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My scores range from 631 to 640 across the bureaus (up from high 400s, low 500s). Major changes to my report - CAs being removed, for example - aren't yielding a meaningful bump like they did when I started. All but one of my negative entries are 3+ years old, and the most recent one is with a CC from Chase 2.5 years ago.
Is it possible I'm on the cusp of a "bucket"? If I am, and I get rebucketted, should I expect to see a mild to moderate score drop when it happens?
@Anonymous wrote:My scores range from 631 to 640 across the bureaus (up from high 400s, low 500s). Major changes to my report - CAs being removed, for example - aren't yielding a meaningful bump like they did when I started. All but one of my negative entries are 3+ years old, and the most recent one is with a CC from Chase 2.5 years ago.
Is it possible I'm on the cusp of a "bucket"? If I am, and I get rebucketted, should I expect to see a mild to moderate score drop when it happens?
There actually isn't enough information for me to make a legitimate guess about rebucketting. But, I think it's more that the positive impact of getting rid of negatives is like inquiries. The number of inquiries count most at the beginning and when you have more than 6. Over time when only three inquiries count against you, the biggest bump is for all three falling off.
In addition, it could be the type of negatives you're deleting. An over 90 day late isn't the same as an over 30 day late. Both are negatives, but they don't hold the same weight on your report.
2 collections were removed completely. 1 was a large one but closed; the other was $2,000 and open. Between that and payimg down a card to $0, I saw a 4pt jump.
It seems like I'm on the border of something, as my score gains have become very slow as I approach 640.
@Anonymous wrote:2 collections were removed completely. 1 was a large one but closed; the other was $2,000 and open. Between that and payimg down a card to $0, I saw a 4pt jump.
It seems like I'm on the border of something, as my score gains have become very slow as I approach 640.
Maybe, scores flatline and I've theorized in the past I was at the max for my bucket (at least at a given AAOA) at one point... after my initial build I see very slow increases with a dirty file. A number of people disagreed with me and it's hard to really say either way but it's hard to move your scores meaningfully at a certain point.
The other poster got it right though, as an example on one common FICO model used for a mortgage, when I had a second tax lien removed I gained, wait for it, 5 points. Yay.
Fact is if you have multiple collections you might see small increases getting multiples removed, but until you get them completely gone (and the rest of the derogs) you're still sorted into a dirty bucket... and that absolutely limits the max score you can obtain no differently than if you were in a clean bucket... but when clean buckets can be ~80 points higher than my dirty bucket for darned near the same file otherwise, well, yeah. Dirty birdy is no fun when we're talking credit.
It's a long road to walk, I'm 4 years into my journey at this point (darned near to the day looking at my BOFA secured approval) and have another 2 years to go before I get to put a bow on my credit file. Many congrats though on getting some of your derogs removed, that's huge regardless of what your score does in response.
Yeah, your very last baddie is worth the most points. When your last baddie falls off your reports you will see a large bump which can be worth 50 to 100 points depending on what kind of baddie it is.
FYI...Dollar values really don't come into play with FICO scoring calculations. A collection for $250 is treated exactly the same as a collection for $10,000 when it comes to scoring. FICO uses the percentage of available credit utilized for scoring purposes so $100 used of $1000CL is scored the same as $1000 used of $10,000CL. In both instances the utilization of available credit is 10%.
I think I'm in the same place as you. I had my last 2 baddies EEd from my TU and EX reports (EQ wont budge on an EE). I saw only 0-5 point increases.