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12-08-2012 09:37 PM
Anyone know why it would have dropped? Does it initally drop after credit activity like that?
12-08-2012 10:09 PM
Was it a pretty old accounts? Do you have other accounts, good or bad, and how old are they?
From how I understand it, once a bad account gets old enough, it's not really hurting your score anymore and can even help. The bigger the AAoA (Average Age of Accounts), the better...so if you have a bad account that is 6 years old and a good account that is 1 year old, your AAoA is 3.5 years. If the bad account falls off, now your AAoA is only 1 year, which is not good.
12-08-2012 10:13 PM
It was less than two years old.
I have 3 collections left
2 of them are almost 6 yrs old
one that is from this year I have been trying to PFD.
some other baddies that are all about to fall off, they are over 6 years old.
12-08-2012 10:25 PM
We see this quite a bit while cleaning CRs. You will have the rollercoaster effect, up and down. Don't sweat it, the cleaning of your report will allow those scores to rise.
12-08-2012 10:30 PM
I think I am more shocked! I was hoping to see it go up :-/
12-08-2012 10:52 PM
Okay...Refresh my memory LoveGoodCredit.
How many credit cards do you have and what are their balances/credit lines?
What other positive credit do you have?
12-08-2012 11:13 PM
These are what I have:
One credit card, almost paid off, 60.00 balance of 300 limit. Never late
One loan, it hasnt reported yet though, it is a secured 500.00 loan from my credit union. Havnt made a payment just yet.
One car payment, never late. going on 7 months.
I have two other accounts that have been paid on time, small loans.
Then I have baddies
3 collections left, 2 are almost 6 years. Those total 700.00 so I am going to need to wait till I have the money and see if I can get them to do something after the first.
1 of the three is from the beginning of the year (CSD COLLECTIONS) but they are ignoring all my PFD letters.
The forclosure that is getting ready to fall off next year.
One charge off that falls off next year, it just got changed to a 0.00 balance a few days ago.
Two house loans that are paid off but one of them has a 60.00 late
One student loan that falls off in two years. It has a 0.00 balance. I can refi and get that removed but currently I am making payments to a bank. Going to refi after the year.
The Child support that is currently up to the attorney generals office and beauro of consumer protection which they are not reporting any payments but reporting 120 days late on EQ only, is still in dispute. Everytime I dispute my credit drops 30 points. I am trying to get them to report my payments and remove the negative remark because it is not late.
12-08-2012 11:16 PM
Are you still thinking about getting a mortgage in the near future?
12-08-2012 11:29 PM
Yup, that is why I am doing all this. The lender pulled all my scores and my mid turned up to be a 599. She told me to pay off my CC and that was when it was 97% util. I payed it down to 60.00 but it hasnt updated yet.
12-08-2012 11:40 PM
Well...I was going to suggest that you apply for a Walmart card. You really do need more good credit reporting to help get your scores up.
The reason your scores could have dropped is because of that maxxed out credit card. $60 reporting is still way too high. That is 20% of your credit line. You need to keep the reporting balance below 9%. You can do that by paying multiple times per month.
What mid-score do you need to have to qualify? What are your current scores?