If you could get your FICO08 score now

[marty56]

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RobertEG wrote:

Raising FICO score is about doing the things suggested in this forum.  Actions are the important thing to me, and not how it may be scored in a way that no creditor is using to evaluate me.

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I agree 100% but here's the deal.  In my case, barring BofA to delete the account of my CR, It would have taken me 9 years to completely clean my credit up.  This is with paying every dime back plus interest that I wish I got in my 401k or savings account.  It should have taken 5 years to do this but the  major derog I got from BofA while I was in DMP added 4 more years to my sentance.

I get that FICO08 wont remove the 120 day late from my account but it could raise my EQ score over 760 to join my EX and TU scores that have been over 760 and EX will be as soon as the new car loan stops hurting me.

I thought my reason for being worried about my FICO score over the last year was that I wanted a new car loan and was worried that I either couldnt get one or it would be at a high interest rate because of being in DMP.

 My interest in my FICO scores was based on that, however these days I am not so sure.

[haulingthescoreup]

That was the FICO08 change that I couldn't precisely remember earlier: major derogs + lesser derogs on other accounts will hurt more; a major derog on one account with others clean will hurt less.

So marty, is the BofA 120 your only remaining late? If so, then I see what you're saying: your score should go up.

I found this Wall Street Journal article from Dec 2007:

FICO 08 also will draw greater distinctions among different borrowers who are at least 90 days late in making a loan payment, known as a serious delinquency. Traditionally, many credit-scoring models grouped subprime consumers into one general category. But Fair Isaac says its new model will give a higher score to a borrower in arrears if they also have a number of other credit accounts in good standing. Conversely, a person's score could drop if he or she has multiple delinquent accounts.

http://online.wsj.com/article/SB119802346920538029-email.html

This is the clearest explanation that I've seen so far.


And Robert, it is in the nature of humans to be curious. It's a survival skill from the days of living with little protection in a hostile environment. In the category of vices that cost money, I rank curiosity about scores as pretty harmless.

[marty56]

Here is my complete wall of shame info:

Wells Fargo 30 days late May and June 2003

Best Buy 30 days late May 2003

HSBC 30 days late May 2003

Those are when I started DMP and the first payment was made late to those CCCs.

BofA (result of being droped from DMP for this card and no contact about it other then the due amount incrased on the statement)

30 days late Nov 2003

60 days late Dec 2004, Jan 2005

90 days late Feb, Mar 2005

120 days late April, May, June, July, Aug 2005

Been clean since then.  The 3 30 day accounts are closed and the BofA account is still open for some reason.  All accounts PIF.

Also all 3 CRAs have the 120 day late and on TU, Best Buy and WF dont show as being late for some reason.

Message Edited by marty56 on 07-19-2008 08:31 AM

[haulingthescoreup]

It looks like we're in a similar position:

J.Crew - 30/60/90 Feb 2006, a 30 in May 2006, plus 2 other 20's in 2005
Sears MC - one 30 Mar 2007
1st Tenn - 4 30's: 2 in 2005, 2 in 2005. This was actually a gym membership, but it shows as a CC

You have a few more; mine are more recent.

Gah, why didn't I just pay my bills? I had the money.

Anyway, about all that I can do is hope that with only one late within 2 years that I won't be hurt too badly. If serious derog + lates on other accounts is one of the two new negative buckets, I guess I'll wind up there. I'm just hoping that I'll look pretty good in comparison to the others.

Looks like it's time for another run of GW letters, especially to J.Crew, which is adamant about not GW'ing.

[fused]

haulingthescoreup wrote:

Maybe they should charge $1/100 FICO points. So a 690 score would cost you $6.90.

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This sounds like our current tax system...the middle-class should pay more because they can afford to.

[marty56]

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haulingthescoreup wrote:
Gah, why didn't I just pay my bills? I had the money.

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I'm worse.  Why didnt I read the BofA statement.  To be fair to myself, when did you ever hear of a CCC that woudlnt call you if the didnt receive they payment on time.  I feel they wanted me to fail.  They finaly sent me a letter after all that time and it was then I acted.

By the time FICO08 hits, the lates will all be over 3 years old and everything else will be perfect on my CR (I hope so).

I would still like to know why BofA has left that account open.  Its 12 years old and with a CL of 7500 so its it helping my age and util.  I wish they would delete the entire TL, age and all.

[haulingthescoreup]

I'm figuring that by the time FICO08 hits, I'll be in a nursing home, complaining about the food!

[marty56]

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haulingthescoreup wrote:
I'm figuring that by the time FICO08 hits, I'll be in a nursing home, complaining about the food!

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Or by the time its hits, I would have gotten a 50 point boost to my scores if the derogs were still on my report.  Irony FICO08 style.

[Anonymous]

Wow, Hauling, a 1st Tenn card.  I have one but I have never met anyone else who does until you just said so.

Check this out:   When I was in my real estate investing mode (before my BK-mode, which came about as a result of the real estate investing and housing market crashing thing), I bought some land to build a spec house on and First Horizon , a sub of First Tennessee, was the lender. 

As part of the loan approval, they issued us a First Horizon credit card with a $7k credit limit.  I never used the card from its issuance date of Apr 06 all the way until Oct 07 when I was discharged.

Needless to say, I defaulted on this loan and had it discharged in the BK.  However, not only did the bk'd loan never get reported to any CRA, the credit card DID get reported , was not closed at bk time despite the loan default, and remains open to this day.

Aside from it not being a reward card, I have had no complaints.

[Anonymous]

My other comment on FICO 08 is this:   Since the majority of lenders are still using FICO versions as far back as 1998, does anyone really think that this new version will be widely used in the next 3-5 years?   Not me.

Hauling said it right.  We'll all be in wheelchairs and on oxygen before this actually happens.   Think 2015 or 2020.