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So.... Craziest thing happened! Any ideas if it will bounce back? An old collection (7 years) was removed from my report today. I use Credit Check Total and my Experian 8 score dropped 34 points. The only other change to my report was my credit card debt went up $150 but the Utilization rate stayed the same at 35%. I haven't had any new inquiries for 6 months and my score has basically stayed the same for 5 months. Specifics are below.
You have been rebucketed into the group of people that have no derogs on file. Overtime you will recover those points and the fastest way to do so now is to pay down your utilization.
Wow. No sense in the bank losing an extra point on your next app, huh? Ridiculous.
That's a bit strange; is your file utterly clean now other than your revolving debt and possible installment debt ratio?
4 years AAOA it's not hard to hit an 800 on a clean file if prettied up on FICO 8, I certainly wouldn't expect a score in the mid 600's as your signature suggests?
I'd still focus on paying down the revolving debt anyway, unless that's sitting on 0% offers that's more than $4K in interest a year assuming typical compound APR's, yikes!
@gdale6 wrote:You have been rebucketed into the group of people that have no derogs on file. Overtime you will recover those points and the fastest way to do so now is to pay down your utilization.
+1000
How can rebucketing drop you THAT much? The buckets have that much overlap? It would seem to me that an entire bucket would not be much bigger than a 34 point spread! Granted, I can see the current bucket penalizing more for 35% utilization but that seems a little off to me. :/
@Anonymous wrote:How can rebucketing drop you THAT much? The buckets have that much overlap? It would seem to me that an entire bucket would not be much bigger than a 34 point spread! Granted, I can see the current bucket penalizing more for 35% utilization but that seems a little off to me. :/
Some buckets are likely 100 or perhaps even 150+ points; it's not a partitioned spectrum, there is a tremendous amount of overlap.
@Anonymous wrote:
So do we have a thread where we have figured the buckets out? All I know is, I think I am languishing near the top of one now.
Just do a search on these boards, as there has been much research on the buckets. Hope this helps.