12 point drop from Trans Union - why?

[Anonymous]

---

@Anonymous wrote:

I hear you rising, thanks.

The thing of it is, and the reason for my urgency with all of this, is that I work in a nichey, very expensive resort area in which there are very few affordable / decent apartment options. I currently am in a terrible, terrible roommate situation that is eating me up alive, costing me alot of money, and has already bordered on a physical altercation 2 months ago.

People say to look for a rental that doesn't check credit - I can tell you it just doesn't exist in my area - believe Ihave tried and I have been patient.

Simply put, I cannot get my own place within a close proximity to my job without a FICO score of at least 600, and that's why I am trying to do EVERYTHING and ANYTHING to improve my score.

At this point I have 3 items in collections - a big defaulted college student loan from mid-2000s (wage garnishment), a $1600 coll from a lease I had to break after getting laid off in 2009, and a $942 student loan I took out in 2005 from my college.

I am in the process of rehabbing the big college loan, and am doing payments on the $1600 and $942 colls.

Prior to this last March, I have not been in possesion of a credit card since the late 90s.

Getting turned down on a $800 / month apartment when you make over $70K a year, have no criminal record, and be 5 years at the same job is needless to say "frustrating".

---

i have seen ppl make 100, 150k+ and in worst situation than you are.  just do your research on here and start rebuilding.  it's never too late

[Scupra]

---

@Anonymous wrote:

Hi Scrupa,

Funny thing is, on 4/29/15, Equifax made a similar entry on my CR - *but instead of a deduction it gave me a 14 point increase in my FICO score for having a balance of $264 on a $500 card.

So why would Trans Union give a deduction for the same thing?

---

Can I ask where you are getting your scores from? Simply using a credit card does not hurt your score. The balance it reports the the CRA's can make a score change though. Do you know what day that card reports to the CRA's? While you only have one card I would not let more than a $49 balance report. Have you looked into any other cards, maybe Cap1? FICO likes to see 3 revollving tradelines with one reporting less than 10% util and all others at 0.

[Anonymous]

---

@Scupra wrote:

Can I ask where you are getting your scores from? Simply using a credit card does not hurt your score. The balance it reports the the CRA's can make a score change though. Do you know what day that card reports to the CRA's? While you only have one card I would not let more than a $49 balance report. Have you looked into any other cards, maybe Cap1? FICO likes to see 3 revollving tradelines with one reporting less than 10% util and all others at 0.

---

I am a paid subscriber to myFico, so I'm getting my scores from this site. Also have account over at Credit Karma as well, but they are Vantage and not Fico.

Haven't tried for another card, as I thought my chances of getting an unsecured account are probably not good as I still have 3 items in collections - my logic with it was to apply for a second card once I have 2 of 3 of my remaining old collections accounts dealt with, as I don't want an unnecessary hard pull on my report from a credit card app. Maybe that's not the best plan, but it's where I've been at the last month.

I did do the pre-approval thing at Cap One and it said my chances of getting the Cap One Platinum Classic card were "very good", with chances for the Quicksilver card listed as "fair".

[lg8302ch]

---

@Anonymous wrote:

No, I only have 1 credit card.....

The only other things that have happened in the last month, is that I have paid in full 2 collections, and I also had 2 hard inquiries from 2013 slated to go off my report.

I cannot stress enought that the first payment on this secure card is not due until May 21.

A 12 point deduction for using this card - especially when I paid the damn thing in full 48 hours ago is just lame.

I've paid off in full about $5000 in debts in the last 60 days, and this new deduction just kinda makes me wonder what the point in any of this is.

To say I am frustrated doesn't even begin to describe my feelings now, damn. 

---

I have no experience with baddies but could it be that the paid collections updated and show as recent and generated the score to drop ? That would be my guess.

[gdale6]

---

@lg8302ch wrote:

---

@Anonymous wrote:

No, I only have 1 credit card.....

The only other things that have happened in the last month, is that I have paid in full 2 collections, and I also had 2 hard inquiries from 2013 slated to go off my report.

I cannot stress enought that the first payment on this secure card is not due until May 21.

A 12 point deduction for using this card - especially when I paid the damn thing in full 48 hours ago is just lame.

I've paid off in full about $5000 in debts in the last 60 days, and this new deduction just kinda makes me wonder what the point in any of this is.

To say I am frustrated doesn't even begin to describe my feelings now, damn. 

---

I have no experience with baddies but could it be that the paid collections updated and show as recent and generated the score to drop ? That would be my guess.

---

I think we have a winner if you didnt receive the PFD OP.

[Scupra]

---

@lg8302ch wrote:

---

@Anonymous wrote:

No, I only have 1 credit card.....

