10 year old BK now gone, but score drops

[tooleman694]

Score dropped about 20 points on my EQ Fico when this 10 year old BK finally fell off. wow.

[pizzadude]

I'm guessing that you were rebucketed into a cleaner scoring bucket....like a scoring bucket with no PRs.    Do you have any negatives or other derogatory information on your reports ?

[tooleman694]

I have a 6 year old collection that I paid off in Jan, I paid it before I knew better.

Other then that, I defaulted on my student loans in 2009 and had them rehabbed. They show 120 day lates.

I started rebuilding last year, I have 4 accounts still under the one year mark. So my file is very thin, but my util is under 10 percent with 3 credit cards reporting.

[pizzadude]

It looks to me like you were rebucketed into another scoring bucket ( lates/collections but without PRs ).

[hotpoint]

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@tooleman694 wrote:

Score dropped about 20 points on my EQ Fico when this 10 year old BK finally fell off. wow.

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Hello and Congratulations and the BK drop - (sorry about the 20 pt), but it'll recover soon enough.  Question! Can you share when you filed the BK, did it drop early or on time?

Thanks,

HotPoint

[Anonymous]

Is probably the rescoring like was previously posted. Its different for everyone, I got mine off after 8 years from equifax and jumped like 70 points but I have well established myself post bk with a flawless report. If affects everyone differently

[Jlu]

Rebucketing.

[dewydimwit]

What is rebucketing?

[pizzadude]

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@dewydimwit wrote:

What is rebucketing?

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The FICO scoring model groups people with similar credit profiles into scoring "buckets", which essentially grades on a scale.    Your FICO score growth potential can be limited if you have major derogatory items like PRs, collections, etc...  When the negative items drop you subsequently land in a "clean" scoring bucket, and although your score might drop, you'll have a higher FICO score ceiling.

[compassion101]

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@pizzadude wrote:

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@dewydimwit wrote:

What is rebucketing?

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The FICO scoring model groups people with similar credit profiles into scoring "buckets", which essentially grades on a scale.    Your FICO score growth potential can be limited if you have major derogatory items like PRs, collections, etc...  When the negative items drop you subsequently land in a "clean" scoring bucket, and although your score might drop, you'll have a higher FICO score ceiling.

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Has rebucketing ever been acknowledged by FICO or is it mostly theory?