topic Rebuilding 6 months after BK7 dropped off - Scores lower!? in Rebuilding Your Credit

Rebuilding 6 months after BK7 dropped off - Scores lower!?

DoogieBall — Thu, 29 Jul 2021 16:09:17 GMT

Hi everyone!

I remember reading about profile "buckets." From my understanding, people with BKs have different profile characteristics and are scored by a different method/algorithm. This can show someone with a BK having a higher credit score than someone without and a similar financial situation. I may be over simplifying which is why I'm asking about it.

After my BK7 dropped off in February, all my fico 8 scores jumped over 800 with the highest being 135 points to 840 on EQ. Since then, 4 inquiries have also aged out and I've gotten 1 new CC. The only inquiry is from June. All reports are clean, with no lates.

According to the most recent Experian reports as of last week:

Current EX-766 TU-798 EQ-824

Feb 4 = EX-801 TU 816 EQ-840

4 inq aged out - 1 inq on EX

1 new CC - which brought my AAoA to 3 years. Oldest account is 9 years.

Auto balance down $2400

1% utilization although 0% for May and June

14% debt to income

Could the new CC and zero balance account for the drop in scores? According to EX, the only negative factor is short account history

Re: Rebuilding 6 months after BK7 dropped off - Scores lower!?

FireMedic1 — Thu, 29 Jul 2021 22:03:12 GMT

@DoogieBall wrote:
Hi everyone!
I remember reading about profile "buckets." From my understanding, people with BKs have different profile characteristics and are scored by a different method/algorithm. This can show someone with a BK having a higher credit score than someone without and a similar financial situation. I may be over simplifying which is why I'm asking about it.

After my BK7 dropped off in February, all my fico 8 scores jumped over 800 with the highest being 135 points to 840 on EQ. Since then, 4 inquiries have also aged out and I've gotten 1 new CC. The only inquiry is from June. All reports are clean, with no lates.

According to the most recent Experian reports as of last week:
Current EX-766 TU-798 EQ-824
Feb 4 = EX-801 TU 816 EQ-840
4 inq aged out - 1 inq on EX
1 new CC - which brought my AAoA to 3 years. Oldest account is 9 years.
Auto balance down $2400
1% utilization although 0% for May and June
14% debt to income

Could the new CC and zero balance account for the drop in scores? According to EX, the only negative factor is short account history

If you have no balances on all your cards. That would drop scores by about what you posted above. One card has to report some kind of balance even if its $20 on statement date. Then PIF. Rinse and repeat. And yes the new card hit all the buttons to drop things a bit. Buckets I have no clue. The experts in Understanding FICO Scoring Sub-Forum are kinda keen on that. But us BK'ers are bucketed.

Re: Rebuilding 6 months after BK7 dropped off - Scores lower!?

DoogieBall — Fri, 30 Jul 2021 11:31:08 GMT

I suspected the zero balance would have some sort of effect. All in all, I shouldn't complain since I never thought I would have scores in the mid 700s let alone 800s.

Re: Rebuilding 6 months after BK7 dropped off - Scores lower!?

FireMedic1 — Fri, 30 Jul 2021 22:59:20 GMT

Its all good. Have 1 card report anything less than 8.99% on a monthly basis. Let the statement cut. Then PIF. You'll get back the points again. Util has no memory. As we say around these parts, AZEO. All Zero Except One. Good Luck!