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Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
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Re: Omg 24 score drop!


golo wrote:

Hi guys! I finally pulled my report and I don't see what could've cause the 24 point drop.The car payoff is not updated as of today,ugh,I taught could've been that,but apparently not.On the number 2 (understanding your FICO score section) there 1 more account showing a 60 day late or worst.(huh???) I haven't paid anything late! wth? If anything I just paid an old charge off!! Smiley Frustrated Also,now there 1 more account showing a miss payment or derogatory info.WTH? Smiley Frustrated 

 

Then it says i recently missed a payment and is showing a late payment a month ago! WHAT?? Smiley Mad 

The utilization went up 8% WTH happened?? I haven't been late on anything lately.I paid all my credit cards off that had low balances,paid the car off,(all this last month) the cards show 0 balance,the car still show a low balance,(not updated yet) 

 

Why my utilization went up? I haven't used any of my available credit,Smiley Indifferent 

My understanding is that all of it was cause by the charge off pay off? Distinguish members,correct me if i'm wrong,enlighten me before i have a nervous breakdown.Smiley Sad


Well, good news is that it isn't the car!   quasi-j/k. I know it gets frustrating not knowing the exact source. But here's some ideas:

 

For the added >60+ TL, look for any account in your Accounts page that shows a red flag next to it. Then go TL by TL to see if any of these have a 60+ worse notation. Look for any account showing 60, 90, 120, CO, etc. Compare the old report to the new to see if there's an extra flag showing.

 

Also, an old CO updating can lead to the loss too. Look side by side with any TL showing an updated or reported date of May, 2012. If any account had not updated in a long time, then that can be a source.

 

For the util, you mentioned you paid a CC CO, right? Do the math. CO'd CCs still factor into util most of the time. Do the before and after change to see if you can account for the util change. And it goes without saying, look at the balances on your accounts page to see if any of those balances increased. Conversely, look within each CC TL to see if any CLDs occurred.

 

 

 

 

 


 

Frequent Contributor
Posts: 365
Registered: ‎04-04-2012
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Re: Omg 24 score drop! UPDATE!!

I forgot to mention,now the FICO simulator says that i have a combined Revolving/Open Account balance of 675 dollars more than what i have last month when i checked on april 10th.How in the world? UGH,i just paid off a charge off with a considerable high balance.How can i have a higher balance on my revolving/open account balance now than last month when i just paid a charge off and a car?  Can't believe it...Smiley Sad

Read and read...and then....read some more....


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Current Score: 608 myfico EQ
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Frequent Contributor
Posts: 365
Registered: ‎04-04-2012
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Re: Omg 24 score drop! UPDATE!!

[ Edited ]

Ugh! I think i know what it is,a darn JDB updating,they are updating on an old account dating back to 6/2007.Motherflowers.... Smiley Mad

But what i don't understand is that in my old report from last month,the simulator wasn't counting this JBD,now it is,therefore the increase on the Revolving/ Open accounts balance,ugh,why is the simulator so misleading? 

Read and read...and then....read some more....


Starting Score: 603 myfico EQ,648 myfico TU april 2012
Current Score: 608 myfico EQ
Goal Score: 660 myfico EQ july 2012??


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Senior Contributor
Posts: 4,196
Registered: ‎03-24-2008
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Re: Omg 24 score drop! UPDATE!!


golo wrote:

I forgot to mention,now the FICO simulator says that i have a combined Revolving/Open Account balance of 675 dollars more than what i have last month when i checked on april 10th.How in the world? UGH,i just paid off a charge off with a considerable high balance.How can i have a higher balance on my revolving/open account balance now than last month when i just paid a charge off and a car?  Can't believe it...Smiley Sad


This is the way I see the simulator work.

Combined revolving balances is for open accounts.

If the account was closed, then the balance is not included, in the combined balances.

Does that make sense?

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Frequent Contributor
Posts: 365
Registered: ‎04-04-2012
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Re: Omg 24 score drop! UPDATE!!

Thank you all for the inputs,it does make sense,but it wasn't included last month and now it is? The JDB was there last month and it seems that it wasn't included on the simulator and now it is,?? That's the part I don't understand and frustrate me the most.Seems that I'm done with this,they have the pan hold from the handle....ugh,
Read and read...and then....read some more....


Starting Score: 603 myfico EQ,648 myfico TU april 2012
Current Score: 608 myfico EQ
Goal Score: 660 myfico EQ july 2012??


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Frequent Contributor
Posts: 365
Registered: ‎04-04-2012
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Re: Omg 24 score drop! UPDATE!! UPDATE! 5/22/2012,UPDATE!

Hi distinguish members! I think i found out why the dropt.Looking at the accounts carefully i found out that i had an old account from SEARS/CBNA that it was charge off on 06 with DOLA Nov 06.Little did i know it was on dispute and i called the other day to end and remove all the dispute comments as i was trying to prepare myself to purchase a home sometime this summer,Smiley Sad.Needless to say that i won't,sighs,but anyway,apparenlty when the dispute was removed they unfreeze the account and it slap me with a miss payment and FICO is reporting it as recent late payment.Now the 7 year history shows the OC reporting for the last 52 months.

 

How can that happen? I mean,i know the account is not paid,but why FICO sees it as a recent late payment therefore lowering my score?

Are the OC by reporting it every month will continue to lowering my score? Thanks in advance  Smiley Happy

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Starting Score: 603 myfico EQ,648 myfico TU april 2012
Current Score: 608 myfico EQ
Goal Score: 660 myfico EQ july 2012??


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Established Contributor
Posts: 1,010
Registered: ‎01-22-2008
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Re: Omg 24 score drop! UPDATE!! UPDATE! 5/22/2012,UPDATE!

I think the removal of the dispute comment on the old CO is what messed your your utilization. 

 

For the recent late payment, I think that is the CO you recently paid.  When you paid it it would've updated to the date of payment being the last "late" payment even though it was probably years prior. 

 

Two differen aspects (the removal of the dispute and the paying of the CO) have affected your score.  But it's better to learn this now than while in the mortgage process and now you know where you really stand and what you have to do to get to where you want to be. 

Frequent Contributor
Posts: 365
Registered: ‎04-04-2012
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Re: Omg 24 score drop! UPDATE!! UPDATE! 5/22/2012,UPDATE!

Thank you for your input,that makes sense in a way,but I think it's unfair cause it looks like you get penalize for do the right thing after being tru some unforeseen hardships.,sighs Smiley Sad
Read and read...and then....read some more....


Starting Score: 603 myfico EQ,648 myfico TU april 2012
Current Score: 608 myfico EQ
Goal Score: 660 myfico EQ july 2012??


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