Should I expect to be rebucketed??

[Kiwill]

As some of you might have read in earlier posts of mine, I am going to be reaching a major credit milestone this November.  My only two derogs will be permanantly deleted from my Credit Report.  In anticipation and from reading topics here, should I expect to be rebucketed in November if my credit reports show the following: 

- 30yr credit history [AU CC]

- most recent account opened more than 12 mos ago

- all accounts being paid as agreed

- 12 revolving accounts, 3-4 accouns with a small balance [12-20% overall utility]

- 2 installment accounts, 1 shows a balance the other 0 balance

- no mortgages

- 1-2 inquiries in last twelve months

Sorry if i'm being pesty.  I am getting so anxious and I don't want to be surprised if/when I am rebucketed just when my last two baddies fall off.

Thanks in advance.

[cdtotten]

Are they serious derogatories? If so, then yes, you should expect to be rebucketed. It might not help your score (potentially opposite) from the start, but your score will grow much quicker in that bucket.

[BungalowMo]

I'm going to say yes!  I know I was rebucketed when my only collection fell off, even tho I still had other derogs (90 late, 30 late on another, etc).  When FICO sees NO derogs, I think that another bucket just waiting to happen!!

I'd be SO excited!!!!   Congrats!  

[Kiwill]

Yes they are serious derogs.  BungawMO, from everything I hear around here about be rebucketed into a higher fico bracket, yes I am very excited about it and scared at the same time.  Usually, how long does it take to rebound from being rebucketed?  My plan is to enter into 2010 WITHOUT any subprime cc's.

[Anonymous]

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@Kiwill wrote:

As some of you might have read in earlier posts of mine, I am going to be reaching a major credit milestone this November.  My only two derogs will be permanantly deleted from my Credit Report.  In anticipation and from reading topics here, should I expect to be rebucketed in November if my credit reports show the following: 

- 30yr credit history [AU CC]

- most recent account opened more than 12 mos ago

- all accounts being paid as agreed

- 12 revolving accounts, 3-4 accouns with a small balance [12-20% overall utility]

- 2 installment accounts, 1 shows a balance the other 0 balance

- no mortgages

- 1-2 inquiries in last twelve months

Sorry if i'm being pesty.  I am getting so anxious and I don't want to be surprised if/when I am rebucketed just when my last two baddies fall off.

Thanks in advance.

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Depends if they are major derogs, like CA's, or just lates.  If major, then yes you should see a nice jump.  If they are lates that are aged almost 7 years...then not so much so...though the higher the late (90, 120+) the more impact they have.

[Kiwill]

Thanks txjohn.  They are both very major derogs; 1 installment charged off and the other is a repossession.  The DOFD dates back to 2003 and both CRB's estimate November of 2010 deletion.      My EQ Score is lower than TU because the OC wrongfully reported last october that I was also 120+ days late back in August of 2008, which made my score drop the 30pt difference from my TU score.  So is it true that I should not only get my 30pts back but even more because the derog will be deleted?  Also, you said I should see a nice jump if the accounts were serious derogs?  You don't think I might lose points when FICO rebucket me?

[jaysdad2k]

When my very last baddie (a judgment from 2002 for 200 bucks!) fell off last May, my TU went up 40 points and my EQ went up 52. Then I went on an app spree. I added 3 new accounts with a total CL now over $13,000. I have since regained all but 5 points from TU and EQ stubbornly is holding at -14.

I guess I'll get it all back this May.

So my prediction is: Yes, you will be re-bucketed and you'll like it!

[Jazzzy]

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@Kiwill wrote:
Thanks txjohn.  They are both very major derogs; 1 installment charged off and the other is a repossession.  The DOFD dates back to 2003 and both CRB's estimate November of 2010 deletion.      My EQ Score is lower than TU because the OC wrongfully reported last october that I was also 120+ days late back in August of 2008, which made my score drop the 30pt difference from my TU score.  So is it true that I should not only get my 30pts back but even more because the derog will be deleted?  Also, you said I should see a nice jump if the accounts were serious derogs?  You don't think I might lose points when FICO rebucket me?

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Did you dispute this?

[Kiwill]

Hi Lynette, yes I disputed this and they keep saying the information was verified.  I just decided to give up and wait until it deletes because I have no clue what they will do next to damage my score.  Is there anything you suggest?  I wish I could show you my credit report.  I disputed the item in September-09 and in October, the OC reported that I was 120+ days late as of August of 2008, making this a recent late and dropping my score 30pts.  .  However, it shows ok for every month before and after that month.  How could I possibly be 120+ days one month and the months prior are paid "ok"?  They haven't updated the report since then so its obvious they just did that to upset me and keep my score low.  I'm just soo tired of it that I just left it along, I woke the sleeping giant when I shouldn't have. 

[Jazzzy]

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@Kiwill wrote:

Hi Lynette, yes I disputed this and they keep saying the information was verified.  I just decided to give up and wait until it deletes because I have no clue what they will do next to damage my score.  Is there anything you suggest?  I wish I could show you my credit report.  I disputed the item in September-09 and in October, the OC reported that I was 120+ days late as of August of 2008, making this a recent late and dropping my score 30pts.  .  However, it shows ok for every month before and after that month.  How could I possibly be 120+ days one month and the months prior are paid "ok"?  They haven't updated the report since then so its obvious they just did that to upset me and keep my score low.  I'm just soo tired of it that I just left it along, I woke the sleeping giant when I shouldn't have. 

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Unbelievable. Do you think this Aug 08 "late" payment will continue to report for 7 years?

Have you posted about this situation on the Rebuilding Your Credit forum? I'm no expert...but there are certainly some experts there who have been through a lot. I'd try there for advice on a dispute letter that you can write and send hard copy to the CRA. I believe there is wording you can use that can force the CRA to actually verify the late payment instead of just getting a cursory "verification" from the OC...or else delete.

I'd start a thread over there and try to get input.