new fico report out

[alberta80]

the new new fico report shows how many points are lost for certain things and how long it takes to fully regain the points.\

the total points lost also depends starting score. ie  i person with a 680 credit score will lose 60 to 80 points for a 90 day late and will regain all points in 9 months.

[Ridewithme38]

Where did you see this?

[TheGardner]

Interested as well, you didn't site any source..

[Whitneyy]

And where can you obtain this?

[alberta80]

I  guess my point is alot of posters say that 90 day derog hurt your report the whole 7 years this does not seem to be true,

the lenth of time the derog hurts has alot to do with the starting credit score.

A score of 780 does take 7 years to fully recover.

A score of 720 takes 3 years

And 680 takes 9 months

[alberta80]

The information was found at creditcards.com.

the title of the article is      Fico reveals credit score damage from mortgage late pays and forclousures.

Very good read

[TheGardner]

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@alberta80 wrote:

I  guess my point is alot of posters say that 90 day derog hurt your report the whole 7 years this does not seem to be true,

the lenth of time the derog hurts has alot to do with the starting credit score.

A score of 780 does take 7 years to fully recover.

A score of 720 takes 3 years

And 680 takes 9 months

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Where did you see this? Have a link?

the point is you can "recover"  in a year but that is discounting the fact you would have been over 700 in that same amount of time.

[alberta80]

The report says "fully recover"

sorry not good at showing links but showed site and article name. if some one else is better on computer can the post for everyone.

[TheGardner]

Recovery of the score not the lost points. The months of on time payments etc will give you the appearance of a full recovery (getting back to 680) but its not a true full recovery.

in this theory a person who has a 680 score and is 90 days late would have a better score in 6 years than someone with a 780 score but had a 90 days late (would have likely dropped below 680 at time of delinquincy) as the latter would still have another year of penalty left. 

Just saying dont take too much from that.. It will effect everyone for 7 years, of course unless your goal was just to maintain a 680 score.

[alberta80]

This is only the second time i beleive Fico has given any clue on how the system effect diffent scores.

Just thought it is a good read for people hearing it from the companies mouth