01-08-2013 12:06 PM
My last collection fell off my Experian Report and my score dropped to 548. Why does rebucketing hit this hard? What can I do?
01-08-2013 12:16 PM
I take it by your siggy that it was a FICO score?
Was it a CA or a CO? If a CO, how old was it and how old was it in relation to your AAoA?
And this positively was your very last baddie (e.g. PR-free, CA-free, CO-free, 90+ or worse-free)?
01-08-2013 12:52 PM - edited 01-08-2013 02:00 PM
Yes, it was a FICO, lender pull was yesterday.
It was the last collection from a returned check from 7 years ago. It aged off. I haven't had any negatives in the last year.
01-08-2013 03:13 PM - edited 01-08-2013 03:14 PM
You mentioned "...negatives in the past year". Do you have any negatives reporting? You can only be rebucketed -IF- zero major baddies are remaining, no matter how old they are. If you have any, regardless of age, then rebucketing wasn't the cause of the drop.
What kind of collection was removed? A CO or a CA [e.g. the bank reporting or the CA reporting]? How old was it? I suspect an old CO was removed thereby causing length of history to change and/or AAoA drop.
Finally, are you certain the before score was a FICO, or even the same FICO version? If comparing a FICO with a FAKO you can see significant score differences. If you are comparing a different FICO version, like something a CC might provide after applying, then your score can be many points different.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO