topic Re: Score Improvement! in Understanding FICO® Scoring

Score Improvement!

Anonymous — Tue, 02 Feb 2021 22:37:03 GMT

Just thought I'd post my small success story...FICO 8 (EX) was 555 back in March 2019. Some old stuff finally fell off at the end of 2020 bringing it up to around 650. Finally in the past month I took utilization down from over 90% to about 15% (still working on a few), and as-of today I'm sitting at 714!

And that store still includes a number of 30 day and a few 60 day lates from 2017/2018 that I'm hoping for some GW luck on. Also includes a collection that has been paid and should be deleted shortly.

Re: Score Improvement!

Credit4Growth — Tue, 02 Feb 2021 22:52:34 GMT

Nice progress! Keep it up and continue to work on utilization!

Bravo! 👏👏👏

Re: Score Improvement!

Anonymous — Tue, 02 Feb 2021 23:35:41 GMT

Nice job with the gains. Keep it up!

Can you please specify what you mean when you say "some old stuff" came off the end of last year. I'm assuming you mean negative items of some sort, but knowing the severity/age of them would be helpful.

Re: Score Improvement!

Rebuild2019 — Tue, 02 Feb 2021 23:52:46 GMT

Congratulations. This forum is a big help to so many. Happy to see your work paying off with your score improvement. Good luck to you.

Re: Score Improvement!

Anonymous — Wed, 03 Feb 2021 01:14:01 GMT

@Anonymous wrote:
Nice job with the gains. Keep it up!

Can you please specify what you mean when you say "some old stuff" came off the end of last year. I'm assuming you mean negative items of some sort, but knowing the severity/age of them would be helpful.

Well we had a mortgage that we had to walk away from. It did show 120 days past due and then FS (Foreclosure proceedings started). Last "status date" was June 2014. We were able to negotiate a deed in lieu of foreclosure. Surprised as it seems to have been removed earlier than expected.

We also had a 2nd mortgage (same bank) that showed CO status after being over 60 days late. Same timeframe. We negotiated a new loan (that we're still paying on) to payoff that 2nd and get into good graces with the bank.

Also 3 collection accounts back then (2 paid off, 1 open). Those are no longer showing as well.

Also some student loan lates that have aged off now.

Re: Score Improvement!

Anonymous — Wed, 03 Feb 2021 02:50:36 GMT

Understood. It sounds like the more severe items (major delinquencies / derogs) have gone away and you're left with the less severe ones, even though they're more recent. That would make sense as to why your scores improved.

Re: Score Improvement!

Anonymous — Wed, 03 Feb 2021 02:59:07 GMT

@Anonymous wrote:
Understood. It sounds like the more severe items (major delinquencies / derogs) have gone away and you're left with the less severe ones, even though they're more recent. That would make sense as to why your scores improved.

Yeah the only baddies we have left are lates on a retail card from 2018/19, a single late on a credit card from 2017, and student loan lates from 2017 or so. Going to try GW on the retail card and credit card. I believe student loan lates can never be removed though. Also a collection that is paid now and should be deleted in the next couple of weeks.

I know we won't get perfect credit but I'm happy to be where I'm at score-wise for the most part. I used to hate applying for loans, cards, etc. knowing I'd either get denied or approved but at a horrendous rate.

Re: Score Improvement!

Anonymous — Wed, 03 Feb 2021 07:44:01 GMT

@Anonymous wrote:
@Anonymous wrote:
Nice job with the gains. Keep it up!

Can you please specify what you mean when you say "some old stuff" came off the end of last year. I'm assuming you mean negative items of some sort, but knowing the severity/age of them would be helpful.
Well we had a mortgage that we had to walk away from. It did show 120 days past due and then FS (Foreclosure proceedings started). Last "status date" was June 2014. We were able to negotiate a deed in lieu of foreclosure. Surprised as it seems to have been removed earlier than expected.

We also had a 2nd mortgage (same bank) that showed CO status after being over 60 days late. Same timeframe. We negotiated a new loan (that we're still paying on) to payoff that 2nd and get into good graces with the bank.

Also 3 collection accounts back then (2 paid off, 1 open). Those are no longer showing as well.

Also some student loan lates that have aged off now.

Sounds like it fell off right on time! Creditors use "date of first delinqiency" and not status/payment/update dates. If you had a 120d late in June 2014, that means you became day 1 late 2/2014, so it was likely due to fall of 2/2021!

Re: Score Improvement!

Anonymous — Wed, 03 Feb 2021 07:45:38 GMT

@Anonymous wrote:
@Anonymous wrote:
Understood. It sounds like the more severe items (major delinquencies / derogs) have gone away and you're left with the less severe ones, even though they're more recent. That would make sense as to why your scores improved.
Yeah the only baddies we have left are lates on a retail card from 2018/19, a single late on a credit card from 2017, and student loan lates from 2017 or so. Going to try GW on the retail card and credit card. I believe student loan lates can never be removed though. Also a collection that is paid now and should be deleted in the next couple of weeks.

I know we won't get perfect credit but I'm happy to be where I'm at score-wise for the most part. I used to hate applying for loans, cards, etc. knowing I'd either get denied or approved but at a horrendous rate.

Congrats on the score improvement!

It feels so good to watch your scores rise after such a rough period of life causes you to be docked for 7 years on your credit.

You have a few baddies to go, but the time will pass before you know it!

Good luck!

Re: Score Improvement!

Anonymous — Thu, 04 Feb 2021 16:29:50 GMT

My FICO score is 580 - multiple late payments in 2020. I am hoping to hit 700 in a year or two