topic Re: Derogatory removed! But my score TU score dropped 11 points in Rebuilding Your Credit

Derogatory removed! But my score TU score dropped 11 points

LoveGoodCredit — Sun, 09 Dec 2012 05:37:32 GMT

Anyone know why it would have dropped? :( Does it initally drop after credit activity like that?

Re: Derogatory removed! But my score TU score dropped 11 points

Mike_B03 — Sun, 09 Dec 2012 06:09:22 GMT

Was it a pretty old accounts? Do you have other accounts, good or bad, and how old are they?

From how I understand it, once a bad account gets old enough, it's not really hurting your score anymore and can even help. The bigger the AAoA (Average Age of Accounts), the better...so if you have a bad account that is 6 years old and a good account that is 1 year old, your AAoA is 3.5 years. If the bad account falls off, now your AAoA is only 1 year, which is not good.

Re: Derogatory removed! But my score TU score dropped 11 points

LoveGoodCredit — Sun, 09 Dec 2012 06:13:15 GMT

It was less than two years old.

I have 3 collections left

2 of them are almost 6 yrs old

one that is from this year I have been trying to PFD.

some other baddies that are all about to fall off, they are over 6 years old.

Re: Derogatory removed! But my score TU score dropped 11 points

Shogun — Sun, 09 Dec 2012 06:25:13 GMT

We see this quite a bit while cleaning CRs. You will have the rollercoaster effect, up and down. Don't sweat it, the cleaning of your report will allow those scores to rise.

Re: Derogatory removed! But my score TU score dropped 11 points

LoveGoodCredit — Sun, 09 Dec 2012 06:30:30 GMT

I think I am more shocked! I was hoping to see it go up :-/

Re: Derogatory removed! But my score TU score dropped 11 points

jamie123 — Sun, 09 Dec 2012 06:52:14 GMT

Okay...Refresh my memory LoveGoodCredit.

How many credit cards do you have and what are their balances/credit lines?

What other positive credit do you have?

Re: Derogatory removed! But my score TU score dropped 11 points

LoveGoodCredit — Sun, 09 Dec 2012 07:13:14 GMT

These are what I have:

One credit card, almost paid off, 60.00 balance of 300 limit. Never late

One loan, it hasnt reported yet though, it is a secured 500.00 loan from my credit union. Havnt made a payment just yet.

One car payment, never late. going on 7 months.

I have two other accounts that have been paid on time, small loans.

Then I have baddies

3 collections left, 2 are almost 6 years. Those total 700.00 so I am going to need to wait till I have the money and see if I can get them to do something after the first.

1 of the three is from the beginning of the year (CSD COLLECTIONS) but they are ignoring all my PFD letters.

The forclosure that is getting ready to fall off next year.

One charge off that falls off next year, it just got changed to a 0.00 balance a few days ago.

Two house loans that are paid off but one of them has a 60.00 late

One student loan that falls off in two years. It has a 0.00 balance. I can refi and get that removed but currently I am making payments to a bank. Going to refi after the year.

The Child support that is currently up to the attorney generals office and beauro of consumer protection which they are not reporting any payments but reporting 120 days late on EQ only, is still in dispute. Everytime I dispute my credit drops 30 points. I am trying to get them to report my payments and remove the negative remark because it is not late.

Re: Derogatory removed! But my score TU score dropped 11 points

jamie123 — Sun, 09 Dec 2012 07:16:58 GMT

Are you still thinking about getting a mortgage in the near future?

Re: Derogatory removed! But my score TU score dropped 11 points

LoveGoodCredit — Sun, 09 Dec 2012 07:29:07 GMT

Yup, that is why I am doing all this. The lender pulled all my scores and my mid turned up to be a 599. She told me to pay off my CC and that was when it was 97% util. I payed it down to 60.00 but it hasnt updated yet.

Re: Derogatory removed! But my score TU score dropped 11 points

jamie123 — Sun, 09 Dec 2012 07:40:38 GMT

Well...I was going to suggest that you apply for a Walmart card. You really do need more good credit reporting to help get your scores up.

The reason your scores could have dropped is because of that maxxed out credit card. $60 reporting is still way too high. That is 20% of your credit line. You need to keep the reporting balance below 9%. You can do that by paying multiple times per month.

What mid-score do you need to have to qualify? What are your current scores?

Re: Derogatory removed! But my score TU score dropped 11 points

LoveGoodCredit — Sun, 09 Dec 2012 07:58:15 GMT

When they ran it the mid score was 599.

On here it is 604 so it went up some.

I got denied for walmart because of too many collections and inquiries. I tried to find the denial letter but I couldnt find it.. My acutal TU score is 635 now from them. I dont know what walmart pulls, I think they pull transunion and experian. I got approved for my Verizon phones but that dosent help my score :-/ They pulled experian. Think I should apply for it again?

