Understanding FICO® Scoring

[smallfry]

After viewing my latest CR's it seems as if every negative has finally dropped from all my credit reports. Nothing is left as the 7 year period is over finally. So I just have an empty BK folder and a paid for state tax lien. BK is 7 years old and the state lien is 5 since satisfied. How much effect do they now have on my scores and have they lessened over time? I am still trying to get my head around this. anyone have any idea how they factor the age of these two negatives into scoring. I don't imagine I will get much score increase the day they drop from my reports.

[Mindnumb]

I don't know what this tells you but my scores are 651, 635 & 611.

The 651 has my only charge off from 2003
The 635 has a my only public record, a federal tax lien paid in 2000
The 611 has no liens or charge offs, only the multiple lates that are shown in all three reports.

My only explanation is I'm classified with a less credit worthy group with the charge off and tax lien, and when the tax lien falls off, that score will also drop.

[Tuscani]

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smallfry wrote:
After viewing my latest CR's it seems as if every negative has finally dropped from all my credit reports. Nothing is left as the 7 year period is over finally. So I just have an empty BK folder and a paid for state tax lien. BK is 7 years old and the state lien is 5 since satisfied. How much effect do they now have on my scores and have they lessened over time? I am still trying to get my head around this. anyone have any idea how they factor the age of these two negatives into scoring. I don't imagine I will get much score increase the day they drop from my reports.

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The BK and Lien are still hurting you. Luckily, derogs have less of an impact on your score as time goes by.

[smallfry]

I knew they were still damaging the score just wondered how much.

[Tuscani]

Hard to say.. the more positive TLs you have to counteract the better.

[smallfry]

Not many. Car loan just purchased in December so high utilization if that matters on that type of debt. Capone CC 5K high balance zero balance. Walmart CC 500 limit zero balance. 6th Avenue line of credit 4200 with zero balance. Worked same place nearly 35 years same residence 6 years. Now have no debt except for car loan nearly 25K. Only negs are 7 year old BK and 5 year old state tax lien paid. Thin jacket to be sure.

[Tuscani]

What are your current scores?

[smallfry]

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Tuscani wrote:

What are your current scores?

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EQ...680 EX...690 TU...690

[Tuscani]

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smallfry wrote:

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Tuscani wrote:

What are your current scores?

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EQ...680 EX...690 TU...690

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Not bad at all.. You just need more tradelines. You should be able to get:

Target

Walmart

Macys

Nordstroms

Bloomingdales

State Farm Visa

Hooters Card

Juniper

Not saying you should get all of them, but you should have no trouble getting approved with y our scores.