How many buckets

[Anonymous]

how mant different buckets are they???

[Anonymous]

do anyone what order they specify?

[Anonymous]

Currently 10 going to 12 in FICO 08.

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maxima1 wrote:

how mant different buckets are they???

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[fishbjc]

Could someone explain, what these buckets are?

[Anonymous]

Bucket or scorecards are how FICO seperates groups of people-

I guess the best way to explain this is like a curve-

I would not want to be compared with someone with 30 years of history, never late, and someone with a BK definitly would not want to be. 

That is why there are seperate buckets- how likley you are to default on a credit obligation in comparison to peers with a simialr profile.

Like people with a very young/thin profile

or

With a public record (like a BK)

or

Has a very thick/old file

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fishbjc wrote:

Could someone explain, what these buckets are?

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[Anonymous]

I don't think it makes sense. The score itself should handle that. So basically, if you have say 750 and fit that profile and are 30 days late, you get slammed more then someone with a 550 who is 30 days late (again), presumably because the former is exhibiting uncharacteristic behaviour which might indicate a collapse (?). I'd think the former would in fact be more likely to arrest that slide/mistake, whereas it should count HIGHER on the latter since it is re-enforcing bad behaviour. SO. If I had to guess why there are 'buckets' I'd say it is a great way to get people on the low-APR pedestal down faster and raise their rates on their existing loans.

Message Edited by nyccc2 on 02-10-2008 07:11 PM

[gdtobefree]

DANG! I am already at the bottom of the bucket right now, where else are they going to move me now?

[Myhearts]

Question:  So say I am in the bucket with the other BK7'ers and my 10 year deadline comes up for the BK to drop off and my scores are in the 700's.  How is the bk dropping off going to affect my fico scores and I know that I would be in the bottom of the new bucket category with new people "like me", is that going to decrease my score even more?

Hearts

[Anonymous]

Funny thing is:

There is currently only 2 "Bad buckets" and they are increasing the number of "Bad Buckets" to 4!!!!

So with FICO08 there is a spot for you in bad bucket #3.

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gdtobefree wrote:

DANG! I am already at the bottom of the bucket right now, where else are they going to move me now?

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[Anonymous]

Well- It could go either way-

You will be in a bucket with others like me with NO PR's.

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Myhearts wrote:

Question:  So say I am in the bucket with the other BK7'ers and my 10 year deadline comes up for the BK to drop off and my scores are in the 700's.  How is the bk dropping off going to affect my fico scores and I know that I would be in the bottom of the new bucket category with new people "like me", is that going to decrease my score even more?

Hearts

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