@Anonymous wrote:Hi all,
Lots of folks here understand scoring better than I, so hoping someone can explain a mystery to me.
After not using credit for a long time (hit a real bad spell years ago), I'm rebuilding and have been trying to bump my score up so that I can refinace auto.
I'm just shy of the rangge I'm trying for to refi and thought I had it, but appearantly not?
I'm focusing on Experian score because I know my lender uses EX 98 v2, so using EX Fico 8 to give me an idea.
current score is EX 678. I had 2 collection accounts lowering me, One 6+ years ago and closed, the other 3+ years and open.
I thought if I got the open, more recent CA removed that I would get a small bump and put me where I want to be. I did my homework and was successful at getting the open baddie removed. But no change at all to score, still 678. I'm really bummed, was expeccting some positive bump.
Could this be right, shouldn't it moved something?
Thanks for any insight you can provide.
Welcome to the forums!
Did you check the score report and the CA is gone?
I will tell you my experience with tax liens: I had 3, the first didn't move an inch, the second moved me 5 points, and I still have one left on a Beacon 5.0 score. The more derogatories you have a given type, the less damage each successive one does, but likewise when they come off the less they'll move upward.
There's a few more complicated things which may help explain it but realistically those are the primary ones.
Oh third thought, how large was the collection? <$100 aren't counted under FICO 8 but they absolutely are on EX Risk Model v2 (EX '98). That might explain the non movement too. TBH there isn't a lot of correlation between EX FICO 98 and EX FICO 8 unfortunately. Out of curiosity which lender are you referring to that still uses that score?
