@Anonymous wrote:
Do you know if buckets are done based on two BK's or one?
My chap 13 will fall off but my Chap 7 will be falling off next year in March just wondering if that's what your referring to.
If you have any public record (BK, lien, etc.), you're in the public record negative bucket. 1 or 100 of them doesn't affect bucket assignment, although it might well affect your score within that bucket.
If you have a serious derog (60 day late over two years, 90+ of any age, collection, chargeoff), but no public record, you're in another negative bucket. Again, it only takes one.
As best as we've been able to determine, all the other buckets are driven by length of history, overall and/or average. So there's a new account bucket, brand-new-to-credit bucket, under 2 years, under 5 years, etc. And these numbers are guesses, based on what members have reported. For instance, my scores dropped when a new account went over 6 months old. Apparently I did better compared with those with new accounts, go figure.
But there are only two negative buckets, the ones mentioned above. The fact that it only takes one account that fits those categories explains why people often don't see much of a score increase when a collection etc falls off. It's when the last one goes that you see the major score hop. But since the others have to go before you get to the last one, it's still important to get your reports accurate and remove any incorrect negatives.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
