My Equifax FICO8 dropped 13 points overnight. No new accounts/inquiries (that weren’t previously reported), no change in utilization (minor balance changes but nothing to cross a threshold for individual or aggregate). No aging of anything.
After another line by line review, the change was early removal of two (paid) charge offs that were scheduled to be deleted 5/2020. I didn’t request early exclusion-Equifax must have decided to do so (which is fine).
I still have a load of closed derogatory accounts (significant late payments - 120+ And a redeemed foreclosure) so I wasn’t expecting any real score improvement (maybe a small bit as I saw with the removal of the last collection account, but nothing significant).
But I certainly wasn’t expecting a score drop.
After further review, my AAoA is now 2 years 6 months (was 3 years and something months with the CO’s). I didn’t think there was any threshold in that range and I also thought age impacts were minimal for filthy scorecards. But with the absence of any other potentially negative change, I have to assume the age drop (or perhaps the age drop combined with other factors on my profile-aka A zillion new accounts?) is the culprit?
Anyway-just sharing in case someone googles “my charge off got deleted but my score went down”
This is a FICO8 score-not vantage (that’s probably 850 now or some such nonsense).
After another line by line review, the change was early removal of two (paid) charge offs that were scheduled to be deleted 5/2020. I didn’t request early exclusion-Equifax must have decided to do so (which is fine).
I still have a load of closed derogatory accounts (significant late payments - 120+ And a redeemed foreclosure) so I wasn’t expecting any real score improvement (maybe a small bit as I saw with the removal of the last collection account, but nothing significant).
But I certainly wasn’t expecting a score drop.
After further review, my AAoA is now 2 years 6 months (was 3 years and something months with the CO’s). I didn’t think there was any threshold in that range and I also thought age impacts were minimal for filthy scorecards. But with the absence of any other potentially negative change, I have to assume the age drop (or perhaps the age drop combined with other factors on my profile-aka A zillion new accounts?) is the culprit?
Anyway-just sharing in case someone googles “my charge off got deleted but my score went down”
This is a FICO8 score-not vantage (that’s probably 850 now or some such nonsense).
@I_Love_Cards wrote:
My Equifax FICO8 dropped 13 points overnight. No new accounts/inquiries (that weren’t previously reported), no change in utilization (minor balance changes but nothing to cross a threshold for individual or aggregate). No aging of anything.
After another line by line review, the change was early removal of two (paid) charge offs that were scheduled to be deleted 5/2020. I didn’t request early exclusion-Equifax must have decided to do so (which is fine).
I still have a load of closed derogatory accounts (significant late payments - 120+ And a redeemed foreclosure) so I wasn’t expecting any real score improvement (maybe a small bit as I saw with the removal of the last collection account, but nothing significant).
But I certainly wasn’t expecting a score drop.
After further review, my AAoA is now 2 years 6 months (was 3 years and something months with the CO’s). I didn’t think there was any threshold in that range and I also thought age impacts were minimal for filthy scorecards. But with the absence of any other potentially negative change, I have to assume the age drop (or perhaps the age drop combined with other factors on my profile-aka A zillion new accounts?) is the culprit?
Anyway-just sharing in case someone googles “my charge off got deleted but my score went down”
This is a FICO8 score-not vantage (that’s probably 850 now or some such nonsense).
For one the above in red may have held you back from gaining points. Those 120's ding the whole 7 yrs. Could it be one of them was your oldest accounts?
Maybe rebucketing but I somewhat doubt that a CO (charge-off to be clear) puts you in any different scorecard than a 120D late or whatever. Also a foreclosure however it is counted would likely be the same.
The most likely culprit was something in the aging metrics, as already mentioned I would check former AOOA vs now not just AAOA (which I agree would be minor points if any like 3-4 if there were a breakpoint and I didn’t find one at 3 years on my own dirty file on any score I had access too which was most back then).
There is also the possibility though that two paid CO’s made the file prettier when it came to scoring within the scorecard. Having a delinquency or CO is one thing, getting the tradeline current though may matter for more than just revolving utilization. It is not something we have much data around TBH. Might be one of the contributory factors to my own TU scores with a 60D late being so suspiciously high even with the recent tag still on it.
Makes about as much sense as anything that isn’t really nailed down and honestly not even open CO scoring is really pat as it’s hard to isolate variables of this type without carefully constructed tests on specific files (like having two open CO’s and testing hardcore utilization numbers before paying one).
End of the day any negative information coming off is a good thing.
The most likely culprit was something in the aging metrics, as already mentioned I would check former AOOA vs now not just AAOA (which I agree would be minor points if any like 3-4 if there were a breakpoint and I didn’t find one at 3 years on my own dirty file on any score I had access too which was most back then).
There is also the possibility though that two paid CO’s made the file prettier when it came to scoring within the scorecard. Having a delinquency or CO is one thing, getting the tradeline current though may matter for more than just revolving utilization. It is not something we have much data around TBH. Might be one of the contributory factors to my own TU scores with a 60D late being so suspiciously high even with the recent tag still on it.
Makes about as much sense as anything that isn’t really nailed down and honestly not even open CO scoring is really pat as it’s hard to isolate variables of this type without carefully constructed tests on specific files (like having two open CO’s and testing hardcore utilization numbers before paying one).
End of the day any negative information coming off is a good thing.
They have been paid for quite some time. They haven’t been updated for years. I’ve just been waiting for them to age off (as I have so many other derogatories - I wasn’t pushing for anything and wasn’t expecting any real score gain when these fell off). I wasn’t expecting a scorecard change with so many other derogs still there, but it’s possible there’s a dirty card for someone with no collections/charge offs/public records/bankruptcy?
I’m not sure how the almost foreclosure is coded-as it was redeemed hours before the auction and remained open/good-ish standing after that (a couple other 30D lates). I’m not sure where this would sit on a CRA (meaning would it be “worse” if the foreclosure finalized vs redeeming the loan?).
My oldest accounts are 24 years old and still intact on my reports. So AoOA is unchanged.
I wasn’t really expecting an increase. I have a lot of dirty left.
I’m not sure how the almost foreclosure is coded-as it was redeemed hours before the auction and remained open/good-ish standing after that (a couple other 30D lates). I’m not sure where this would sit on a CRA (meaning would it be “worse” if the foreclosure finalized vs redeeming the loan?).
My oldest accounts are 24 years old and still intact on my reports. So AoOA is unchanged.
I wasn’t really expecting an increase. I have a lot of dirty left.
And for sure-anything negative coming off is a great thing. I have quite a bit that will age off next year. And nearly all the rest the following year. I’m looking forward to it with great enthusiasm LOL.
And I’ve said my oldest accounts are 24 years old like that’s helpful. Because you’re all intimately familiar with my credit profile....
My oldest accounts are 24 years old (before and after removal of the CO’s).
The CO’s were 16 & 17 year old accounts.
Not my oldest but definitely helping average age.
My oldest accounts are 24 years old (before and after removal of the CO’s).
The CO’s were 16 & 17 year old accounts.
Not my oldest but definitely helping average age.