Re: Derogatory removed! But my score TU score dropped 11 points

jamie123 — Sun, 09 Dec 2012 08:03:01 GMT

When was the last time you applied?

Do you remember what your scores were at that point?

Re: Derogatory removed! But my score TU score dropped 11 points

LoveGoodCredit — Sun, 09 Dec 2012 08:12:49 GMT

I think once my TU credit score increases from the CC payment I will apply for WALMART again. They didnt check equifax only TU and experian. I just looked at both. Not sure what is taking so long for TU to update my payment the last time it was reported was on the 8th. My scores will be higher, a lot higher. And instead of having 6 collections I have 3.

I am adding this:

Tranunion back in August was 600 - It is now 604 but I am waiting for the score jump from paying my 297 balance on my CC to 60.00. It should have reported on the 8th.

My Experian according to credit sesame was 570 at the time and now that one is 633. So it went up.

:-/

Re: Derogatory removed! But my score TU score dropped 11 points

jamie123 — Sun, 09 Dec 2012 08:17:03 GMT

You need to decide if you want the mortgage or to work on your credit for a bit. As long as you plan on applying for a mortgage within the next 6 months, I would HIGHLY recommend that you NOT apply for any new credit and that includes Walmart.

Re: Derogatory removed! But my score TU score dropped 11 points

LoveGoodCredit — Sun, 09 Dec 2012 08:32:37 GMT

Okay..........

How do I boost my score without credit? :( I could proably get premiere to update my credit limit to 400 but they charge you 25.00 to do it I think.

And my credit union loan will show paid, a 6 month personal loan ontime payments.
I will have over a year paying on the car, all on time.

My CC wont have a balance and reporting good for over a year. Is there anything else I can do? :-0

The child support will end and be paid in July. Then I only have like 30 days to find a house and get it approved! Gotta buy before the new school year!

Adding:

First Premier Bank   6/2012 $298 Paid or paying as agreed No Details                <-------------paid down to 60.00 but it hasnt reflected yet
Ocwen Loan Servicing Llc XXXXX1705 3/2007 $0 120 days past due   Details
Bank Of America Na   8/2003 $0 Paid or paying as agreed   Details
Citifinancial XXXXXXXXXXXX6581 3/2002 $0 Paid or paying as agreed No Details
Hsbc Taxmasters XXXXXXXX0898 1/2007 $0 Paid or paying as agreed No Details
Brazos/Glelsi XXXXX5086 4/1998 $0 120 days past due   Details
Credit Acceptance Corpor   5/2012 $13,027 Paid or paying as agreed No Details
Gm Financial XXXXX8184 6/2007 $9,430 Charged off as bad debt No Details <------------------balance was just updated to 0
Gm Financial XXXXX8241 7/2000 $0 Paid or paying as agreed No Details

Re: Derogatory removed! But my score TU score dropped 11 points

Shogun — Sun, 09 Dec 2012 08:25:52 GMT

+1 Look at that 6 month mark. If you are apping for a mortgage, don't open anything new within 6 months of apping.

Re: Derogatory removed! But my score TU score dropped 11 points

jamie123 — Sun, 09 Dec 2012 08:52:54 GMT

LoveGoodCredit!!!!

When are you planning on applying for a mortgage?

If the answer is, "As soon as they will give me one!" That is not good enough!

You need to plan for a new house. It will cost you a lot more money to live. How are you going to come up with the extra cash every month? What happens when something breaks and you need to have it repaired immediately?

Don't run us in circles. In all honesty, when will you be formally applying for a mortgage?

One minute it sounds like the application is imminent and in your next breadth you say you need a house by next August/September. If you have until August there is quite a bit of time left to work on your credit.

Re: Derogatory removed! But my score TU score dropped 11 points

LoveGoodCredit — Sun, 09 Dec 2012 09:03:26 GMT

July next year I need to be able to buy one, our lease is up.

My lender ran my credit now to see where we are.

The problem is that I am paying a lot for rent. I have owned a house before for many years but when my mom had a stroke she lost her job and we lost the house. I had it in my name but she was the co-signer on it.

I have saved some money for down payment, right now they are offering no money down on NEW home loans but you need a 620 preferribly a 640.

My scores seem to be stuck, not going up much, a point here and there. 5 points recently on equifax, 1 on transunion before it dropped 11. :-/

Re: Derogatory removed! But my score TU score dropped 11 points

jamie123 — Sun, 09 Dec 2012 09:12:43 GMT

Wait until your credit card payment is reported and then pull the trigger on a Walmart app. Let's see how the Walmart app does. If you are approved from Walmart you should probably try for 1 or 2 more cards.

It is really imperative that you get some good credit reporting.

Re: Derogatory removed! But my score TU score dropped 11 points

LoveGoodCredit — Sun, 09 Dec 2012 09:16:57 GMT

ok... plus that neg collection is gone, I am shocked it took me down 11 points though.

Shogun is right, this is such a roller coaster ride and so emotional. :-0