+31 pnts in a few weeks?

Discussion in 'Credit Talk' started by Jon, Jan 25, 2001.

  1. Jon

    Jon Guest

    My credit score has increased by 31 points in just the last few weeks. The only thing that has changed was a payoff of 1 tiny charge-off.

    I just don't get it. I went from a poor rating to a fair rating with just a little $100 charge off paid. I still have a few thousand $$$ still outstanding on several accounts (4 to 6 1/2 yrs old) and will be opening 3 more secured accounts in the next week. Can I expect more major point additions when the other payoffs and new accounts start showing up? Could I be possibly looking at a good rating in just a few months?


  2. Angela

    Angela Guest

    HELLO!! Is anyone out there???

    This must be a joke. What do you think we are fortune tellers?
  3. Jon

    Jon Guest

    no its not a joke

    Actually I think a someone with a moderate amount of intelligence would read the question differently. Maybe I should have added a easier to understand version for some of the less capable readers. To put it more simply... If it is possible for a score to climb very rapidly then the answer to my question would have been yes. If large increases only occur in spurts every few months then they answer would be no.

    I apologize if I didn't dumb my question down enough before.

  4. Kelly

    Kelly Well-Known Member

    Which score is this. Actual FICO, Beacon Empirica, or one of the sites (Qspace, True Credit) that uses Credit Xperts Scoring System.
  5. Cadillac408

    Cadillac408 Well-Known Member

    Definately NOT Worthknowing.com! HA!
  6. Angela

    Angela Guest

    Our Father who are in heaven

    I am praying that your disjointed questions are understood here.
  7. Jo

    Jo Guest

    Talk about the pot calling the

    Angela, you have some nerve, you have posted some of those most MORONIC questions I have ever heard.

    Now yes I have heard scores can jump down/low in just a matter of days, have seen this in the mortgage process , but I must ask was this actual "fico" scoring, or of these online scoring sites which are really not worth crap and as MP put it if it is WN we have all seen scores drop 80- 95 points which is a crock, I would like to know if these were actula scores??
  8. Saar

    Saar Banned

    1. Yes it is possible to have a score change by 31 points within weeks.

    2. No, the change was not caused by paying the collection. While some lenders consider unpaid collections cause for ineligibility, the mere payment of a collection does not affect your score.

    3. A change of 31 points, per se, doesn't mean your credit is much better than it was. For example, while an increase from 649 to 680 is significant, a change from 549 to 580 is not. The reason is, FICO score is not based on a linear mathematical function.

  9. Newcomer

    Newcomer Well-Known Member

    I don't know the exact answer to your question but I do know my credit reports showed a 90 day late in november and thus my scores were bad, but once the late was removed, the scores went to the 630s. The actual scores, not that crazy crap on those websites, so I imagine it is possible to raise your score. Another thing, a paid charge off is better than an unpaid charge off and will affect your score, so it looks like you're on the right track.

    Good luck:)
  10. Jon

    Jon Guest


    It was qspace. I order my report every other week or so. Thanks for the replies.

  11. marci

    marci Well-Known Member

    Newcomer wrote,

    >a paid charge off is better than an unpaid >charge off and will affect your score, so it >looks like you're on the right track.

    I don't think this is true. I don't see a reason code differentiating paid collections/charge-offs from unpaid ones. Also, in my experience, I had various creditors agree to delete: 3 unpaid collections (rehabilitated student loans), 1 paid collection, 2 paid charge-offs, and an account that was at 100% b:l ratio (it wasn't mine).

    After the deletions, my score increased by 7 points. I don't understand the logic behind credit scoring at all.
  12. marci

    marci Well-Known Member

    Oh, yeah, I forgot to add other deletions were:

    3 closed accounts with $10,000 balance since 1995 (weren't mine).

    3 past due student loan accounts that had been transferred (rehabilitated duplicate accounts).

    In total, I had creditors voluntarily delete 13 accounts since Novemeber and my score rose by 7 points.

    Go figure...
  13. Newcomer

    Newcomer Well-Known Member

    I can't figure that out either, Marci. All I know is what helped me. The lenders and Fair Isaac say that the credit modeling they use is objective, but it seems pretty biased to me. For instance...Finance company loans are bad...even if you pay on time. I'm sure they differentiate subprime credit cards from prime credit cards as well. Did you have a lot of inquiries during this period of disputing everything?
  14. marci

    marci Well-Known Member

    No, my inquiries were at a minimum. I agree that point deductions for "finance companies" are terribly wrong, for the simple fact that the CRAs get to assess harm to your score simply by whom you choose to do business with. I wonder if that violates an anti-trust law.
  15. Sailor

    Sailor Guest

    Jon was equally rude to Angela

    Let's jus stay out of it. Her comments to him are the same as his to hers a while back.

    FICO or Beacon or TU scores, as someone else said, are not linear. Therefore, they tend to go up or down more when you have a lower score and something changes like removing chargeoffs.

    When you get to a 680 score unless something dramatic happens the number goes up or down only a little.
  16. Jon

    Jon Guest

    RE: Jon was equally rude to An

    Thanks for the info:) but in regards to my rude comment back to her, her subject was "Hello is anyone out ther?" I am going to respond when someone attacks my intelligence.

    Again I do appreciate your post as well as all the other appropriate ones.
  17. Momof3

    Momof3 Well-Known Member

    RE: Jon was equally rude to An

    I think this was a different "Jon" that previous was rude not this one, ths ISP addresses are totally different.

  18. roni

    roni Well-Known Member

    RE: no its not a joke

    YOU can expect your score to drop by adding the inquiries by applying for more credit. Was that a good enough answer?

  19. Kelly

    Kelly Well-Known Member

    RE: qspace

    The reason I asked was because of the way Qspace considers collection accounts. For example. When they list the 3 good and 3 bad. It always says "last month reported you have missed at least 1 payment on 2 accounts." The reason it says that is because I have 2 collection accounts. (I haven't missed any payments on my installment, revolving, or charge cards). I did pay one collection account which hasn't been updated yet. I bet my score will falsely increase because of it when it is updated.

    Furthermore, My husbands Beacon Score (Equifax) which is what Qspace uses is, 636. When I found out his true score, I pulled Qspace to see how accurate they were. Using the same report, they said his score was 535.

    I don't think QSpace is very reliable for those with Collection accounts on their reports.
  20. Credit sco

    Credit sco Guest

    Where do I find my credit score points? We recently finished with Chapter 13 bankruptcy.

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