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My SCORE DROPPED 7 MORE POINTS!

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KarimaKC
Established Member

My SCORE DROPPED 7 MORE POINTS!

I am upset. Smiley Sad
 
I just received an e-mail message on Score Watch that my Equifax FICO just decreased by another 7 points.  I have not been late with any payments, I have consistently paid my balanced down to keep them below 50% debt-to-balance, and I cannot think of why my score continues to decrease (within the last month, my score has gone down 12 points).  I signed up with Lexington Law firm a month and a half ago to help out with my credit issues (I realize this m ight not have been the best route to take, as I could have done a lot myself), and now wonder if maybe being affiliated with them is hurting my score.  Has anyone experienced this happening?  Do these credit repair places sometimes "dredge up" the past and decrease FICO scores?  I just need to know which course of action to take.  I think I am going to cancel my case with them this week and write my own letters.
 
Please share/advise.
 
Message 1 of 7
6 REPLIES 6
Anonymous
Not applicable

Re: My SCORE DROPPED 7 MORE POINTS!

What did the messages on your scorewatch say as far as the score decreases?
Message 2 of 7
KarimaKC
Established Member

Re: My SCORE DROPPED 7 MORE POINTS!

That is the thing, there was no specific reason.  Score Watch just offered possible reasons.  Something that I thought about, however.  My DH and I have a mortgage advisor from Countrywide Bank that we are working with to qualify for a Teacher Mortgage Program within our county.  Whenever we get letter of deletion for a credit discrepancy, we submit it to her, and then she gets is able to get a rapid rescore done for us to immediately boost our scores.  Something I have noticed, though, if that the company that completes the rapid rescore, it has registered as an inquiry.  Is is possible to lose that many points on an inquiry?  Or is it more likely that the letters that Lexington is sending out is hurting me?  I thought that simply paying down one's debt and not being late was a good way to maintain the score!  I am not sure which direction to go at this point.... I am just upset and confused!
Message 3 of 7
Anonymous
Not applicable

Re: My SCORE DROPPED 7 MORE POINTS!

I have had inquiries hit me 6 or 7 poionts so it is very possible. Usually it comes with an alert that a new inquiry has been added as well. If this is the process of your mortgage it is well worth it and will not hurt you after 6 mos or so. Have you eyeballed the report o see if there is anything different going on. If you are deletingold accounts it culd be reaging your file.
Message 4 of 7
KarimaKC
Established Member

Re: My SCORE DROPPED 7 MORE POINTS!

Brammy, when you say that deleting old accounts can be reaging my fule, do you mean that these old accounts will be updated as new lates?  Like, a late that I had in 2001 can now be construed as a new late because I have asked for it to be debt validated?  And if that is the case, then does that mean I could stand to still lose those points?  And even moreso, will that account still be deleted by next year (2008), or 7 years from this time (if it is reaged)?  I am upset because my scores are currently 603, 638 (now down to 628, all within the last few weeks), and 657.  I need to get my middle score up to a 660 to be able to qualify for this teacher program.  I am almost scared to move in any direction for fear of more decreases!
Message 5 of 7
Anonymous
Not applicable

Re: My SCORE DROPPED 7 MORE POINTS!



KarimaKC wrote:
Brammy, when you say that deleting old accounts can be reaging my fule, do you mean that these old accounts will be updated as new lates?  Like, a late that I had in 2001 can now be construed as a new late because I have asked for it to be debt validated?  And if that is the case, then does that mean I could stand to still lose those points?  And even moreso, will that account still be deleted by next year (2008), or 7 years from this time (if it is reaged)?  I am upset because my scores are currently 603, 638 (now down to 628, all within the last few weeks), and 657.  I need to get my middle score up to a 660 to be able to qualify for this teacher program.  I am almost scared to move in any direction for fear of more decreases!


 
Oh no tht's not what I mean at all.  Lets say the acount you deleted was from 2000 you didnt open another account until 2001.  Before you deleted the account, your credit file was 7 years old. After deletion it is only six years old because its no longer there for FICO to consider.
 
This often happens when collections and old closed accounts age off as well if you didn't have anythingi n good standing during that same time period.

Message 6 of 7
Anonymous
Not applicable

Re: My SCORE DROPPED 7 MORE POINTS!

Augh - the credit score game! Isn't it fun? Smiley Wink
 
The inquiries may be hurting your score.   FICO thinks that you are looking for new credit.  Double-check your report for the inquiries.
 
Did you charge anything lately?  Sometimes it could be a timing issue with the report.  For example, you may have charged $X which increased your debt-limit ratio, and it wasn't paid until after the creditor reported to the CRA. (That has happened to me before - I charged an amount, the CR reported it before it was paid, and my credit score took a hit until the next month (it goes back up) after it was paid).
 
I don't think that being involved in Lexington Law would be hurting your credit score unless they're sending a lot of letters that's causing inquiries by the creditors.  Being involved in credit counseling, on the other hand, WILL hurt your credit initially.
 
Message 7 of 7
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