FICO 10 & 10T

[Anonymous]

I was told that the new Fico 10 & 10 T will do a 2 year lookback. I have had a number have negative entries in my credit report going back to 2013 when I was invloved in a serious accident.

Will these new scoring model be able to see item that have fallen off my report.

The last negative entry falls off in September.

I was shocked when 2 negative entries fell off of TransUnion and my score increased by 114 points.

I have worked extremely to increase my credit score only to find out that Fico 10 will use the negative entries that have fallen off my credit reports.

Hopefully someone can explain this to me.

Thanks,

Brian

[Anonymous]

Scores are generated by what is on your report, so no

[Anonymous]

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@Anonymous wrote:

I was told that the new Fico 10 & 10 T will do a 2 year lookback. I have had a number have negative entries in my credit report going back to 2013 when I was invloved in a serious accident.

Will these new scoring model be able to see item that have fallen off my report.

The last negative entry falls off in September.

I was shocked when 2 negative entries fell off of TransUnion and my score increased by 114 points.

I have worked extremely to increase my credit score only to find out that Fico 10 will use the negative entries that have fallen off my credit reports.

Hopefully someone can explain this to me.

Thanks,

Brian

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@Anonymous Welcome. @Anonymous Is correct, you misunderstand. 

10T will look at your last two years of payment activity. The things that are removed at 7 or 7.5 years are gone, except for people that are borrowing very large amounts. 

[Anonymous]

The algorithm can only see/use the data available on your current credit report.  If a negative falls off, no scoring model can consider it.

[Anonymous]

Right, but it doesn’t actually fall off at 7 years old, it falls off at 10 because if you’re borrowing more than $150,000 or something, I forget the number, the credit report is allowed to contain negatives up to like 10 years I think it is. You can read the link in the Primer but I believe its $150,000.

What happens is at 7 years they hide it from all reports, it’s excluded from all reports, but it doesn’t actually fall off until like 10 years because if the amount is a certain amount then they’re allowed to include it for longer. It’s in the statute in the US code.

[NRB525]

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@Anonymous wrote:

Right, but it doesn’t actually fall off at 7 years old, it falls off at 10 because if you’re borrowing more than $150,000 or something, I forget the number, the credit report is allowed to contain negatives up to like 10 years I think it is. You can read the link in the Primer but I believe its $150,000.

What happens is at 7 years they hide it from all reports, it’s excluded from all reports, but it doesn’t actually fall off until like 10 years because if the amount is a certain amount then they’re allowed to include it for longer. It’s in the statute in the US code.

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Interesting.

So is that actually borrowing $150k or more, or having open credit lines of $150k or more?

[Anonymous]

From what I recall reading, it's $150k+ in one tradeline such as a mortgage. Retention of accounts for 7 vs 10 years would be on a case by case basis, based on the dollar value of each account. Your $200k mortgage would fit the criteria, but your aggregate $250k of revolving credit lines would not, as it's comprised of multiple accounts that are each less than that $150k threshold number.

[Anonymous]

@NRB525 No it’s not for a credit card, its if you’re borrowing that amount of money is my understanding, like a loan. When I get a chance, I’ll double check the amount and language for you.

[donkort]

How many entities actually use FICO 10 or 10T at this point?

[Anonymous]

Sorry for all of the typos.

My question looks like it came from a 10 year old.

These replies were put into my Spam folders so I am sorry for the late thank you shoutouts.

Brian