cancel
Showing results for 
Search instead for 
Did you mean: 

Derogatory marks with high credit score

Senior Contributor

Re: Derogatory marks with high credit score


MissingCalifornia wrote:

Credit_hawk wrote:

I could be wrong but I don't think it's possible to get your credit above 750 with derogatory marks. Though I suppose anything is possible.  I mean if it's near falling off I guess you could have high 700s with derogatory marks.


My TU and EQ are 774 and 769 respectively with an old Verizon "collection" that I paid in full.  That one account reports in the 5-6 year ago range.  The one single time it got me a denial was for a CLI with Citi (and quite honestly the rep I spoke with on the recon call was at a loss for words that they used that as the reason for the denial).  Everything else I have applied for has resulted in instant approvals.


+1

Gardening since 10/01/18 Gardenversary 10/01/20 Score: xx/xx/xx EQ xxx TU xxx EXP xxx
Current Score: 781
Goal Score: 800
Take the myFICO Fitness Challenge
Message 41 of 59
Senior Contributor

Re: Derogatory marks with high credit score


Melancholy_Bourgeoise wrote:

"Until you've proven your worth" --- that's a relative term to the credit companies apparently....one other user on here said she had been rebuilding her credit for over a year and had one late payment and they canceled all her accounts. In...sane....


Not necessarily insane, rebuilding can be a complicated time. You have to make sure to stay on top of things.

Gardening since 10/01/18 Gardenversary 10/01/20 Score: xx/xx/xx EQ xxx TU xxx EXP xxx
Current Score: 781
Goal Score: 800
Take the myFICO Fitness Challenge
Message 42 of 59
Senior Contributor

Re: Derogatory marks with high credit score


CAPTOOL 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.


Agreed! If I stick with my current plan, I could see an 800+ score on all 3 reports in 2017. I still have delinquencies reporting on a PIF vehicle loan.

Gardening since 10/01/18 Gardenversary 10/01/20 Score: xx/xx/xx EQ xxx TU xxx EXP xxx
Current Score: 781
Goal Score: 800
Take the myFICO Fitness Challenge
Message 43 of 59
Super Contributor

Re: Derogatory marks with high credit score


EdMan63 wrote:


Well you can say they don't mean anything but I just had 2 inquiries age to a year on my EX and my score went up 10 pts from 793 to 803. That's may not be a huge difference but it can be the difference of Good or Very Good in terms of credit score categories. In my case it went from Very Good to Exceptional. That can mean a lot when applying for a mortgage. 


Keep in mind that all of that "good" and "very good" and "excellent" and "exceptional" or whatever terminology is used is all fluff; it's not consistent among different sources.  Some places show 720+ as being "exceptional" or "excellent", others 740, some 760, some 800. 

 

I can tell you that anyone with a 793 score can get everything that a person with a 803 score can get, regardless of what words are assigned to their score.

Message 44 of 59
Super Contributor

Re: Derogatory marks with high credit score


iced wrote:

Do major derogs also hurt less over time (as the article states) or do they significantly hurt a score for the full 7 years they're on it (as the "not given for major derogatory" infers from the Fed doc)? This has caused me some consternation as I have seemed to have hit a glass ceiling at 750-775 (my worst baddie is a 150 day late from 2012), but I also find it hard to believe I'm going to wake up one morning in 2019 to a 50+ point jump into the mid 800s.


You've achieved over a 759 FICO 08 score with a major delinquency (120 day late)?  That's worthy of discussion, as from what I understand no one has reported over a 759 score with the presence if a major on their report.  Minors yes, but not majors.  This is great news for others (like myself) with majors Smiley Happy

Message 45 of 59
Regular Contributor

Re: Derogatory marks with high credit score

Well to give you some hope I have one derogatory collection which I PIF falls off next year. I just got approved for a $56k car loan at the lowest possible rate and also applies for penfed CC and was also aprroved. My score was 716
Starting Fico Score: 595
Current Fico Score: 698 as of 3/16
Goal Score: 720's across the board
Message 46 of 59
Established Contributor

Re: Derogatory marks with high credit score


Increase-700 wrote:
Well to give you some hope I have one derogatory collection which I PIF falls off next year. I just got approved for a $56k car loan at the lowest possible rate and also applies for penfed CC and was also aprroved. My score was 716

Nice! I can't even get a car loan with a 717 & a clear report on Experian.

Current FICO 8's: EX 713, TU 707, EQ 712
Gardening for 8 months so far
Oldest TL: 6yr 7mo - AAoA: 3yr 1mo - INQ: EX(4) - EQ(0) - TU(3)
Plans: Pay off medical debt; Get a car
Message 47 of 59
Member

Re: Derogatory marks with high credit score

Anything is possible. My bmw was a 71k msrp and I qualified with best rate possible from BMW financial, no questions asked. With a BK and a 120 day late, I am still at 750-761. I also expect it to go up quite a bit more. 

Message 48 of 59
Valued Contributor

Re: Derogatory marks with high credit score


BrutalBodyShots wrote:

iced wrote:

Do major derogs also hurt less over time (as the article states) or do they significantly hurt a score for the full 7 years they're on it (as the "not given for major derogatory" infers from the Fed doc)? This has caused me some consternation as I have seemed to have hit a glass ceiling at 750-775 (my worst baddie is a 150 day late from 2012), but I also find it hard to believe I'm going to wake up one morning in 2019 to a 50+ point jump into the mid 800s.


You've achieved over a 759 FICO 08 score with a major delinquency (120 day late)?  That's worthy of discussion, as from what I understand no one has reported over a 759 score with the presence if a major on their report.  Minors yes, but not majors.  This is great news for others (like myself) with majors Smiley Happy


The next time it goes over 759 I'll send you a screenshot if you like. This month FICO via Citi (Experian?) is showing 753. I wish Vantage scores mattered more; I'm over 800 on TU Vantage. I only have 3 cards + a DCU checking account (which isn't FICO8), so I don't have a good (read: free) way to constantly check all 3 bureau FICO scores. I watch the reports more, which between Experian's free report and CK, I can cover the 3 bureaus for free.

 

Based on your statement, can I reasonably surmise if all of the 90 day or worse lates fall off, my score would then be over 800? There's two accounts (one open and one closed) showing 90 day or worse late payments in their history.

Message 49 of 59
Member

Re: Derogatory marks with high credit score

i suppose it depends on the lender. I haven't had a score over 740 so I don't know. But when shopping for auto loan I did get turned down by suntrust. Moreover, Chase countered my amount--I was asking for 43k and they said they would finance 33k. Wells fargo approved me at 5.6 percent while Bank of America approved me at 3.2 percent. Capital One Approved at 3.99.

When it comes to Credit Cards i haven't been denied outright other than chase refusing to extend any more credit. two cards are at 24k and the third they didnt want to extend more. Today after shopping for auto financing last month and had a bunch of credit pulls, plus in the last 6 months opened 4 credit cards and 6 or 7 in 12 months, I opened another today from BofA. They approved me for $14k and I have a bunch of inquried right now.

 

Message 50 of 59