Omg 24 score drop! UPDATE!! UPDATE! 5/22/2012,UPDATE!

[golo]

Thank you all for the inputs,but still feel like your being penalized for paying off your debt,definitely it doesn't make any sense to me,ugh,you feel like is noth worth paying anything nor try to fix and clean your credit.

[llecs]

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@Anonymous wrote:

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@golo wrote:

You moved from one category of credit users to another as time passed. For example, you may have transitioned from the category "consumers with a new credit history" to the category "consumers with a two- to five-year credit history". As a result, your credit report is evaluated differently, causing a slight change in your score. The good news is that moving between categories like this usually offers you the potential to reach a higher FICO® score in the future.

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Sounds like you've been re-bucketed. 

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My vote is no on that (and yes, I thought about that too) because OP has COs and/or judgments still reporting. You can't be rebucketed away from that bucket if major baddies still report.

[llecs]

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@golo wrote:

llecs,and what could've done it? The only things that i can think of is that i paid an old charge off on april 30th,but i received an alert for that and the score was the same,didn't move,the alert was on may 7th,and 10 days later this,sighs  it's so dissapointing,i feel you get penalized for do the right thing

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OP, did you have a chance to pull a new report (from somewhere, anywhere)? Score alerts can come from anything. I don't think those 24 were concretely linked to the account payoff because it wasn't referenced within the alert. That alert wasn't a credit alert and wasn't linked to the payoff. If the loan updated, it should have updated specifically listing that TL as "paid/closed" along with the score change.

Could anything have happened between May 7 and yesterday that can cause a 24 pt change like balance changes, account changes, baddies updating, deletion of CO accts, payment on CC COs, etc? Definitely compare your reports side-by-side.

I'm sticking to my guns though. And I admit I'm wrong more than 50% of the time (otherwise I'd be rich off the stock market). But definitely do a side-by-side comparison.

[golo]

Thank you for your input llecs,i just paid an old charge off that,if anything i taught it was included on the utilz.If that was the case,i know that paying an old account might ding your score,but at the same time i taught that if it was included in the utilzation it can help your score if you pay it.Correct me if i'm wrong.I will definitely do that tommorow i must go to work now,ugh,

I will keep ya'll post it! Thanks to all!

[llecs]

Do you know the individual util on that card? Do you know the before overall util with the card, and again overall post-CO CC? Yet alone....do you know if it updated?

Usually, in terms of those in repair, paying a CO'd CC can help because most CO'd CCs are maxed out with a util of 100%+. In a few rare cases, there are posters who have a very low balance on a CO'd CC. Maybe they forgot to pay an annual fee or paid it down over time or something like that. In cases like that, there are scenarios where that card helped your CC util and paying it off would remove it from util and thus could hurt your scores. Being presumptive here though. Also, some CO'd  accounts will add lates when you pay it off which can hurt.

[AZHeather]

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@golo wrote:

Thank you for your input llecs,i just paid an old charge off that,if anything i taught it was included on the utilz.If that was the case,i know that paying an old account might ding your score,but at the same time i taught that if it was included in the utilzation it can help your score if you pay it.Correct me if i'm wrong.I will definitely do that tommorow i must go to work now,ugh,

I will keep ya'll post it! Thanks to all

Was the old charge off by chance a credit card?  If so, it is possible that the tradeline disappeared (has been known to happen after payment) and it may have effected your AOA thereby causing the SW statement, "You have a short credit history."  Just a guess. 

[FrugalRican]

It's all conjecture and guesstimations until the OP pulls his credit reports and figures out what changed.

[FrugalRican]

golo, did you happen to pull your reports and compare to see what changed other than just the car being paid off?

[golo]

Hi FrugalRican,I will tomorrow as i'm kinda busy today to analize it carefully,but i will keep ya'll post it. 

[golo]

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!!  Also,now there 1 more account showing a miss payment or derogatory info.WTH?  

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

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, 

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.