General Credit Topics

[rigidman]

i recently applied for a second home and my mid score was 716 and the bank was treating me like a king and then at the last minute when they pulled my credit score for the underwriting a collection had been added in the last week that was a phone bill of my brothers from 5 years ago and it dropped my score about 50 points and all the sudden i am a dirtbag to them,they have to redo the whole loan around a bill that was not mine to begin with. well to sum it up, i called the crediter and they understood it wasnt my bill and had to fax a letter to the bank to tell them they made a mistake on me and they also contacted the credit agencies and had it taken off but my score has not gone back up to where it was and i expect it to be what it was before this all happened since i am innocent of this collection,    can anyone give me an idea why my score did not go back to what it was?  

it feels like i climbed a long steep mountain to get my credit in a great place and as soon as i got to the very top someone chopped off my hands and i fell back down to start all over again!!!!!!!!!

[pryan67]

Other things MAY have changed in your report...balances, more inquiries, etc (Contrary to popular belief, multiple inquiries for a mortgage are NOT always counted as one...if it's miscoded (which is the case more often than you might imagine), etc)

also, I've noticed that once you have a "baddie" on your report, it takes longer for it to rebound once it's deleted...as if FICO "remembers" that you had a negative item recently...I don't think that's the case of course, but it seems to be that way...

how close are you to the previous score?

[rigidman]

my scores are down by about 30 points on each beuraeu and i plan on a refie on my own house in a couple months,so hopefully it jumps back up some by then!!!!

[Brammy]

Check your report to ensure the collection WAS deleted not just faxed to the bank.  I had the same thing happen and my score recovered immediately when it was deleted.  If it has not yet been deleted fax a copy of the letter to the bureau with dispute