Is 700 Club Possible with "baddies"?

[Anonymous]

I've heard that your credit score can reach a "cap" or something to that affect...where it won't increase any furrther until baddies fall off or something to that affect.  Does anyone have any information (preferable facts not just opinons...any links?) they can share on the subject...I think i've reached the "cap".

Over the last month, I've been paying down my credit cards...trying to pay everything off or get them under 30%.  At first I was seeing significant increases with the balance decreases then it stopped. 

• 12pt increase--> 82% down to 27%
• 14pt increase--> 36% down to 27%
• 15pt increase -->87% down to 73%
• 13pt increase -->27% down to 0%
•  0pt increase -->67% down to 0%
•  0pt increase -->67% down to 1%
•  0pt increase -->0% down to 0%
•  0pt increase -->38% down to 0%

Baddies affecting my credit

Equifax – 680 fico 

21 Late Payments 30+ Days Late

19 Late Payments 60+ Days Late

10 Months since Most recent late Payment

0 Collections

Experian – 690 fico

21 Late Payments 30+ Days Late

19 Late Payments 60+ Days Late

10 Months since Most recent late Payment

0 Collections  

TransUnion – 661 fico

23 Late Payments 30+ Days Late

19 Late Payments 60+ Days Late

10 Months since Most recent late Payment

2 Collections – PAID

Explanation on my late payment (for those who will tell me how important it is to pay my bills on time) Most of the lates are 2 30-day late student loan payments on about 20 accts.  the rest are on a recently modified mortgage that we got behind on when my wife opened her salon.  I'm not sure why My Fico is stating the last late payment was 10 months ago...my modification finalized last month...last late paymetn according to MY records was in November. 

ANY help on this subject matter would be GREATLY appreciated. 

[Anonymous]

I think the late payments is the biggest thing holding you back. When are those falling off?

[Anonymous]

I have a foreclosure still showing on EQ/Ex and both are over 700 F8. My scores are not currently optimized, but the highest F8 score I have had with my foreclosure is 726.

[Anonymous]

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@Anonymous wrote:

I have a foreclosure still showing on EQ/Ex and both are over 700 F8. My scores are not currently optimized, but the highest F8 score I have had with my foreclosure is 726.

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how old is your foreclosure?

[Anonymous]

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@Anonymous wrote:

I think the late payments is the biggest thing holding you back. When are those falling off?

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NO time soon :-(. As I stated...I just finalized a medication on my mortgage...although my credit report say 10 months since last late...my mortgage shows that I have been in a PAID AS AGREED status since March...even though the last late payment was in November.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

I have a foreclosure still showing on EQ/Ex and both are over 700 F8. My scores are not currently optimized, but the highest F8 score I have had with my foreclosure is 726.

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how old is your foreclosure?

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Nearing 7 years atm.  I Crossed into the 700's around the 5.5 year mark.  I added 5 accounts right then which tanked my AAoA so scores dropped to 670's, but got back to 700's in around 4 months  

[RobertEG]

As for the issue of whether FICO imposes a "cap" if there are derogs, it usually depends upon whether the derogs are considered major or minor.

Before doing the final scoring, FICO does a preliminary evaluation of certain overall characteristics to determine which scorecard will be used in the scoring.

That is also referred to as "bucketing."

Presence of major derogs places scoring under payment history under a less favorable algorithm, which does impose a different level of scoring that could be consdered a "cap."   Major derogs are 90+ lates, charge-offs, collections, and public records.

Presence of mulitple, minor, delinquencies (i.e., 30 and 60-day lates) could also result in scoring under a less favorable scorecard, but the specifics have not, to my knowlege, been disclosed by Fair Isaac as to how many or their recency, may result in a lower scorecard.  That appears to remain proprietary trade secret information.

[kberly69]

I'm curious about this too. I am 7 months post discharge and can smell 700 on all three bureaus (I did hit that mark on EQ briefly). I can't wait to see where I land in a year or so, and beyond.

[Anonymous]

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@RobertEG wrote:

As for the issue of whether FICO imposes a "cap" if there are derogs, it usually depends upon whether the derogs are considered major or minor.

Before doing the final scoring, FICO does a preliminary evaluation of certain overall characteristics to determine which scorecard will be used in the scoring.

That is also referred to as "bucketing."

Presence of major derogs places scoring under payment history under a less favorable algorithm, which does impose a different level of scoring that could be consdered a "cap."   Major derogs are 90+ lates, charge-offs, collections, and public records.

Presence of mulitple, minor, delinquencies (i.e., 30 and 60-day lates) could also result in scoring under a less favorable scorecard, but the specifics have not, to my knowlege, been disclosed by Fair Isaac as to how many or their recency, may result in a lower scorecard.  That appears to remain proprietary trade secret information.

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Oh, well...maybe I'm SCREWED :-(...I have SERIOUS delinquencies...my mortgage act says 120-149 days late...I've read that can be as bad as a foreclosure.  so...how long will this hold my scores down?  I got a few more updates today...NO score change.  :-(

[Anonymous]

It'll affect you for 7 years since the 120 late payment event. But the further in the rear veiw that late gets, it'll have less impact. How long ago was the most recent?

And 700 is possible with baddies, I got a chargeoff for another two years and am just now entering the 700 range on multiple reports. But that's all I have.