Derogatory marks with high credit score

[Anonymous]

It's absolutely possible to be over 750 with derogs. In fact, there's a member at this forum who's over 800 with a derog reporting.

[Anonymous]

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@Anonymous wrote:

It's absolutely possible to be over 750 with derogs. In fact, there's a member at this forum who's over 800 with a derog reporting.

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What type of derog and of what age?

[Thomas_Thumb]

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@Anonymous wrote:

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@Anonymous wrote:

It's absolutely possible to be over 750 with derogs. In fact, there's a member at this forum who's over 800 with a derog reporting.

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What type of derog and of what age?

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As mentioned in other threads, lates are classified as delinquencies, not derogs. Delinquencies fall into two classifications: mild and serious. Lates that are 30 days are considered as minor and 60 day lates may be as well. Any late 90 days or more is a major delinquency.

Per the below from Fico, you can have a mild delinquency and still be assigned a "non derog or clean" scorecard. I am not aware of any evidence that indicates a dirty scorecard can achieve a Fico 08 score of 800. Side note: Fico 08 does ignore some collections if dollar amount is small enough - so perhaps a derog on file might not influence score.

It would be interesting to know what the derog was that still scored above 800.

[Anonymous]

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@Anonymous wrote:

If someone has a credit score in the 750s or higher, a really good credit score, are you still likely to be turned down by lenders if you have derogatory marks from things that are unrelated to credit? For example, I was denied a credit card from a lender a few months back because of the derogatory marks on my credit report from student loans over 5 years ago. But I didn't think much of it because my credit score is still in the low 600s. So my question is: even after building my credit back up, which I'm in the process of doing, and I get my score up way high, will lenders be still likely to deny me funding because of the derogatory marks from my student loans (assuming they'll still be on there of course)? Or will the high credit score kind of off-set those marks? Thank you.

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Student loans are directly related to credit. Just because it is not a credit card does not mean it's unrelated to credit. Student loans effect your overall credit profile, as you can tell by the negative effects if you are late. Lenders look at your overall profile when determining your creditworthiness. If your are applying for a credit product other than what you received a derog from it will not matter in the eyes of the lender. In other words, if you are applying for a credit card and the lender sees a derog from a student loan, they will not overlook the fact that you have a derog on your profile. 

[Anonymous]

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@Thomas_Thumb wrote:

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@Anonymous wrote:

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@Anonymous wrote:

It's absolutely possible to be over 750 with derogs. In fact, there's a member at this forum who's over 800 with a derog reporting.

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What type of derog and of what age?

---

As mentioned in other threads, lates are classified as delinquencies, not derogs. Delinquencies fall into two classifications: mild and serious. Lates that are 30 days are considered as minor and 60 day lates may be as well. Any late 90 days or more is a major delinquency.

Per the below from Fico, you can have a mild delinquency and still be assigned a "non derog or clean" scorecard. I am not aware of any evidence that indicates a dirty scorecard can achieve a Fico 08 score of 800. Side note: Fico 08 does ignore some collections if dollar amount is small enough - so perhaps a derog on file might not influence score.

It would be interesting to know what the derog was that still scored above 800.

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Thomas,  

Thank you SO much for posting this!   I am learning so much every day.    So, is it safe to say that a "serious delinquincy" ie a 90 or 120 day late has an equally downward effect on scoring as a derogatory?    It seems so from this chart?   

[Credit_hawk]

A 30,60,90 day late IS a derogatory. They're one in the same. I think it's just semantics.

[Anonymous]

I have a 120 day late on my smallest student loan  around $2k from 2012.  It is an error (as I have 5 loans with the same servicer). I have called, faxed, sent smoke signals, mailed, scanned, anything under the sun.  Nothing.  My scores have not fluctuated very much in the last 18 months except for one time last summer.  They went from 700 to 770.  I assume it was due to utilization and adding more credit.

I do know one thing, I freaked out when I was a day late paying my Delta AF, and thought it was going to cause problems.  Lord knows how misinformed Amex CSRs can be, but I have been assured on multiple occasions that there will be no record of this internally since the account has always been current never delinquent.

I have a ton of inquiries right now, and should have 6 fall off by the end of the year at least.  I wonder what my scores would be if I didn't have the late payment?  I am hoping that by adding an installment loan that it will ease the blow a little bit.  

Great thread!

[Anonymous]

Ok, So i had a bunch of negatives from 2009. Filed BK in april 2010. Discharged Jan 2011. 4 more late payments in 2012. Same account first was 30 and then became 60, 90, and finally 120. I paid it off and closed the account in oct 2012. Perfect history since then. I have over 130k in available credit, 11 percent utilization, 4 new chase cards all in the last 6 months. . 29, 15, 13 inquires. People love pulling experian but I dont think inquiries really mean anything. My ficos are 741, 748, 758. I just got approved for a new bmw over the weekend with top tier credit. The highest any of my scores have reached so far is 761, but I think I will beat that soon when I lower the utilization with the two dollar trick. I think 800 is possible for me, even with the bk and 4 lates showing on my profile. 

[Anonymous]

If you have a 30, 60, 90 and 120 showing all in a row on your credit report, that is not viewed as 4 lates; it is viewed as 1 late payment with the severity being that of the worst status... in this case, 120 days.

[Anonymous]

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@Credit_hawk wrote:

A 30,60,90 day late IS a derogatory. They're one in the same. I think it's just semantics.

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It is semantics, but late payments are considered delinquencies not derogatories.  The presense of delinquencies however can give you a derogatory score card, as evidenced by T. Thumb's image posted above.  Not that the language really matters as they are both obviously negative items that adversely impact score.