I have seen a few charts that suggest that derogs hitting the 6yo mark have a bit less ingluence on FICO's. These would be CO's with the accosiated 30, 60, 90 and 120 day lates. Is this the case or will there be nothing until they are gone and I am placed into a clean bucket? Thanks.
@spiritcraft1 wrote:I have seen a few charts that suggest that derogs hitting the 6yo mark have a bit less ingluence on FICO's. These would be CO's with the accosiated 30, 60, 90 and 120 day lates. Is this the case or will there be nothing until they are gone and I am placed into a clean bucket? Thanks.
I'd take that data with a grain of salt. I didn't see anything at 6 years that at least I could track with my own negatives, there's obviously one sometime before that with lates (recent late reason code) and I'm pretty sure there was a breakpoint on the PR scorecards (collection / BK these days) but as a general rule any big gain is going to be when clean with how scorecard segmentation works and the limits that puts on ones scores.
That said, pretty sure you can score higher than your listed scores even with the derogatories. Do you still have open CO's or are they paid and flatlined as a result already?
@Revelate wrote:
@spiritcraft1 wrote:I have seen a few charts that suggest that derogs hitting the 6yo mark have a bit less ingluence on FICO's. These would be CO's with the accosiated 30, 60, 90 and 120 day lates. Is this the case or will there be nothing until they are gone and I am placed into a clean bucket? Thanks.
I'd take that data with a grain of salt. I didn't see anything at 6 years that at least I could track with my own negatives, there's obviously one sometime before that with lates (recent late reason code) and I'm pretty sure there was a breakpoint on the PR scorecards (collection / BK these days) but as a general rule any big gain is going to be when clean with how scorecard segmentation works and the limits that puts on ones scores.
That said, pretty sure you can score higher than your listed scores even with the derogatories. Do you still have open CO's or are they paid and flatlined as a result already?
Thanks. I have everything open in my sig plus a couple new store cards, i.e. Amazon etc. No BK, just closed CO derogs.
As for the derogs, they were all at once in early 2014. Most of the CO's still show balances, killing my UTI. My Wife is in the same boat, same dates but far less in terms of derogs.
It did seem like we got a little boost last year when the anniversaries hit 5 years. We also were adding new lines then so who knows.
WE will both come out of this with nice scores once these are gone... 13 months from now.
@jamie123 wrote:
@spiritcraft1 wrote:I have seen a few charts that suggest that derogs hitting the 6yo mark have a bit less ingluence on FICO's. These would be CO's with the accosiated 30, 60, 90 and 120 day lates. Is this the case or will there be nothing until they are gone and I am placed into a clean bucket? Thanks.
Once you are passed the 6 year mark you might try sending out validation letters for the COs. A lot of times the lenders will see that the COs are getting ready to fall off anyway and will just remove them early. It's worth a shot IMHO.
Good luck!
Sounds like a good plan. A couple have already went away... two Sync accounts. All are past SOL so that is good.