topic Re: credit scoring in Understanding FICO® Scoring

credit scoring

Eighthundredbound — Sun, 17 May 2020 22:32:55 GMT

My FICO 8 scores have stagnated for months at - EQ 672, TU 711 and EX 690.

Two lates in 7 years on an auto loan 11/17 and 1/18.

Two 6 + year old charge offs, one settled and the other unpaid ($8900). Both will fall off later on this year thankfully.

Inquiries: EQ 5, TU 3, EX 6

Credit cards and an auto loan (good mix) with spotless payment hisory except for the above mentioned.

Credit utilization 1-2% individual and aggregate.

Why such stagnation? I thought that scores went up with time.

Any thoughts?

Re: credit scoring

BmoreBull — Sun, 17 May 2020 22:44:38 GMT

How long have your scores been in the same position? I think it gets to a point where time and aging accounts is the only thing that helps. Once all of your baddies are gone, maybe you will be rebucketed into a clean profile and see a significant bump.

Re: credit scoring

Jnbmom — Sun, 17 May 2020 23:00:56 GMT

Until the negatives are gone your scores won't move much. Your utilization is low so there really is no going lower to get a bump and age takes time .

Re: credit scoring

Anonymous — Sun, 17 May 2020 23:52:08 GMT

Dirty scorecards have a low/diminished score limit. It's a waiting game for the derogs to fall off

Re: credit scoring

AllZero — Mon, 18 May 2020 00:01:43 GMT

@Eighthundredbound wrote:
Two 6 + year old charge offs, one settled and the other unpaid ($8900). Both will fall off later on this year thankfully.
Any thoughts?

Ask for Early Exclusion on the charge offs.
7 year mark is the exclusion date from DoFD. You can request EE on your derogatory from:

TransUnion - 6 months early.
Experian - 3 months early.
Equifax - 1 month early. I would not recommend requesting EE. Let derogatory fall off naturally.

Call up TransUnion . Front line csr may be able to assist. If not, request to speak with a supervisor to have the derogatory removed.

Re: credit scoring

Eighthundredbound — Mon, 18 May 2020 00:21:34 GMT

@BmoreBull it has been about 6 months. I got a huge boost in february when 3 collections fell off.

Re: credit scoring

Anonymous — Wed, 20 May 2020 23:41:41 GMT

Actually that unpaid charge off is showing as a maxed out card, so your individual utilization is high. Plus the charge off and the other lates penalize you by putting you in a dirty card.

You’re probably as high as you’re going to get until that chargeoff falls off.

How bad are the lates?