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Is there something I am not getting?

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jcstarkey8826
Established Contributor

Is there something I am not getting?

Ive read so many threads on this site about people with 5 or more medical collections, multiple CC collections, multiple judgements, and high debt, yet their score is higher than mine??? I have one medical collection 7k, one cc collection and judgement 1k, and one student loan collection $0. I have a current CC never late, auto loan, never late, and 2 student loans with 6 years of history (14 late payments) Ive been working for the past two years to boost my score to buy a home and wonder if there is something im missing? suggestions please Smiley Happy

In my wallet: Discover it 6800 CL, Capital One Quicksilver Sig 5k CL, Chase Freedom 4k CL, GCU Patinum Visa 1500 CL
Message 1 of 13
12 REPLIES 12
drkaje
Senior Contributor

Re: Is there something I am not getting?

 Three collections,14 late payments on an existing loan, and a judgement might be your answer. It's not really possible to see or guess why or someone improved without seeing the entire picture or how collections or COs report. Also, reporting with OC vs Collector can impact scoring. Age of accounts, utilization, etc...

 

There are just too many variables. Comparing your situation to others will cause insanity, LOL!


Starting Score: 675
Current Score: EX 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


Take the FICO Fitness Challenge
Message 2 of 13
llecs
Moderator Emeritus

Re: Is there something I am not getting?

Ditto. Don't compare your profile with others. You don't know how those baddies report, or even how old they are. Maybe they are 6+ years old and are about to fall off, and maybe yours are newer. Maybe they had a length of history 20+ years old with the age propping their score up. You never know.

 

I did the same when I was first on here. I personally like to discredit (in my head) others' scores. I've found that a good number of posters aren't even posting a FICO score. Many post a FAKO meaning their FICO could be much lower (or higher). That would skew the results in your mind.

 

You'll see additional gains as you get the baddies removed, and util down, if an issue.

Message 3 of 13
jcstarkey8826
Established Contributor

Re: Is there something I am not getting?

ok, in two years almost everything negative will be off of my report. I guess ill just have to wait it out. I know there are several variables, but it was still blowing my mind how someone could look at bankruptcy 50k collections, multiple judgements, etc. and say they have a lower risk than I do seeing my recent (2+ years) consistency lol crazy FICO!!!! So many headaches, but thanks for the help!

In my wallet: Discover it 6800 CL, Capital One Quicksilver Sig 5k CL, Chase Freedom 4k CL, GCU Patinum Visa 1500 CL
Message 4 of 13
drkaje
Senior Contributor

Re: Is there something I am not getting?

Best thing to do is look up success stories regarding the creditors and see when/how goodwill worked. Everyone's credit journey, repair or not, is very different. Smiley Happy


Starting Score: 675
Current Score: EX 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


Take the FICO Fitness Challenge
Message 5 of 13
jcstarkey8826
Established Contributor

Re: Is there something I am not getting?

after a couple years of disputing and attempting repair, I posted another topic asking for success stories. Mistake... haha Just makes me depressed that none of my work is paying off as much, but im moving past that. Just going to keep working away, and one day ill have that home. thanks!

In my wallet: Discover it 6800 CL, Capital One Quicksilver Sig 5k CL, Chase Freedom 4k CL, GCU Patinum Visa 1500 CL
Message 6 of 13
Anonymous
Not applicable

Re: Is there something I am not getting?

all of our fico scores are like snow flakes... they are all unique just to us <3

Message 7 of 13
Roarmeister
Frequent Contributor

Re: Is there something I am not getting?

I suggest that a direct comparison with someone else is not going to be accurate because of the variables that you don't know.

Check out the Fico Score Simulator http://www.myfico.com/ficocreditscoreestimator/estimator.aspx to get another view of your score.  You can use it to play around with to see how quickly you can rebuild your credit to where you need to be.

Starting Score: EQ 732 October 2007; Current Score: EQ 839; TU 865, July 2022;
Oldest Reporting EQ Account: 20.4 years; EQ AAoA: 9.9 years;
ACTUAL Oldest account 40.1 years; ACTUAL AAoA 19.3 years.





Message 8 of 13
jcstarkey8826
Established Contributor

Re: Is there something I am not getting?


@Roarmeister wrote:

I suggest that a direct comparison with someone else is not going to be accurate because of the variables that you don't know.

Check out the Fico Score Simulator http://www.myfico.com/ficocreditscoreestimator/estimator.aspx to get another view of your score.  You can use it to play around with to see how quickly you can rebuild your credit to where you need to be.


Turns out my score wasnt as bad as I thought, I had a duplicate 7k medical collection I had removed brought me up over 30 points. I used the fico simulator and it said if I paid my old credit card debt (which I am) Ill be between 608-638, and if I pay my bills on time for 6 months (which I do/will) Ill be between 626-656, but is there a way to calculate if I do both? (because I am) also, is it very accurate?

In my wallet: Discover it 6800 CL, Capital One Quicksilver Sig 5k CL, Chase Freedom 4k CL, GCU Patinum Visa 1500 CL
Message 9 of 13
Roarmeister
Frequent Contributor

Re: Is there something I am not getting?

The simulator will give you a range of what your score will be so if the range is 30pts I am assumming an accuracy of +/- 15pts.  Since there is a great amount of variation between the scoring models and the limited number of questions it asks, I don't think it will be any more accurate than that.  Assuming you take the actions you are planning on and then check back in 3 months and 6 months on your score you will see some rise.  Then you will know if the simulator is accurate enough for your purposes.

Starting Score: EQ 732 October 2007; Current Score: EQ 839; TU 865, July 2022;
Oldest Reporting EQ Account: 20.4 years; EQ AAoA: 9.9 years;
ACTUAL Oldest account 40.1 years; ACTUAL AAoA 19.3 years.





Message 10 of 13
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