The only other things that have happened in the last month, is that I have paid in full 2 collections, and I also had 2 hard inquiries from 2013 slated to go off my report.

I cannot stress enought that the first payment on this secure card is not due until May 21.

A 12 point deduction for using this card - especially when I paid the damn thing in full 48 hours ago is just lame.

I've paid off in full about $5000 in debts in the last 60 days, and this new deduction just kinda makes me wonder what the point in any of this is.

To say I am frustrated doesn't even begin to describe my feelings now, damn. 

---

I have no experience with baddies but could it be that the paid collections updated and show as recent and generated the score to drop ? That would be my guess.

---

blah! Totally over looked that! I think you are spot on

[Anonymous]

The $3500 student loan that was in collections I paid in full a week ago is not yet being reported as "paid" by Trans Union (or the other CRAs for that matter), so I am not sure if that is the cause of the 12 point deduction in this case?

Equifax from 4/29: (increase)

Trans Union 1 day later 12 point decrease:

[camera_jen]

---

@Anonymous wrote:

I hear you rising, thanks.

The thing of it is, and the reason for my urgency with all of this, is that I work in a nichey, very expensive resort area in which there are very few affordable / decent apartment options. I currently am in a terrible, terrible roommate situation that is eating me up alive, costing me alot of money, and has already bordered on a physical altercation 2 months ago.

People say to look for a rental that doesn't check credit - I can tell you it just doesn't exist in my area - believe Ihave tried and I have been patient.

Simply put, I cannot get my own place within a close proximity to my job without a FICO score of at least 600, and that's why I am trying to do EVERYTHING and ANYTHING to improve my score.

At this point I have 3 items in collections - a big defaulted college student loan from mid-2000s (wage garnishment), a $1600 coll from a lease I had to break after getting laid off in 2009, and a $942 student loan I took out in 2005 from my college.

I am in the process of rehabbing the big college loan, and am doing payments on the $1600 and $942 colls.

Prior to this last March, I have not been in possesion of a credit card since the late 90s.

Getting turned down on a $800 / month apartment when you make over $70K a year, have no criminal record, and be 5 years at the same job is needless to say "frustrating".

---

Are you trying to find an apartment with a corporate management company?  Sometimes those places don't care what your score is as long as you don't have current derogatory items (some will even make the exception for medical bills).  They will also check SafeRent, which is like a CRA but for property managers, and they can see evictions, late rents, things that don't show up on your normal CR.  I would make that $1600 collection a major priority, not just because of your FICO score but because having outstanding balances on anything to do with rent is something that will prevent you from renting.  Having not so great credit is workable as long as you don't owe a landlord any money.

[Anonymous]

---

@camera_jen wrote:

Are you trying to find an apartment with a corporate management company?  Sometimes those places don't care what your score is as long as you don't have current derogatory items (some will even make the exception for medical bills).  They will also check SafeRent, which is like a CRA but for property managers, and they can see evictions, late rents, things that don't show up on your normal CR.  I would make that $1600 collection a major priority, not just because of your FICO score but because having outstanding balances on anything to do with rent is something that will prevent you from renting.  Having not so great credit is workable as long as you don't owe a landlord any money.

---

Hi Jen, thanks for responding!

Nearly all of the affordable rentals in my zone are run by about 5 different property management companies in the area.

I have spoken to each of them in the last 3 months and have been told in no uncertain terms that the rock bottom minuimum score to "even be considered" when applying is 600 and "really," he said, "it's closer to 650 if you want the prop owner's approval". One agent told me they do not care what your income is, they must see the number 600 and that without it that I am wasting $35 for the rental app fee.

As for private property owner landlords - well, they too are starting to have credit requirements to rent - and we are talking about run down shacks under 400 sq ft that rent for under $1000/mo, not some decked out spacious new place. In that regard it's crazy, but if I was a property owner, I can't say that I wouldn't do the same thing with a stranger using my property. Catch 22 in that way, heh. 

Have no evictions, next to no late rent payment history (twice..maybe in 15-17 years?) and with the exception of my big defaulted student loan and the 1 non-student loan item in collections I am "clean". The last time I was turned down on an apt was last Fall, when I went for an $800 studio.

I receieved an email comprised of 3 lines:

"I'm sorry, you have been declined".

Reason: 1) low credit score

                 2) the dollar amount of my defaulted student loan.

The above evidently out-wieghed the fact that I made something like 6-7 times that amount of money in a month.

But you are right on the $1600 lease collection - I will prioritze it - it is only showing on Experian, which strikes me as weird.

Thanks again for your advice and taking the time to read my rants, it's kinda been "one of those days"