topic Re: Fico score question in Understanding FICO® Scoring

Fico score question

bobnathan0295 — Wed, 12 May 2021 04:41:57 GMT

My business went south thanks to the lockdowns. As a result I had 14 late payments in year 2020 including three 90 day and 120 day late ones. I took care of all the late payments at the end of the year. I am now debt free.

My credit utilization is 10-15%. I plan to keep it there or reduce it further. I have credit limit of $7000.

My Fico scores are 646/680/650.

Any idea when I can hit 700+

Re: Fico score question

AllZero — Wed, 12 May 2021 05:03:58 GMT

@bobnathan0295 wrote:
My business went south thanks to thelockdownss. As a result I had 14 late payments in year 2020 including three 90 day and 120 day late ones. I took care of all the late payments at the end of the year. I am now debt free.

My credit utilization is 10-15%. I plan to keep it there or reduce it further. I have credit limit of $7000.
MyFicoo scores are 646/680/650.

Any idea when I can hit 700+

Time heals most wounds. Your 680 score may have a shot at crossing 700. Those 90, 120 day delinquencies will suppress your scores for a while.

See https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Time-Since-Late/m-p/5138396

Re: Fico score question

bobnathan0295 — Wed, 12 May 2021 05:17:04 GMT

Thanks for the informative response.

I had three of these

90D late or worse
Chargeoff

That does not look good. Your chart put a ceiling of 720 on my credit score

Re: Fico score question

bobnathan0295 — Wed, 12 May 2021 05:20:09 GMT

I do have an otherwise stellar credit history of 30+ years. I have had a couple of missed payments (30 days or so)

Re: Fico score question

AllZero — Wed, 12 May 2021 05:26:36 GMT

@bobnathan0295 wrote:
Thanks for the informative response.

I had three of these
90D late or worse
Chargeoff
That does not look good. Your chart put a ceiling of 720 on my credit score

Where those 90 day lates or worse the ones leading up to the charge off?

If yes, have you addressed the charge off?

If yes, then it will help your scores some once it reports $0.

Re: Fico score question

AllZero — Wed, 12 May 2021 05:33:14 GMT

@bobnathan0295 wrote:
I do have an otherwise stellar credit history of 30+ years. I have had a couple of missed payments (30 days or so)

30, 60 day delinquencies are not too bad. It's the 90, 120 ones that can stay with you a long while.

Unfortunately, with the FICO algorithms, it looks at non derogatory or derogatory information at that moment in time when your credit report/scores are pulled.

Re: Fico score question

bobnathan0295 — Wed, 12 May 2021 05:41:53 GMT

The 120 day late lead to the chargeoff. There was only 1 chargeoff. There were 2 additional 120 day ones.

The chargeoff reports zero dollars owed today.

You make it sound like the word "chargeoff" does not make any difference

Re: Fico score question

bobnathan0295 — Wed, 12 May 2021 05:43:16 GMT

The 120 day late led to the chargeoff. There was only 1 chargeoff. There were 2 additional 120 day ones. The chargeoff reports zero dollars owed today. You make it sound like the word "chargeoff" does not make any difference

Re: Fico score question

bobnathan0295 — Wed, 12 May 2021 05:48:35 GMT

Is it possible that the chart in this post reflects the fact that folks who had multiple 120 day late histories do have true underlying credit

issues ?

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Time-Since-Late/m-p/5138396

My problems are personal and unique. They do not reflect overall financial picture

Re: Fico score question

AllZero — Wed, 12 May 2021 05:57:15 GMT

@bobnathan0295 wrote:
The 120 day late lead to the chargeoff. There was only 1 chargeoff. There were 2 additional 120 day ones.
The chargeoff reports zero dollars owed today.

You make it sound like the word "chargeoff" does not make any difference

Glad you were able to resolve the charge off.

Not quite sure how the word "charge off" does not make a difference in my post if I omitted addressing it? It isn't good for your profile either if it is reporting monthly with a balance. Your other post stated you took care of it. I can only presume that paying or settling it will help. Thus, I didn't address it fully in this post.

