Rebucketing?

[lg8302ch]

wonder if the oldest card is taken for bucketing or the AAoA? I do seam to get stuck at 793 no matter what I do. my oldest card is 26 yrs but the next one 22 months and all the others only 4 months now. 793 was with two cards and AAoA 18 yrs. trying to garden my 7 cards with AAoA of 7 yrs now and see if this will get me further....no badies, no mortgage, no installments but only revolving accounts. I know Fico does not like the mix and also did not like only 2 accounts. what do you think are more accounts with 5 x CL and still like 1% util getting me further with patience? of couse now Fico does not like the too many inq and too many new accounts. But this will get better in 2 yrs. what do you think my chances are to get over the 793? thks for your advice

[dzlqw4]

"I got rebucketed and the 50 point drop pushed me into a subprime mortgage, costing me an extra $30,000 in interest over the next 15 years" 

[dddewdrop]

     Rebucketing otherwise known as switching scorecards has more to do with being categorized by different content of your report than by different score. One of the most common examples used is that people with a bankruptcy on their reports are grouped on a different scorecard than people without bankrupcies. Also people with long credit histories have a different scorecard than say a college student applying for a first card. Look for rebucketing when something dramatic happens to change the content of your report.  Also look for it when your oldest card or tradeline hits a certain age... say 4 years. Scorecards have been know as part of the model for a while. Here is an article from 2009:

http://www.bankrate.com/finance/credit-cards/how-scorecards-affect-credit-scores.aspx

[dzlqw4]

Thanks for the link. 

[algorithmslave]

So let me get this straight.....one climbs to the bucket with 726 peeps and is welcomed with a boot in the face? 

[dzlqw4]

Sure seems that way....

[Princesslopes]

My Fico score just dropped 35 points just because I was moved into the 2-5 year group. I understand the logic behind the grouping but I dont understand the huge decrease. This came at the worst time because I was planning on making my first home purchase.

[axxy]

In a good bucketing system, every score in a higher bucket would be higher than every score in a lower bucket.  That doesn't contradict the idea of grading on a curve.  In fact, a good curve requires it.  I'm confident FICO will eventually work out the bugs and make the curve smooth and consistent.

[MOOK123]

So...these "buckets", is this the same as "tiers" or are tiers purely a function of score alone? Also, do lenders know that you are in group A or B, etc... and take that into account or again, only consider the score alone?

*Edit- I do realize other factors are taken into account by lenders, income, job history, etc...Just asking pertaining to the "buckets".

[kindcajunman]

There are so many technical terms and situations everybody forgets this system is for people to fail that is how they make money! I was not educated before I knew what a credit score was until I had bad credit! They designed this system for you to get bad credit sooner or later so by trying to explain what they are looking for they don't know or care as long as they are making MONEY! on all their credit card system.People all of this is about who gets richest the fastest and keeps the toys they bought! grow up and smell the coffee!!!!!!!!!MONEY,MONEY I still think the public school system should give children a introductory information to your credit score and credit bureau's the basics to let people know how important it is becoming to keep a decent score for JOB<RENT<HOMES<STORE Credit cards this is a business a information brokerage people make money on peoples info look on the internet on how many people give their E-mail and name to receive something as a gift or bonusesWAKE UP AMERICA! IT IS TIME TO STAND UP FOR YOU AND YOUR FAMILY INSTEAD BEING LEAD AROUND BY THE GOVERNMENT!!!!!! Too much government is where the deficit is failing not the economy !!!!!!!! Hell it is scary out there Free Speech it will cost you and me and everbody look now how much!!!! Trillions and it has not stopped when they raise taxes means more defict! We don't get a break but we are bailing out companies we don't do business with! No one is giving us a cut rate but we pay. We even pay for countries that want to go to war with us what is up with that?????????????????????????????????????????????? Start giving a damn stand up now or lay down for ever.