cancel
Showing results for 
Search instead for 
Did you mean: 

5 to 6 years...and no improvement on credit score!

Highlighted
Valued Contributor

Re: 5 to 6 years...and no improvement on credit score!

What are your open positive accounts?
Do you have high utilization?
Scores hover around 800
Haven't been AZEO in over a year
Rome was not built in a day, neither is a good credit profile
Message 11 of 69
Highlighted
Regular Contributor

Re: 5 to 6 years...and no improvement on credit score!

Never heard about rebucking either but it makes sense for me. I'm definitely in a "dirty" bucket, with lots of chargeoffs/collections and two judgements.

 

All that said, my score has improved. I don't know if this info will help you but even with some setbacks it has gone up. I'm only listing my TU Fico 8 because that's all I've consistently tracked.

 

The simple version of the story:

 

8/16 - 560. My low point.

 

This was just after the last of my charge offs. 5 credit card accounts in collection at this point. Lates on my mortgage and SL.

 

12/19 - 651. Highest in years.

 

In between:

Two of my collections turned into lawsuits, then judgements.

Opened a new CC, personal loan, and auto loan. All currently in good standing.

Paid off existing CC acounts. Basically at zero UTI (1%) on my CC.

Paid of the personal loan I opened.

No new lates on my existing accounts.

 

The judgements are clearly holding me back, and I do plan to resolve them in 2020. Wish I could have done it sooner but I had a lot of back taxes to pay and that seemed way more important (no liens because of the taxes luckily).

 

Maybe that helps you some, I don't know. I can say that the progress has been very incremental, and some months I've had drops. But overall a 91 point jump. Slowly, but up.

 

 

 

 

11/17 - EX 614 | EQ 626 | TU 612
04/20 - EX 649 | EQ 645 | TU 661
Goal - EX 750 | EX 750 | TU 750
Message 12 of 69
Highlighted
Valued Contributor

Re: 5 to 6 years...and no improvement on credit score!


@sparky2star wrote:

Right.

 

Usually, after a couple of years, the credit improves. This has not been the case and I have paid off some accounts in full.

 

As of today, my credit score are these:

Equifax 521, Transunion 522, Experian 543

 

Repossession (car) - 8/2015 Charge off

Credit card - Debt $900 10/2014 Charge off 

Credit card - Debt $7000 10/2014 Charge off

Credit card - Debt $3000 10/2104 Charge off

Credit card - Debt $300  11/2014 Charge off (I actually paid this)

Credit card - Debt $2200  4/2013 Charge off

 

Collections for $7000 debt above (attorney)

Collections for $3000 debt above

Collections for $198.00 which I will pay.

 

So my question is "WHY" it hasn't improved one bit. That 520-540 score has been the same since 2015.

 

I have paid off three other debts that too did not improve the score. More than likely I will pay off the $900.00 debt. However, if these do not improve my score, frankly, there is no incentive to pay off the other debts, as 7 years will have passed by.

 

This is my confusion...

 

 


This is great information and explains your low scores but I have a question...

 

Do you currently have any open credit accounts? Your scores won't go up unless you are demonstrating good use of credit. Even with all the baddies on your report you should be able to get your scores into the low 600s by demonstrating good use of credit for at least 6 months.


Starting Score: EQ 653 6/21/12
Current Score: EQ 817 3/10/20 - EX 820 3/13/20 - TU 825 3/03/20
Message 13 of 69
Highlighted
Moderator Emeritus

Re: 5 to 6 years...and no improvement on credit score!


@CreditInspired wrote:

Okay, thanks.

 

You may be getting rebucketed. Here is a link to understand what rebucketing mean. But the key is--don't give up. There is a light at the end of the tunnel.

https://rebuildcreditscores.com/fico-scorecard-buckets/

 

Also, others will come along to shed more insight on what is happening.


Outstanding read! Glad you brought it forward for others to benefit from. Knew a lot of the information from others but, now I actualy read it for myself!  Smiley Happy

Starting Score: 300
Current Score: 850
Goal Score: 850


Take the myFICO Fitness Challenge
Message 14 of 69
Highlighted
Community Leader
Super Contributor

Re: 5 to 6 years...and no improvement on credit score!

Thanks Dinosaur.


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| NFCU CashRewards $30K || AmX Cash Magnet $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 15 of 69
Highlighted
Senior Contributor

Re: 5 to 6 years...and no improvement on credit score!

Unfortunatley with so many charge offs, you're likely going to have to wait out them falling off your CR before you see any real change. 

I waited and went without any major CC for ten years. My trouble happened in 02, and I didn't start getting back into the credit world until about 2011. Mostly with very small limits and secured cards as well as Banks like Merrick. It wasn't until 2016 when i started getting major cards like Discover, Citi, Chase, Amex etc.

 

If you don't have any current open accounts, I woukd suggest at keast getting a secured card ans then look into merrick. Having accounts in the positive reporting will help interim. 

 

 






Message 16 of 69
Highlighted
Moderator Emeritus

Re: 5 to 6 years...and no improvement on credit score!

So a couple of things. Rebucketing doesn’t apply if the core information, which in the derogatory scorecard means various delinquencies and records/collections, doesn’t change then you aren’t going to change scorecards other than maybe age that very much depends on what FICO model (generation) we are talking about.

Derogatory scorecards you can sit for years at a fixed score: I did. The same is true in the positive scorecards too if you have a mature and squeaky clean file (or as clean as it’s going to get, again material change in the data) you flatline too.

Now specifically for those in a rebuilding phase: you still need to be building positive tradelines and you should do that ASAP in opening some credit cards and even a small installment loan too.

From the scores listed, good chance there isn’t much in the way of positive history; also CO’s update monthly which is why they are so unfriendly but until paid or removed, pain arguably worse than a BK or previously tax liens as another example.

Anyway focus on the CO’s (charge offs) which are awful from a consumer credit scoring perspective, and not collections (CA = collection agency). I know the acronyms get confused as it is messy.



        
Message 17 of 69
Highlighted
Established Member

Re: 5 to 6 years...and no improvement on credit score!

Yes and Yes.

The positive accounts are as an authorized user. And yes the existing baddies are all high utilization.

 

As an authorized user. Not exact on the utilization but it's very low. One card it maybe around 15% and other cards 0%

 

This has been my biggest surprise as my credit card did not improve at all by being an authorized user. My partner has excellent credit. 

Message 18 of 69
Highlighted
Established Member

Re: 5 to 6 years...and no improvement on credit score!

Nmk94 this is a big help! Thanks for taking the time to write this and share it.

 

Those scores of starting and after were quite revealing too and good for you for improving it! I suspect the loan and paying it off were certainly instrumental in improving your score as it is an installment loan as well as the auto loan which you are paying off. Can I ask you what type of credit card you opened? It's ok if you don't want to say...

 

From this, I can do two things. One...getting an installment loan. Just keep it in the account and don't touch it. Perhaps a secured credit card as well if they are available. Does anyone know if there are secured credit cards?

 

 

Message 19 of 69
Highlighted
Established Member

Re: 5 to 6 years...and no improvement on credit score!

Thanks Jamie.

 

I do have open credit accounts but only as an authorized user which seems to have done nothing. Not sure if that counts. For the record, I have been an authorized user for 3-4 years. No improvement in credit score.

Message 20 of 69
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.