Reply
Established Contributor
thankfulheart
Posts: 619
Registered: ‎09-26-2011
0

Lates from Ex's CC tanked my score. Will. Not. Panic.

I guess I was an AU on a Chase card that randomly decided to start reporting this month that there were lates in Apr/May of this year. My FICO dropped 30 points. Thank heavens for ScoreWatch and Chase's credit bureau resolution department.  I called and they are removing me, but it could take 3-5 business days.  Trouble is, I'm due for a last credit pull for my mortgage in that same timeframe!  What are the odds that it would just suddenly show up like that? Really??? :smileyfrustrated:

Starting Score: 10/1/2011 EQ 568 TU 593
Current Score: EQ 664 TU 700 EX 701 (FAKO)

Community Leader
Senior Contributor
StartingOver10
Posts: 3,978
Registered: ‎03-06-2010
0

Re: Lates from Ex's CC tanked my score. Will. Not. Panic.

[ Edited ]

thankfulheart wrote:

I guess I was an AU on a Chase card that randomly decided to start reporting this month that there were lates in Apr/May of this year. My FICO dropped 30 points. Thank heavens for ScoreWatch and Chase's credit bureau resolution department.  I called and they are removing me, but it could take 3-5 business days.  Trouble is, I'm due for a last credit pull for my mortgage in that same timeframe!  What are the odds that it would just suddenly show up like that? Really??? :smileyfrustrated:


Well, I have a theory about that...

I know that creditors subscribe to the CRA's for various types of "lists" of activity by consumers. For example, one of the lists of which I am aware is the list of people that have filed bankruptcy. So the creditors get these updates periodically (daily/weekly/monthly/quarterly...whatever).

 

My theory is if they get these automatic updates of bankruptcy filings, then they can get automatic updates for any type of inquiry like a mortgage inquiry. If the creditor is a collector, then that's when they suddenly add a collection to your account if they find a match in their database. Same thing for late pays.

 

I hope someone on here can enlighten us about this theory...someone in that sector of the business.

 

PS...I know that the various CRA's sell the lists because when you make a mortgage app they will sell your name, SS etc to various other mortgage brokers/lenders as a mortgage lead. What I don't know is how many different types of lists there are that they sell. Or what other types of info they sell...suffice it to say that if it's on your report, they (the CRA's) have figured out a way to generate revenue from it.

Valued Contributor
beb86
Posts: 1,117
Registered: ‎10-31-2011
0

Re: Lates from Ex's CC tanked my score. Will. Not. Panic.

i think you should be fine since most lenders dont count an AU account for you...since it not your own account and doesnt give an indication of your credit history

ccpics2.jpg

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+