For your other 30, 90, 120 day, etc. lates, I would suggest a GW Good Will campaign.

I would recommend reading the below from BrutalBodyShots
The Saturation Technique: Best GW adjustment odds.

Re: Fico score question

bobnathan0295 — Wed, 12 May 2021 05:58:12 GMT

On a side note wallethub is predicting my credit score will go from 645 too 737 in 6 months. I will be happy if that was the case

Re: Fico score question

AllZero — Wed, 12 May 2021 05:59:40 GMT

@bobnathan0295 wrote:
Is it possible that the chart in this post reflects the fact that folks who had multiple 120 day late histories do have true underlying credit issues ?
https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Time-Since-Late/m-p/5138396

My problems are personal and unique. They do not reflect overall financial picture

I do not have an answer for that question. I am not the creator of the chart.

Re: Fico score question

bobnathan0295 — Wed, 12 May 2021 06:00:35 GMT

"Not quite sure how the word "charge off" does not make a difference in my post if I omitted addressing it? It isn't good for your profile either if it is reporting monthly with a balance. Your other post stated you took care of it. I can only presume that paying or settling it will help. Thus, I didn't address it fully in this post.

For your other 30, 90, 120 day, etc. lates, I would suggest a GW Good Will campaign."

The charge off is paid off with $0 balance. It is still called chargeoff.

I will try the GW good will campaign.

Re: Fico score question

AllZero — Wed, 12 May 2021 06:07:44 GMT

@bobnathan0295 wrote:
On a side note wallethub is predicting my credit score will go from 645 too 737 in 6 months. I will be happy if that was the case

Wallethub, CreditKarma or equivalent free CMS Credit Monitoring Service sites are great for viewing your credit reports. Their simulator are not that great.

If you wish to learn more...

I would recommend reading the below from ABCD2199
The Truth about Credit Card Utilization
My 11 Rules to Credit Rebuilding
FICO Score: What to pay down first?

From Birdman7
General Scoring Primer and Version 8 Master Thread, pub.5.17.20

Re: Fico score question

AllZero — Wed, 12 May 2021 06:12:25 GMT

@bobnathan0295 wrote:
The charge off is paid off with $0 balance. It is still called chargeoff.
I will try the GW good will campaign.

That is good.

Your scores should recover as time passes.

Re: Fico score question

Ficoproblems247 — Wed, 12 May 2021 12:48:00 GMT

@bobnathan0295 wrote:
On a side note wallethub is predicting my credit score will go from 645 too 737 in 6 months. I will be happy if that was the case

To add, Wallethub scores are mostly meaningless as they use VantageScore 3.0, not FICO scores. While Wallethub is a nice interface to view your daily TU updates, I would take their score and completely disregard it. AllZero already gave a lot of great advice about scoring.

Re: Fico score question

bobnathan0295 — Tue, 25 May 2021 05:23:44 GMT

Wallethub made a downward revision of my score

It is expected to hit 695 instead of 737 in 6 months

@Ficoproblems247 wrote:
@bobnathan0295 wrote:
On a side note wallethub is predicting my credit score will go from 645 too 737 in 6 months. I will be happy if that was the case
To add, Wallethub scores are mostly meaningless as they use VantageScore 3.0, not FICO scores. While Wallethub is a nice interface to view your daily TU updates, I would take their score and completely disregard it. AllZero already gave a lot of great advice about scoring.

Re: Fico score question

AllZero — Tue, 25 May 2021 05:29:31 GMT

@bobnathan0295 wrote:
Wallethub made a downward revision of my score. It is expected to hit 695 instead of 737 in 6 months

I would recommend you follow your FICO scores.

Free or $1 you can obtain your 3 bureau FICO 8 scores and reports at Experian or CreditCheckTotal (part of Experian). Cancel in 7 day or less to avoid the re-occurring monthly charge. Wash, Rinse, and Repeat as needed.