topic Re: Is 700 Club Possible with "baddies"? in Rebuilding Your Credit

Is 700 Club Possible with "baddies"?

Anonymous — Wed, 17 May 2017 14:56:05 GMT

I've heard that your credit score can reach a "cap" or something to that affect...where it won't increase any furrther until baddies fall off or something to that affect. Does anyone have any information (preferable facts not just opinons...any links?) they can share on the subject...I think i've reached the "cap".

Over the last month, I've been paying down my credit cards...trying to pay everything off or get them under 30%. At first I was seeing significant increases with the balance decreases then it stopped.

12pt increase--> 82% down to 27%
14pt increase--> 36% down to 27%
15pt increase -->87% down to 73%
13pt increase -->27% down to 0%
0pt increase -->67% down to 0%
0pt increase -->67% down to 1%
0pt increase -->0% down to 0%
0pt increase -->38% down to 0%

Baddies affecting my credit

Equifax – 680 fico

21 Late Payments 30+ Days Late

19 Late Payments 60+ Days Late

10 Months since Most recent late Payment

0 Collections

Experian – 690 fico

21 Late Payments 30+ Days Late

19 Late Payments 60+ Days Late

10 Months since Most recent late Payment

0 Collections

TransUnion – 661 fico

23 Late Payments 30+ Days Late

19 Late Payments 60+ Days Late

10 Months since Most recent late Payment

2 Collections – PAID

Explanation on my late payment (for those who will tell me how important it is to pay my bills on time) Most of the lates are 2 30-day late student loan payments on about 20 accts. the rest are on a recently modified mortgage that we got behind on when my wife opened her salon. I'm not sure why My Fico is stating the last late payment was 10 months ago...my modification finalized last month...last late paymetn according to MY records was in November.

ANY help on this subject matter would be GREATLY appreciated.

Re: Is 700 Club Possible with "baddies"?

Anonymous — Wed, 17 May 2017 17:59:09 GMT

I think the late payments is the biggest thing holding you back. When are those falling off?

Re: Is 700 Club Possible with "baddies"?

Anonymous — Wed, 17 May 2017 18:14:47 GMT

I have a foreclosure still showing on EQ/Ex and both are over 700 F8. My scores are not currently optimized, but the highest F8 score I have had with my foreclosure is 726.

Re: Is 700 Club Possible with "baddies"?

Anonymous — Wed, 17 May 2017 21:05:04 GMT

@Anonymous wrote:
I have a foreclosure still showing on EQ/Ex and both are over 700 F8. My scores are not currently optimized, but the highest F8 score I have had with my foreclosure is 726.

how old is your foreclosure?

Re: Is 700 Club Possible with "baddies"?

Anonymous — Wed, 17 May 2017 21:08:01 GMT

@Anonymous wrote:
I think the late payments is the biggest thing holding you back. When are those falling off?

NO time soon :-(. As I stated...I just finalized a medication on my mortgage...although my credit report say 10 months since last late...my mortgage shows that I have been in a PAID AS AGREED status since March...even though the last late payment was in November.

Re: Is 700 Club Possible with "baddies"?

Anonymous — Wed, 17 May 2017 21:23:45 GMT

@Anonymous wrote:
@Anonymous wrote:
I have a foreclosure still showing on EQ/Ex and both are over 700 F8. My scores are not currently optimized, but the highest F8 score I have had with my foreclosure is 726.
how old is your foreclosure?

Nearing 7 years atm. I Crossed into the 700's around the 5.5 year mark. I added 5 accounts right then which tanked my AAoA so scores dropped to 670's, but got back to 700's in around 4 months

Re: Is 700 Club Possible with "baddies"?

RobertEG — Wed, 17 May 2017 21:37:40 GMT

As for the issue of whether FICO imposes a "cap" if there are derogs, it usually depends upon whether the derogs are considered major or minor.

Before doing the final scoring, FICO does a preliminary evaluation of certain overall characteristics to determine which scorecard will be used in the scoring.

That is also referred to as "bucketing."

Presence of major derogs places scoring under payment history under a less favorable algorithm, which does impose a different level of scoring that could be consdered a "cap." Major derogs are 90+ lates, charge-offs, collections, and public records.

Presence of mulitple, minor, delinquencies (i.e., 30 and 60-day lates) could also result in scoring under a less favorable scorecard, but the specifics have not, to my knowlege, been disclosed by Fair Isaac as to how many or their recency, may result in a lower scorecard. That appears to remain proprietary trade secret information.

Re: Is 700 Club Possible with "baddies"?

kberly69 — Thu, 18 May 2017 01:31:45 GMT

I'm curious about this too. I am 7 months post discharge and can smell 700 on all three bureaus (I did hit that mark on EQ briefly). I can't wait to see where I land in a year or so, and beyond.

Re: Is 700 Club Possible with "baddies"?

Anonymous — Thu, 18 May 2017 21:26:59 GMT

@RobertEG wrote:
As for the issue of whether FICO imposes a "cap" if there are derogs, it usually depends upon whether the derogs are considered major or minor.
Before doing the final scoring, FICO does a preliminary evaluation of certain overall characteristics to determine which scorecard will be used in the scoring.
That is also referred to as "bucketing."
Presence of major derogs places scoring under payment history under a less favorable algorithm, which does impose a different level of scoring that could be consdered a "cap." Major derogs are 90+ lates, charge-offs, collections, and public records.
Presence of mulitple, minor, delinquencies (i.e., 30 and 60-day lates) could also result in scoring under a less favorable scorecard, but the specifics have not, to my knowlege, been disclosed by Fair Isaac as to how many or their recency, may result in a lower scorecard. That appears to remain proprietary trade secret information.

