Two Collections Removed!! Rewarded with a 28pt drop.....

[Anonymous]

I've been back and forth trying to get a workmans comp claim that went into collections removed. I knew it would happen soon. Today I learned that that collection for $470 AND one that was due to come off in November were both removed my Transunion. SCORE!!! 

Oddly, that came with a 28pt drop in my score (this is from CK, waiting on myFICO's to update). 

The only other actions were adding two inquiries, one of which was approved. I will admit that I do have excessive inquiries, but almost 30pts?!?

Honestly, I couldn't help but laugh. Soon, I will only have one derog across my three reports, I have one installment loan, and two lines of revolving credit (First Premier and Amazon), so I know with on time payments things will get better soon, but I was SO excited to see what happened when those came off. 

My installment loan is about 8 months old now. My theory is that adding the two new accounts took a toll on the Average Age of my accounts and that is what resulted int he score drop, since all of my credit is now "young". 

Anyway, just wanted to share one of lifes little "don't get too cocky" moments from my day today....lol!!

[Anonymous]

Heh...been there. There have been times when I thought I was doing something right for my credit only to find out later it was a dumb thing to do. These boards have helped a lot in my knowledge of credit though.

[Anonymous]

Right?? Meh, at this point its just something to laugh about. As you said, thanks to these forums I am definitely on the right track so I'm not overly concerned. The bad part is that as of now I have done all that I can do to "jump start" the process.....i.e. removing old collections, PFD's, etc....all the things that result in a decent bump right off the bat. 

Now, I'm going into the "gotta be patient" phase where I'm just gonna be building up with good payment history, and aging of my accounts...which is no fun for an impatient individual such as myself!

I'm just glad that NOW I see credit for what it is....when I was 19 I only knew I could walk in a store, wave a magic piece of plastic, and leave with things that I didn't have (and couldn't afford). 

[Anonymous]

---

@Anonymous wrote:

I've been back and forth trying to get a workmans comp claim that went into collections removed. I knew it would happen soon. Today I learned that that collection for $470 AND one that was due to come off in November were both removed my Transunion. SCORE!!! 

Oddly, that came with a 28pt drop in my score (this is from CK, waiting on myFICO's to update). 

The only other actions were adding two inquiries, one of which was approved. I will admit that I do have excessive inquiries, but almost 30pts?!?

Honestly, I couldn't help but laugh. Soon, I will only have one derog across my three reports, I have one installment loan, and two lines of revolving credit (First Premier and Amazon), so I know with on time payments things will get better soon, but I was SO excited to see what happened when those came off. 

My installment loan is about 8 months old now. My theory is that adding the two new accounts took a toll on the Average Age of my accounts and that is what resulted int he score drop, since all of my credit is now "young". 

Anyway, just wanted to share one of lifes little "don't get too cocky" moments from my day today....lol!!

---

Just so you are aware, Myfico does not update upon removal of a collection account. You will need to trigger an update via CC balance changes.

[Anonymous]

Right, I was going by CK. I know it isn't the "real" score, but it does have more update triggers so I like it because I can see when a change occurs and I've found that the changes (for me at least so far) run relatively parallel. 

Speaking of that, is there somewhere that describes all the triggers (if any besides what you mentioned) cause a change to myFICO.com scores?

[elim]

same thing happened to me when i removed my only collection (stil have tax lien).

the hit in AAoA was greater than the bump from dropping the derog.

mine was over 20 point loss.