myfico experian score no effect after remove item but effect on inquiry and charge off !!!!!!

[Anonymous]

Hi guys i"m new at this forum hopefully some help me about my question.

i have horrible credit score 485 and decrease to 472 this morning after apply for $200 security credit card and one charge off item which i got alert from experian creidt monitor system.

after see my score try to fix myself ,i had one item $1357 on collection , i paid and they removed it, but there is no effect on my credit score, the other side as sson as apply for capital one credit card i got email less then 24 houre which you had inquiry and one more charge off the total reduce my score about  13 point,

they give you negative point easy but when i remove my item from my credit report(10 days ago) no effect at all?!!how is going be possible?any idea or help would be great. thanks for your time

[TURNERHOOVER]

A lot of factors go into seeing a boost in credit scores such as, paying on time, staying under 30% utilization and other derogs. If your reports contain numerous derogs you will only see a boost in score if most baddies (derogs) have fallen off and/or deleted from reports along with on time payments, low util and so forth. 

[Anonymous]

thanks for reply, but i think you didn"t understanding my question

if you apply for credit , they run it and would be inquiry  decrease your score ,and its make sentse, but when you remove the one negative item from your report should be boost your credit.(punish /encourage )and also i don"t have any activity at this time. all late payment was for couple of years ago.

[Revelate]

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@Anonymous wrote:

thanks for reply, but i think you didn"t understanding my question

if you apply for credit , they run it and would be inquiry  decrease your score ,and its make sentse, but when you remove the one negative item from your report should be boost your credit.(punish /encourage )and also i don"t have any activity at this time. all late payment was for couple of years ago.

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If you have a bunch of derogatories (I've been there, still am actually) then removing one or adding one has virtually no effect, can even be zero in some cases.

To give a recent example, I've tracked one of my mortgage scores (EQ Beacon 5.0) for years, and last year I had a brand spanking new federal tax lien attached to my report (after I'd paid it but I digress, the IRS agent actually managed to sound contrite for once) and my score moved downward.... a total of 5 points.  Excuse me while I yawn heh.

I already had tax liens on my report so the vast majority of the ding of the new lien was taken out; if someone with a clean file and high scores had gotten the same tax lien their scores would've been obliterated (100+ point drop easy).  Your situation is the reverse, but honestly, ANY negative information you can get deleted is an absolute win.  Just keep working at it and it'll come with time, congrats on getting it deleted!

[Anonymous]

Thanks Revelate , i got my answer.i have one more question, can you send me dispute letter (new update) here? there is lot of sample dispute letter i saw i really don"t know which one i have to use? and also pay PFD sample letter new update,  Thanks again.

[Anonymous]

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@Anonymous wrote:

Hi guys i"m new at this forum hopefully some help me about my question.

i have horrible credit score 485 and decrease to 472 this morning after apply for $200 security credit card and one charge off item which i got alert from experian creidt monitor system.

after see my score try to fix myself ,i had one item $1357 on collection , i paid and they removed it, but there is no effect on my credit score, the other side as sson as apply for capital one credit card i got email less then 24 houre which you had inquiry and one more charge off the total reduce my score about  13 point,

they give you negative point easy but when i remove my item from my credit report(10 days ago) no effect at all?!!how is going be possible?any idea or help would be great. thanks for your time

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Sharagim1 - The reason your EX score is not changing is that it myFICO will not updated EX score if there is a baddie removed... so your score might have changed but you will not know it until a different alert is triggered.

I have a myFICO subscription as well as an Experian FICO subscription that allows me to get a daily FICO score and credit report from Experian, it takes days until myFICO updates due to an alert, so your score might be differnet thansk to the change but you will not see it until an alert that will cause an update to your score is triggered:

Here is what will trigger an EX alert on myFICO:

• Newly opened accounts
• Inquiries from applications for new credit
• Newly listed public records, such as bankruptcies, judgments, and tax liens
• New addresses
• Newly listed collection accounts
• Increases and decreases in account balances (Equifax and Experian only)
• Changes in account status, such as a missed payment (Equifax and Experian only)
• Changes to public records and collection accounts (Equifax and Experian only)
• Fraud alerts placed on file (Experian and TransUnion only)
• New activity on accounts that were inactive (Equifax only)
• Changes to the name listed on your credit report (Equifax only)
• High Revolving Account utilization greater than 75% (Experian only)
• New employment listed on your credit report (TransUnion only)

[Anonymous]

Thanks for explian it, now i understan

[Revelate]

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@Anonymous wrote:

Thanks @Revelate , i got my answer.i have one more question, can you send me dispute letter (new update) here? there is lot of sample dispute letter i saw i really don"t know which one i have to use? and also pay PFD sample letter new update,  Thanks again.

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I would check over in the Rebuilding forum for that, I'm terrible for letters as I realized there was virtually nothing I could do about my derogatories other than tackle my federal tax liens except write a thousand letters and still likely get no response.  Your creditors might be easier to work with than mine where nobody reported success with them haha.