11-29-2012 07:01 PM
A few years ago I signed up with MyFICO hoping to take control of my credit. I've made great strides. Really, about the only thing negative I had on my report were some very, very old student loans, yet my credit remained in the mid 600s.
Last week, I heard this story on NPR that had me spitting nails. The story was about a number of families who lost their homes due to foreclosure and other problems and, three years later, were able to buy another home again -- and that their credit scores weren't terribly hurt.
They lost their homes and they have better credit than me who simply screwed up some student loans but paid them off several years ago? To me, this is inconceivable. I'm glad other people are taking responsbility for their credit and that they're fairing well....in fact, I'm thrilled for him. However, I find myself so angry that I've mostly done everything right and have stayed away from accumulating large debt and I'm in a worse situation (credit wise).
As a double-whammy, I once again tried to correct some misreported issues about the before-mentioned student loans. Due to some office weirdness that happened maybe 15 years ago, my three student loans were misreported as six. Instead of showing three bad loans, I was showing six. Once again, yesterday, I decided to dispute the way it was reported so that maybe the issue could be improved....then I went to bed.
This morning, MyFICO sends me an email that my score had dropped 11 points....because I had disputed information on my report.
Really? I dispute what I believe to be a mistake and my score drops 11 points in less than 12 hours because of it?
OK, so I'm normally not one for drama and anger and I'm pretty cool headed and mild mannered, but today, I'm totally bummed and angered about all this. There simply seems no hope as I'm doing all the right things but apparently can only improve my credit by buying a house and having it foreclosed lol.
11-29-2012 07:18 PM
11-29-2012 07:26 PM
Drop in credit score while a dispute is in progress is expected, as during the dispute process, FICO ignores certain information in its scoring.
It is transient. Just make sure that the CRA promptly lifts the dispute flag once it is resolved.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.