Was I just "re-bucketed"?

[Trishco]

The only collection on my Equifax report was removed, following the removal of a 90 day late, and my score dropped by 10 points.  Possibly more as my utilization was lower as well.

I have 5 30 days lates on an old Providian acct from roughly 5 years ago, but other than that I am clean.

Prior to removal of the collection I was dinged for have a CFL account, however that same spot now says that I have a recent account being 13 months old.  

Although I have a mortgage it doesn't report, nor will it as it is through the SBA, if that matters.

If I was in fact rebucketed,  as utilization is lowered, the only place to go is UP, correct??

[JoeBJay20]

It sounds like you were.  30 day lates don't affect your score after two years, and yours are 5 years old.  But you're right, there is only up to go from here, as there is a cap on how how your scores can get with baddies affecting your score. 

[Trishco]

Thanks for the quick response!!

Time to quit spending the $$ on reports, and get that utilization down!!

[haulingthescoreup]

The re-bucketing would be due to the fact that you no longer have a collection, so you are no longer in the serious derog bucket. Congrats! Wish I were there, even if my scores dropped initially.

You're probably in an age-driven bucket now, and the older your history, the more impact the high-ish util and 5 remaining lates have.

[llecs]

Congrats, OP!

Same happened to me a couple months ago. My last major derog impacting the FICO score, a 90 day late, was removed off EQ. My score dropped 17 points despite also having slightly lower util. I was bummed for a while, but the debt paydown continued and those 17 points have more than recovered. Certainly couldn't tell you what the impact on recovery was, because of the util.

[Trishco]

Thanks for the congrats!

Now what the heck am I sposed to do?  LOL!  My daily obsession along with my java is to scour my reports to get them cleaned up!

 Guess I'll have to get obsessive with a yard sale to get that utilization down.

Thanks for all of the info, greatly appreciated!

[Anonymous]

JoeBJay20

I am glad to hear that 30 day lates don't affect your score after 2 years.  Who knew????

Is the same true for 60 day and 90 day lates?

[JoeBJay20]

60 day lates also stop affecting your score after two years.  Anything worse than that (90-day, 120-day, CO, etc) is considered a major delinquency and affects your score as long as it's listed, although like all delinquences, does hurt less as it ages. 

[haulingthescoreup]

This is not exactly correct.

After 2 years, 30-days do count, but much less. Also, the fact that you have an account with a negative hurts. One of my comments is "multiple accounts with late payments." (3) Only one has a 90. Think of it as fading, rather than not counting.

After 2 years, 60-days no longer count as a serious derogatory, and instead carry the weight of a 30. So if a 60 is the worst thing that you have, and it's 2 years old or older, you will no longer be in the serious derog bucket with the rest of us.

[JoeBJay20]

I think I should have clarified my comment better.  Everything I've ever read from various credit and FICO experts has said that a single 30 or 60 date late does not affect your score after 2 years, but it's a different ballgame with multiple lates, even of the 30 day variety.