Is this a double whammy for the same thing?

[granny031350]

I pulled my Experian report yesterday.  Score is 609.  (TU and Equifax are both 633 and 641 respectively)  In the "how lenders see you" these items are listed.  Now I do have bankruptcy on my credit report.  However, why is this comment listed 2 times.  I realize the word "recent" is in number 3 but I filed in August 2005.  Both TU and Equifax indicate that "this hurts less as it ages".  So what gives with Experian?  Are they using Fico 08 and that is why this score is lower?  

You have a public record or collection, as well as a serious delinquency on your credit report

You have a recent public record or collection on your credit report.  (3 years is recent?) !!!

[haulingthescoreup]

Although somebody out there might be using FICO 08, it will be a long time before we can pull FICO 08 scores here, I think, as myFICO waits until a new score formula is being used by 50% or more of lenders before switching to it here.

Thus the long wait to change our myFICO TU score from TU 98 to the "new" TU 2004.

I *think* that you're getting hit for two very slightly separate things. It looks like it's saying that it's bad that you have a "recent" collection (#2), but in addition to the collection, you also have one or more serious derogs (#1.)

It seems awfully nit-picky, but that's Experian for you, I guess. I suppose they're saying that a serious derog is bad, and a collection is bad, but if you have both going on, it's especially bad. Extra points off for the combination.

Anyone out there know how old a collection has to be before it's no longer considered "recent" by the scoring formulas?

[granny031350]

I have no collection accounts on any of my credit reports.  I have 2 derog accounts on each report that were IIB and zero balance.(included in 2005 filing but were not late prior)  Everything else has fallen off except for the bk reporting and that was in 2005.  I have 14 positive tradelines.  NONE have been late since 2005.

Message Edited by granny031350 on 07-04-2008 12:14 PM

[haulingthescoreup]

Wow, sorry, the coffee hadn't kicked in yet. I should have said BK instead of collection. Are derogs that were included in BK supposed to be scorable as well? I thought that the formulas only looked at the worst derog, the BK in your case.

That stinks. In football, they'd call this "piling on."

I'm going to try to get some others more familiar with BK's on this thread. And it might do a bit better over on General Credit Issues than here, so let us know if you'd like us to move it over there.

[granny031350]

feel free to move it if someone might have any idea on how to approach it.  I just believe that it is like a double hit for the BK filing, which I realize is a serious derog.  I don't mind taking the credit hit for it once though, but twice.  It makes it look like it was filed "recently" and it wasn't.  I went back and looked at my TU and Equifax and both say

The public record on your credit report happened a long time ago. 

  and it is although not "helping" my score, doesn't hurt it as much.

I realize all three have different credit scoring criteria as in what counts and why but Experian seems to like to kick you when you are down just to make sure you understand that getting up will be a lot harder with them.  I must have really made them mad.

[Anonymous]

It's not a double whammy.  Well, actually it is, but it's the way it's supposed to work.

You only get hit for the worst and most recent derog on each tradeline.  This does not apply to the report as a whole.  Since you have multiple tradelines that are marked IIB, you are getting hit for each one of them.  In addition, you're getting hit for the BK itself.

So the way I see it, factor #1 refers to your IIB accounts, and factor #3 refers to the BK PR.

Edit to add:  Yes, 3 years is quite recent in the credit scoring world.  Time moves verrrrry slowly when it comes to credit reporting and scoring.

Message Edited by cheddar on 07-04-2008 10:27 AM

[Anonymous]

I used to have these same 2 comments appearing on my EX report under "understanding your FICO score"

I had no public records but did have a charge off, a collection, and 2 accounts with late pays, one of those accounts had a 60 day late.

My collections are now gone and the only comment I get is

You have a serious delinquency (60 days past due or greater) or a derogatory description on your credit report.

In your case, I think you get this comment:

You have a public record or collection, as well as a serious delinquency on your credit report

Because you have a delinquency on your report in addition to the BK.

Then this comment:

You have a recent public record or collection on your credit report. 

Because of your BK.

I don't think you are getting hit twice for the same thing, one is referring to the lates, the other to the BK.

[granny031350]

so the 2 accounts that are IIB/zero balance refer to one comment and the BK itself refers to the other comment?  Both accounts are showing IIB/zero balance as of 8/2005 which is when I filed. One is a car and one was a credit card.  Ironic that on Equifax, the car account shows positive TL as paid as agreed.  (it was paid off in full in the BK)   I guess I will look forward to 2012 (not all that far away really) when both the BK and the derog accounts will be deleted.  (chapter 13 only stays for 7 years from file date) and my Chapter 7 will fall off in 2011.  So then I might hit 800 right?  LOL 

[Anonymous]

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granny031350 wrote:

so the 2 accounts that are IIB/zero balance refer to one comment and the BK itself refers to the other comment?  Both accounts are showing IIB/zero balance as of 8/2005 which is when I filed. One is a car and one was a credit card.  Ironic that on Equifax, the car account shows positive TL as paid as agreed.  (it was paid off in full in the BK)   I guess I will look forward to 2012 (not all that far away really) when both the BK and the derog accounts will be deleted.  (chapter 13 only stays for 7 years from file date) and my Chapter 7 will fall off in 2011.  So then I might hit 800 right?  LOL 

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Yes, you have the right idea about what the factors you listed are referring to.

As far as whether you'll hit 800 in 2011, that depends on so many other factors, it's impossible to predict.