Understanding FICO® Scoring

[hockeymom2119]

I anxiously opened an email for my FICO alert, only to be so let down. My BK dropped off as of 8/1/12. This is the first score watch alert I've gotten, and I expected an increase in my score. It went from 635 as of July 25 to 585 as of today? How is that possible? I have 2 late payments back in 2010, and have only applied to refinance a car recently. No recent inquires, missed payments, etc. I am so disappointed.

[p-]

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hockeymom2119 wrote:

I anxiously opened an email for my FICO alert, only to be so let down. My BK dropped off as of 8/1/12. This is the first score watch alert I've gotten, and I expected an increase in my score. It went from 635 as of July 25 to 585 as of today? How is that possible? I have 2 late payments back in 2010, and have only applied to refinance a car recently. No recent inquires, missed payments, etc. I am so disappointed.

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Print both reports - i.e. before and after, and compare them line-by-line.  If you share the differences here, I'm sure everyone will chime in.  If you haven't looked at the report, you should.  There might be a new baddie you're unaware of.

[emptypockets]

Once the BK drops, you get "re-bucketed" into the group of people with no BK reporting. In some cases, this can cause your score to drop, becausemany people in this group have no baddies at all (if this makes sense). You are now in thelower 'tier' of your new bucket.

[Repo-ed]

Provided that there is nothing else new reporting, then your score will go up fairly quickly through that "bucket"