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Frequent Contributor
basballguy
Posts: 360
Registered: ‎02-20-2008
0

I can't explain why my score is so low, please assist

Cap One  10/2011$133Pays account as agreedNoDetails
OtherCap One  10/2004$0Bad debt/collectionThis account has late payments in the pastDetails
OtherVerizon  4/2008$0120+ days past dueThis account has late payments in the pastDetails
OtherGmac XXXXXX60348/2003$0Bad debt/collectionThis account has late payments in the pastDetails
OtherCap One  12/2002$0Bad debt/collectionThis account has late payments in the pastDetails
Vehicle LoanCaponeauto XXXXXXXXXXXXX10017/2011$15,751Pays account as agreedNoDetails
Vehicle LoanJpm Chase XXXXXXXX35865/2012$15,146Pays account as agreedNoDetails

 

4 collections totaling maybe 7k with the youngest being in 2008.....

One PR dated 2006 which will age out in 3 months. 

 

One of my Charge Offs has been reporting "Collection" on the tradeline up until april of last year, that was settled several months ago.

 

Otherwise no real lates in 3 years.

 

CC utilization is at 5%

Two autos (one less than a year old that ages 1 year in may)

auto inquiries only that age off in may

 

My score is 636.

 

Even in a PR bucket, i would expect my score to be 660-680.  I don't get why my score is so low.  All the negative stuff on my account is OLD by YEARS.


Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: I can't explain why my score is so low, please assist

Judging by that, you have 4 COs, I would imagine that to be the reason.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

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Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Valued Contributor
chasmith
Posts: 1,062
Registered: ‎05-26-2010
0

Re: I can't explain why my score is so low, please assist

Collections and 120 day lates are major derogatories that can impact your score for years, even if paid as these appeaer to be.  Look at what your DOFD is on these, they must age off in 7 years plus 180 days from that date. 

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
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Frequent Contributor
basballguy
Posts: 360
Registered: ‎02-20-2008
0

Re: I can't explain why my score is so low, please assist

Shogun I see people with far worse have better scores. The 'old' stuff is supposed to keep me from getting a score of like 700 and up. 660 should be easy. Especially with nothing negative in the last 5 years.

Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010
0

Re: I can't explain why my score is so low, please assist

basballguy wrote:
Shogun I see people with far worse have better scores. The 'old' stuff is supposed to keep me from getting a score of like 700 and up. 660 should be easy. Especially with nothing negative in the last 5 years.


I may agree at times it seems others have worse profiles. The reality is you really cant make that determination just from what others say.

But now to add my 3 cents...

 

You have multiple major negative accounts, while they are getting older they are still impacting your scores, and will continue to do so.

 

You have only 1 revolving account  (CC) that is opened and in good standing. Revolving debt plays one of the biggest parts of your credit profile.

 

You have 2 installment loans (auto loans) that are also in good standing, with one being fairly new. While this helps to your mix of credit it plays a small role to your credit profile.

 

In my opinion the only way to improve your scores presently is either do nothing and let the baddies age and come off, while your good tradelines also age, or apply and get more revolving debt (CC's).

 

YMMV with applying for new CC's for approvals with your negative history, but if you search in CC forum and ask questions I am sure you will get some valid good advice.

Good Luck
May all your dreams and wishes become a reality!
Frequent Contributor
basballguy
Posts: 360
Registered: ‎02-20-2008
0

Re: I can't explain why my score is so low, please assist

thanks JLAM, a bit frustrated because i was expecting better results from utilization changes.  I'm not looking to add any trade lines because i'm looking to mortgage app in the next couple months.  I'm treating my EQ score as my lowest and I'd like to see it at least 640.  I THINK i'll get a bump in may when my auto ages one year.  I also THINK i'll get a bump when i get rebucketed out of the PR bucket.  What do you think?


Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: I can't explain why my score is so low, please assist

[ Edited ]

At the risk of duplicating others, here's my take:

 

1) 4 COs. More than half of your TLs are baddies and I'd say that's a drain too. 

 

2) New credit drain

 

3) Are you certain you are at 5% util? If so, your oopen CapOne would be at $2660 CL   ($133 / 5%).

 

4) Length of history of just over 10 years w/ an AAoA of 5.....it's relatively short. Even with perfect util and no baddies, I had a tough time hitting into the upper 700s w/ a 14 yr history and 4 yr AAoA. In other words, age is a drain for you.

 

5) The PR is likely a major drain.

 

6) Is this from TU? IME TU weighed baddies a whole lot more than EQ.

 

ETa... 7) If the one TL was settled recently, then it would be viewed as a recent baddie.

 

 

Look at the +/- items on your report. Those rank in order from what helps/hurts the most. 

Established Contributor
bettercreditguy1
Posts: 758
Registered: ‎02-11-2012
0

Re: I can't explain why my score is so low, please assist

+1. You need more positive trade lines to help grow your score. You have one good acct, several bad and as said earlier, the 120 day late thing will effect you seven years plus 180 days. Again from my personal experience, TU weighs/hates lates more than EQ and EX. I have one negative flagged account.  Even though it was pif, the day the payment posted it reported as a 120 day late. I have over twenty positive accounts no other lates and it is like moss on a boat anchor. The formula can not judge whether an account will be paid or not. All it sees is "not paid". It does not care about why, what, or anything else. As always ymmv, good luck.

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico) EXP 735 (FAKO)
Updated scores 06/01/2014 EQ 797(Fico) TU 768(Fico) EXP 769 (Fico), EQ 849 (Next Gen 5/27/14 Penfed)


Remember the Three P's: Pay early in Full, Pay on Time, Patience
Frequent Contributor
basballguy
Posts: 360
Registered: ‎02-20-2008
0

Re: I can't explain why my score is so low, please assist

if the 120 day late is a big deal then should i try to get it removed?  In all honesty it shouldn't even be listed here.  It was a collection account for my verizion internet bill.  I have no idea why it's listed with my traditional credit account. 

 

BTW this is for my EQ.  My Transunion is actually higher (not sure how much higher, will see when it updates on the 14th).

 

Also i was just rounding....my CC limit is 3000 so utilization is probably closer to 4%. 

 

 


Established Contributor
foofighter74
Posts: 828
Registered: ‎12-09-2012
0

Re: I can't explain why my score is so low, please assist

Utilities, cell phones, etc, usually don't report until you fall behind.  But they CAN report, it's just that they usually don't.  Unless the 120 late from Verizon is inaccurate, they won't remove it because it does in fact belong on your credit report. 


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