Fico experts- drop some knowledge on me

[Anonymous]

So I have a few overall questions. I completed my rebuild, got the cards I wanted and now I'm gardening. My only concern is.. where is my peak score at? Am I stuck in a dirty scorecard group?

I increased my scores over 100 points in 6 months. I had 5 collections all completely removed, 4 chargeoffs paid. (They were all 4 capital one and reporting, killing my utilization). I feel like now I'm going to be stuck in the 650-669 plateau until my accounts age considerably (14 new accounts in 12 months)

My questions are..

Current AAOA- 2 years, 4 months. When would a score increase happen? 3 years? Or I guess when does it go from fair to good?

My 4 chargeoffs show a billion late payments for 2 years until I paid them off.. when does the healing begin? Now? 6 months? My TU says recent missed payment? I guess cause I paid them?

When do all my new accounts become not new?

My grades on fico8 are...

New credit - poor
Payments - good (shows 4 late payments)
Credit mix - exceptional
Utilization - very good (24%)
History - fair

I guess what I'm trying to say is.. the big score increases are over now that I've cleared the baddies.. it's going to be a slow and steady jog to the top. What will I be looking for? When will the late payments stop killing my score? (Just paid the charge offs a couple months ago).

I know I could decrease utilization to 8.9% but I'm not looking to max my score yet.. just increase it steadily.

[Anonymous]

You can start to see some increases as your individual inquiries and new accounts reach the 1 year mark, provided you don't add new ones. The lates will continue to haunt you until they fall off in 7 years, diminishing as they age.

[Anonymous]

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@Anonymous
Payments - good (shows 4 late payments)

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I'm not sure what fluff software you're using that is telling you this above, but when it comes to payment history there's really just "exceptional" (no late payments) or "poor" (1 or more missed payments).  If someone has a single 30-day late perhaps one could argue that is "fair" or even "good" since it wouldn't result in the assignment of a dirty scorecard, but if even a single late payment is of 90-day severity or greater, that's poor payment history no matter how you cut it. 

What is the severity of your late payments?  If any are 90+ days late, as the above reply stated your scores will be adversely impacted in a big way for 7 years.

[SouthJamaica]

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@Anonymous wrote:
So I have a few overall questions. I completed my rebuild, got the cards I wanted and now I'm gardening. My only concern is.. where is my peak score at? Am I stuck in a dirty scorecard group?

I increased my scores over 100 points in 6 months. I had 5 collections all completely removed, 4 chargeoffs paid. (They were all 4 capital one and reporting, killing my utilization). I feel like now I'm going to be stuck in the 650-669 plateau until my accounts age considerably (14 new accounts in 12 months)

My questions are..

Current AAOA- 2 years, 4 months. When would a score increase happen? 3 years? Or I guess when does it go from fair to good?

My 4 chargeoffs show a billion late payments for 2 years until I paid them off.. when does the healing begin? Now? 6 months? My TU says recent missed payment? I guess cause I paid them?

When do all my new accounts become not new?

My grades on fico8 are...

New credit - poor
Payments - good (shows 4 late payments)
Credit mix - exceptional
Utilization - very good (24%)
History - fair

I guess what I'm trying to say is.. the big score increases are over now that I've cleared the baddies.. it's going to be a slow and steady jog to the top. What will I be looking for? When will the late payments stop killing my score? (Just paid the charge offs a couple months ago).

I know I could decrease utilization to 8.9% but I'm not looking to max my score yet.. just increase it steadily.

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1. There is no peak score. Your scores can keep going up until you get to perfect scores.

2.  You haven't "cleared the baddies" if you still have lates showing up on your reports.

3.  Yes it's a "slow and steady" trip to the top.

[Anonymous]

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@SouthJamaica

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1. There is no peak score. Your scores can keep going up until you get to perfect scores.

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It is important however to recognize that when in a dirty scorecard (which the OP is) that there will be a ceiling on his scores until all of those negative items are gone.