New Contributor
Slab
Posts: 99
Registered: ‎12-16-2011
Foreclosure fell off and lost 5 points

‎02-04-2013 10:46 AM

Just when I think I understand credit scores, I am reminded that the CRAs must really has a complicated algorithm. I have been waiting for a foreclosure to fall off and it did. Now that it has fallen off, my score has dropped 5 points. I understand that my average age of accounts is less and that would have an impact but to lose 5 points for the average age being 5 months less after the foreclosure falling off has me stumped. May I ask for some input on this?

Equifax FICO 735, Transunion FICO 738, Experian FICO 772
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Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010
Re: Foreclosure fell off and lost 5 points

‎02-04-2013 11:31 AM

The negative being removed may have thrown you into a different scoring bucket.

Depending on other things in your report, the good news is your score should rebound fairly quickly and possibly an increase.
Good Luck
May all your dreams and wishes become a reality!
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New Contributor
Slab
Posts: 99
Registered: ‎12-16-2011
Re: Foreclosure fell off and lost 5 points

‎02-05-2013 12:56 AM

Thanks a lot.

Equifax FICO 735, Transunion FICO 738, Experian FICO 772
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Valued Contributor
boomhower
Posts: 1,820
Registered: ‎09-20-2011
Re: Foreclosure fell off and lost 5 points

‎02-05-2013 05:50 AM

Yep, you've been rebucketed.  I've got my last two baddies falling off later this year and really don't expect much of an increase as I will be rebucketed. 

 

You may be overlooking the biggest thing. Score isn't everything.  A 720 with a clean report is worlds better than a 740 with a foreclosure.

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Moderator
Moderator
Shogun
Posts: 7,646
Registered: ‎04-15-2011
Re: Foreclosure fell off and lost 5 points

‎02-06-2013 04:31 PM

JM-AM wrote:
The negative being removed may have thrown you into a different scoring bucket.

Depending on other things in your report, the good news is your score should rebound fairly quickly and possibly an increase.

+1

Starting Score: 504

Current Score: EQ FICO 819, TU08 778, EX "Who Knows?" Quizzle 756
Goal Score: All Scores 760+, Newest goal 800+
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New Contributor
Slab
Posts: 99
Registered: ‎12-16-2011
Re: Foreclosure fell off and lost 5 points

‎02-06-2013 05:00 PM

You guys are great. A lot of knowledge out there. I have rebounded a little, 11 points Which is a net 6 points.

Equifax FICO 735, Transunion FICO 738, Experian FICO 772
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