Understanding FICO® Scoring

[menmem]

Two quick questions.

1) Do negative items remain on TransUnion reports beyond 48 months?  They only show 48 months of history on the reports I receive from them and I read somewhere that negative items only affect one's score with TU over a 48-month period.  Is that true or does it affect the score for seven years but we only see it for 48 months? 

2) Can a 90-day lateness also be counted as a 60-day and a 30-day late item?  I have one account that is noted as three items: a 30, 60 and 90 day lateness.

Thanks.

TU-729;  EQ 713; EXP-Who the hell knows. 

edit: This post was split off of TNWM's "Interpreting Your FICO Score" to form a new thread.

Message Edited by haulingthescoreup on 09-01-2009 06:54 PM

[haulingthescoreup]

1) I've noticed that TU is only showing the most recent 48 months, even on my so-called full report directly from them. I also don't seem to be getting dinged for lates older than this. I just noticed this beginning around 2 months ago, and I still don't know what's up.

I'll bet you a nickel, though, that lenders still see all seven years' worth of negatives, even if they seem to no longer be counted in our FICO scores.

eta: oops:

2) Most 90 days occur before first you were 30 days late, then you were 60 days late, and finally you were 90 days late before you caught up. Only the 90 is scored, though.

If you haven't already, please read Understanding Your FICO ® Score and Credit Scoring 101 (at least the first post.)

These will give you the background knowledge you need to understand what you read here on the forums.

Message Edited by haulingthescoreup on 09-01-2009 07:05 PM

[Desert-Rat]

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haulingthescoreup wrote:

I'll bet you a nickel, though, that lenders still see all seven years' worth of negatives, even if they seem to no longer be counted in our FICO scores.

---

HTSU, you inspired me to look at a recently pulled lender score.  Was furnished by Credo and my broker provided ALL the pages.  They only show 24 mos. of activity with this EXCEPTION - DEROGS! 

Sure 'nuff, my shiny CR is tainted by that dang 4 yr old 30 day!  Soooooo......  if you get any takers on the bet, you could make a (very small) fortune!  

D-R

[AndySoCal]

 You most recent 48 months of history I presume you mean the payment histroy on trade line.  That is fairly standard with Trans Union I think they can report a longer history. The 30, 60, 90 day late counters are for 7 years. You should be able to count the lates dates in the payment pattern can come up with the same number that is in 30 60 90 late count. The only exception would be a lte that happend over 4 years ago.  The lenders sees same lates that you see when you pull your credit report.

[AndySoCal]

Most credit reports provided for lenders usually show a 24month payment histroy can be longer. The report can show any lates that occured in that last seven years if provided by the credit bureau. The credit report mostly is a three bureau credit report with data the reported from each bureau is blended together to report a single trade line. The trade line may be compsed data provided from all three bureaus.

[haulingthescoreup]

But this is happening on the scoring side, as well.

I couldn't figure why my TU FICO kept creeping up, until I noticed that older lates were disappearing. The count of lates on the myFICO scoring report dropped as each one went over 4 years old. Very odd!

Now, of course, WFNNB took them all off, bless their hearts.

[AndySoCal]

The FICO score is derived from the credit data that is given to state the obvious. The better the credit history the better the score which match what you saw with TU.  My only thought is,  it is how the creditor was reporting your credit history on your account to Trans Union. What I  said on my previous post is how it is supposed to be in theory.

Message Edited by AndySoCal on 09-03-2009 06:54 PM