; Citi TY Pref $13K; US Bank $4K; Dell $5K; Care Credit $6.5K. Total Revolving CL: $185.5K
My UTIL: Less than 1% - Only allow about $10 a month to report, on one account. .
Established Contributor
Posts: 823
Registered: ‎09-13-2009
0

Re: From 800+ to Foreclosure - How Negatives Effect Your Score

[ Edited ]

NRB525 wrote:

I think if it is isolated to one account on the entire CR, then the damage goes to an extreme, then can't go much further. Going to foreclosure at this point, on the same account that is already at 120 days seems like it would have minimal additional impact. The high 500's seem reasonable. Then, since the foreclosure is the ultimate resolution to the issue, time takes over and it starts the slow fade.

 

Regarding no AA from the CCC, OP, what are your open balances on cards now? Are you carrying any balances or just PIF?

 

Thanks for the updates. This isn't a popcorn thread, it's a once-a-month sit down to a meat and potatoes dinner.


 

About every 3 months I let different cards report balances while almost every month only 1 card reports a balance.  It's not always the same card but overall utilization never really goes above 1% and individual stays below 5%.  I can't recall the last time I paid interest to a CCC.  And thus far,  I have had no CLD nor any increase on APR. 3 of my cards still have the best APR,  while the other 3 are less than 2 points above best APR. 

 

Side note: all my cards have at least one purchase made on them monthly. I used to let a $0 balance report all the time except for 1 card. Then,  after 9+ months of $0 balances I accidentally let a balance report and I got a notification there was activity on a dormant account and my score increased a couple points. I was always under the impression that as long as you make one purchase per month you are good. For scoring purposes, without letting balances report more often,  FICO believes your card is dormant,  even if you use it monthly. Smiley Indifferent

Valued Contributor
Posts: 1,575
Registered: ‎04-24-2015
0

Re: From 800+ to Foreclosure - How Negatives Effect Your Score

JagerBombs89 - I saw you post in another thread and saw your link to this one. Wow, quite a story. First of all, congratulations for your service in the military! Second, I admire the way you took a HUGE negative thing that was going to be happening in your life and instead of getting all upset and giving up, you have decided to share the story with us in the community. It's a real eye opener to see how this does affect your score as the months go by with the upcoming floreclosure. I wish you well as you continue your education, I also know based on how you use your CC's that you will rebound and be over 800 again sooner than later. With your ex- and the mess you were left with in the house, you really had no other recourse. I will continue to follow your posts on this.

 

I've always paid my debts on time over my adult life except for one snafu that occurred in 2010. I never concerned myself with credit scoring, and now that I've been educated over here the past couple of months, I wish I was following my own situation back then. I had a "30 day" late with Kohl's that I immediately paid off. Looking back I'm sure it was reported and big time negatively impacted my score, because my two active cc's at the time (both debts at $14k and $16k respectively) all of a sudden had the CLI decreased. I looked at it as they did me a big favor, because it forced me to not use it for anything more than trying to make the monthly payments on it and not get even further in CC debt. 

 

Best of luck and thanks for spinning something positive for the community instead of being like many of us would. I don't know that if I were following my own problem in 2010 that I'd have handled it like you. 


EQ: 822 || TU: 818 || EX: 806 (From CCT: 4/2/17) || Garden since 1/11/17. CapOne Quicksilver $22k || Home Depot $16k || Lowes $16k || DiscoverIT $21.5k || BofA Rewards $15k || Barclay Ring $10k || BJ's Perks $10.5k || PSECU $9k || Chase Freedom $7k || AMEX BCE $17.1k || USBank Cash+ $12K || Citi DC $8K || FNBO Sheetz $6K || PSECU Founders $5K || PayPal Credit $4K ||
Valued Contributor
Posts: 1,439
Registered: ‎03-22-2012
0

Re: From 800+ to Foreclosure - How Negatives Effect Your Score

Any idea on how your ex-wife is handling this? Does she even know?

 

How credit savy was she and does she know what it will take to recover from this?

 

Does she have any current credit in her name? Does she PIF every month?


Starting Score: EQ 653 6/21/12
Current Score: EQ 738 8/5/16 - EX 828 8/5/16 - TU 739 8/5/16
Established Contributor
Posts: 823
Registered: ‎09-13-2009
0

Re: From 800+ to Foreclosure - How Negatives Effect Your Score


Vulcan1600 wrote:

JagerBombs89 - I saw you post in another thread and saw your link to this one. Wow, quite a story. First of all, congratulations for your service in the military! Second, I admire the way you took a HUGE negative thing that was going to be happening in your life and instead of getting all upset and giving up, you have decided to share the story with us in the community. It's a real eye opener to see how this does affect your score as the months go by with the upcoming floreclosure. I wish you well as you continue your education, I also know based on how you use your CC's that you will rebound and be over 800 again sooner than later. With your ex- and the mess you were left with in the house, you really had no other recourse. I will continue to follow your posts on this.

 

I've always paid my debts on time over my adult life except for one snafu that occurred in 2010. I never concerned myself with credit scoring, and now that I've been educated over here the past couple of months, I wish I was following my own situation back then. I had a "30 day" late with Kohl's that I immediately paid off. Looking back I'm sure it was reported and big time negatively impacted my score, because my two active cc's at the time (both debts at $14k and $16k respectively) all of a sudden had the CLI decreased. I looked at it as they did me a big favor, because it forced me to not use it for anything more than trying to make the monthly payments on it and not get even further in CC debt. 

 

Best of luck and thanks for spinning something positive for the community instead of being like many of us would. I don't know that if I were following my own problem in 2010 that I'd have handled it like you. 


The only thing I'm not looking forward to is the slow-crawl of time that it is going to take for everything to drop.  7 years is such a long time for stuff to remain on the credit report!

 


jamie123 wrote:

Any idea on how your ex-wife is handling this? Does she even know? 

How credit savy was she and does she know what it will take to recover from this? 

Does she have any current credit in her name? Does she PIF every month?


If you are referring to the house/foreclosure, she probably isn't too concerned, especially since her name isn't on any of the paperwork so it will not affect her credit at all.  As far as her personal credit, I'd say she has more collections than I can count on two hands and probably some lates as well.  My best guess is her score is probably in the mid 500s so she should be happy she isn't getting hit with a foreclosure as well!  When we were together, she was an AU on a couple of my cards but I contacted the creditors and removed her as an AU and had them delete the account from her credit report.  Why should she benefit off of my good standing with creditors?!?!

 

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