EXPERIAN 76 POINT DROP!

[Pharoe33]

I'm so in shock right now that I'm at a loss for words! I check my scores usually once a week and today I checked and found my experian score dropped 76 point via the Experian web site, since last Tuesday. Nothing on my report has changed outside of decreased balances from payments! No new collections, nothing. I went from a 623 to a 557 for basically paying my bills on time. I swear I can not win with this credit rebuild and Im seriously about to give up on it all. 

[medicgrrl]

Something has changed. Paying down debt is not going to cause that. Look at the score factor's and see what's different.

[Anonymous]

Sounds like be a derogs were added even though you say they were not. That seems too drastic due to things like utilization change, new accounts added, or inquiries.

[Pharoe33]

Update: So I investigated my reports a little further. I have an account with AAFEES that was a charge-off and due to reach SOL next year. The balance reflected 0 previously. I recently decided to use a credit repair company that had great ratings. The company initiated a dispute and went after this account. The account has now updated with a last report date of June/2017 and now reflects a balance of 5800. I'm so upset right now as I've worked hard this year to bring the score up froma 498 to 600 in just this year alone. This is an extreme blow to my progress.

[Anonymous]

Same thing happened to me with chase . I just feel really depressed about the giant score drop. And I was just trying to work with them to get it settled, not for them to report a balance and cause a dramatic score drop.

[Pharoe33]

It makes you want to just throw in the towel, especially when you've worked hard and began to make progress. 

[Anonymous]

We just have to keep our heads up and keep chugging along, think of the big picture and not let a temporary setback cause us to not reach our goals.

[Sandman771]

OK Don't throw in the towel. Well maybe on that credit repair service and while you're at it, explain that they caused your score to drop 76 points thanks to their crappy practices. 

now just like eating an elephant take a small bite and chew slowly. Contact the original creditor (in this case AAFES) and inquire about a hardship repayment plan of some type or just see if they will take either a settlement or a payment plan. You didn't get it there overnight so it won't disappear overnight. You said it was almost past the SOL? So what is the Date of first delinquincy? If it is 6 1/2 years ago, you could ask for an early exclusion and then it would fall off, but poking the bear you may have re-started the SOL not sure how that works. 

I'm trying to help and I hope you take this as such. Just do what you can and it will work out. once thing i've found on here only two things fix anyone's credit....time and money. And both have to pass for an improvement. Good luck!

[rmduhon]

Generally speaking, you only reset the SOL when you make payment arrangements then defaulting on them. Of course, each state has different laws and I don't know where the OP is so I can't say for a fact.

[medicgrrl]

Just keep paying your bills on time and reminding yourself of what a strong profile you're going to have next year when this drops off! Keep moving forward with whatever plans you've made in regards to putting yourself in a better position. It's only a matter of time now 😀