Oh, well...maybe I'm SCREWED :-(...I have SERIOUS delinquencies...my mortgage act says 120-149 days late...I've read that can be as bad as a foreclosure. so...how long will this hold my scores down? I got a few more updates today...NO score change. :-(

Re: Is 700 Club Possible with "baddies"?

Anonymous — Thu, 18 May 2017 21:35:39 GMT

It'll affect you for 7 years since the 120 late payment event. But the further in the rear veiw that late gets, it'll have less impact. How long ago was the most recent?

And 700 is possible with baddies, I got a chargeoff for another two years and am just now entering the 700 range on multiple reports. But that's all I have.

Re: Is 700 Club Possible with "baddies"?

Anonymous — Thu, 18 May 2017 23:48:20 GMT

@Anonymous wrote:
It'll affect you for 7 years since the 120 late payment event. But the further in the rear veiw that late gets, it'll have less impact. How long ago was the most recent?

And 700 is possible with baddies, I got a chargeoff for another two years and am just now entering the 700 range on multiple reports. But that's all I have.

That's depressing. so, basically 2024. All of my children will be out of High School! smh. Last 120 day late was Feb 2017.

Re: Is 700 Club Possible with "baddies"?

taekwon — Fri, 19 May 2017 13:14:43 GMT

@Anonymous wrote:
@Anonymous wrote:
It'll affect you for 7 years since the 120 late payment event. But the further in the rear veiw that late gets, it'll have less impact. How long ago was the most recent?

And 700 is possible with baddies, I got a chargeoff for another two years and am just now entering the 700 range on multiple reports. But that's all I have.
That's depressing. so, basically 2024. All of my children will be out of High School! smh. Last 120 day late was Feb 2017.

Don't throw in the towel just yet. Let me tell you my situation.I too went through a mortage loan modification, only back in 2012. During the modification I was making my monthly payments on time. After the modification was complete, (It took 10 months to complete) all three CB were reporting my payments 120+ days late for 10 months. At that time I also had two judgements, two collectoions and about seven other derogs, my scores were around 500. By Jan of this year one collection and most of the derogs aged off my CR my scores were around mid 600's.

This past Feb I disputed the two judgements, the one collection, the rest of the derogs and the 120+lates on my active morgage. All but the late payments showing on my morgae were deleted. The only negs on my report now are 10 120+ late payments on my active morgage and 18 late payments (a combo of 30, 60,90) on my closed morgage and second morgage accounts I had prior to modification.

Mt current scores are TU 731, EQ 744, EX 747. I've been paying all my account on time since 1/2013. The last late payment is almost five years old. The more they age the less impact they have on your score.

Re: Is 700 Club Possible with "baddies"?

Anonymous — Fri, 19 May 2017 14:01:24 GMT

Yes, to a a degree, but if they are old it is more likely. You may have to wait until some of those lates fall off. I'm at 723 EQ/736 TU/723 EX. I have two 90 day lates (also student loan accts-- they were actually were in forbearance at the time but that's a different story....) from 3/2011 that are showing on all 3 CRAs and a zero balance CO acct from 2010 (will fall off this fall) which is on EQ and EX only.

Re: Is 700 Club Possible with "baddies"?

Anonymous — Sat, 03 Jun 2017 16:26:11 GMT

My Experian score is 702!!! YaY!!!! Now if I can only get my Transunion and Equifax scores to BUDGE!!!

Re: Is 700 Club Possible with "baddies"?

Anonymous — Sat, 03 Jun 2017 20:31:48 GMT

Congrats !!

Re: Is 700 Club Possible with "baddies"?

Anonymous — Sat, 03 Jun 2017 20:48:46 GMT

Thank you. Hard to believe...not even sure if it means anything for ME since I still have all the lates. But I'm still happy to be in the 700 club even if only on one report. Still not applying for anything yet. Lol

Re: Is 700 Club Possible with "baddies"?

Anonymous — Sat, 03 Jun 2017 21:10:39 GMT

@Anonymous wrote:
My Experian score is 702!!! YaY!!!! Now if I can only get my Transunion and Equifax scores to BUDGE!!!

Congrats!

So it took about a year for your score to improve ~20 points?

Were you optimizing your score each month by only allowing 1 account to report a balance of less than 9% of your CL?

I'm around 640 on my highest scores and based on your info I am probably 24 months away from getting anywhere near 700 on my FICO 8 scores.

Re: Is 700 Club Possible with "baddies"?

Anonymous — Sun, 04 Jun 2017 01:03:00 GMT

@Anonymous wrote:
@Anonymous wrote:
My Experian score is 702!!! YaY!!!! Now if I can only get my Transunion and Equifax scores to BUDGE!!!
Congrats!

So it took about a year for your score to improve ~20 points?

Were you optimizing your score each month by only allowing 1 account to report a balance of less than 9% of your CL?

I'm around 640 on my highest scores and based on your info I am probably 24 months away from getting anywhere near 700 on my FICO 8 scores.

I'm not sure where you're seeing that. I've only been repairing my credit for almost 6 months and the lowest my score has increased has been by 58 puts and almost 100pts. And no, I was not optimizing my score each month by doing that. I just recently started paying down debit. I was more focused on getting lates removed. My UTI is down to 8% I have two cards reporting a balance. I'm working on that.

Re: Is 700 Club Possible with "baddies"?

Anonymous — Sun, 04 Jun 2017 03:52:43 GMT

Oops! I derped hard there. I must have been reading too many threads and thought you were working on your credit for a whole year. Sorry for my mistake.

Great to hear about the 58-100 point gains.

I'm In a similar position, I'm working in these **bleep** student loan lates. I've got 23 of them across 7 loans.

I hate how they send one bill, but one late payment counts 7 times.

I will be annoying the crap out of them with different disputes every 45 days. I'm not going away without a fight.