What have we done!???

[hopefultexan]

First let me say that I have learned SO much by reading and researching these forums and find your advice priceless! We've been working on rebuilding my husbands' credit in hopes of purchasing a home. Last month his scores were

EX 651

TU 641

EQ 652 after getting the last neg. PFD in April. We have an auto loan opened 1/2012 ($14,000), and were holding off on buying another vehicle but were forced to do it after mechanical issues. So last month we opened a new 2nd auto loan $(16,000). We also applied and got a wells fargo secured card to start building another line of credit. WELL, the alerts started rolling in! His scores are (as of today)

EX 594

TU 627

EQ 636

I was expecting a little drop with the inquiries but am totally shocked at the huge numbers! So, my questions start with - will they rebound from the new accounts and if so, how soon? The new auto loan will begin reporting this month as well as the WF credit card. Any advice is appreciated and welcomed!

Here's some extra info -

Yearly income 62,000

1 auto loan $14,000

2 auto loan $16,000

New WF secured card $300

No other debt or open accounts.

[guiness56]

Where did you get the scores?

I can't imagine a 60 point drop for an inquiry and a new TL reporting.  Are you sure nothing else changed on the report?

[hopefultexan]

Thanks for the reply guiness! The TU and EQ scores are from here, myfico. The EX is from their site and we have a monthly monitoring there. I know EX isn't the real FICO score, but thought it might be helpful to keep and eye on things while we're rebuilding. We got a real FICO score from EX when we app. for the auto loan last month and it was 636. Nothing else has changed on the reports. We did mail in a dispute on a judgment that is showing on his EX report that belongs to his father (same name, he's a Jr.). Would that impact a score? It's still there and hasn't changed since sending off the dispute 10 days ago.

[guiness56]

A PR should not be factored out when in dispute.  It would be fully scored.  So no score change.

The 60 points was on a FAKO score so you really can't go by that.  But the other 2 were around 20 points each which is still high.

All of the inquiries for the auto loan would have counted as one if done in a certain time frame.

When is your WF supposed to report?  Hopefull that will cause an increase in your score.

[txmomma26]

My only guess is that with the rebuild and deletions of collections plus the new TLs, you have a low AAoA that caused the score drop, if there are no other TLs reporting (good or bad). The car loan is only about a year and 4 months old, plus a new auto loan and limited mix of credit type = lowered score?

I'm just guessing though.

[hopefultexan]

Thank you! AAoA is the age of accounts, correct? That does make sense. His oldest account on EQ is 6y4mo. :-/ So, now is it best to just sit back and let these 2 new accounts (auto loan and sec. credit card) start reporting and hope that they come up? Or is there anything more proactive we should be doing?

[guiness56]

Let them report and make on time payments.  In 6 months to a year will be see your scores going up.

If those TLs have not reported yet it can't be your AAoA.