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Established Member
maria_c
Posts: 15
Registered: ‎12-02-2012
0

What in the world???? Drop in Score from PFD

I had two collection accounts that were on my credit report.  They had a very high balance so I decided to try the PFD route.  It worked.  I checked my report today.. the collections were gone (HOORAAAAAY), but my score had dropped 10 points!!

 

How did this happen?  Is it because my AAOA was reduced?  How can I get my score back up?  

Start FICO TU: 627 (7/23/2012)
Current FICO TU: 679 (01/01/13)
FICO Goal: 750
App Free Since: 12/10/2012
Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: What in the world???? Drop in Score from PFD

Probably dropped from the AAoA, or could be a rebucketing issue.  Doesn't matter, it was baddies removed.  This will give your score more room to grow. 


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

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Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Valued Contributor
Jutz
Posts: 1,216
Registered: ‎05-10-2012
0

Re: What in the world???? Drop in Score from PFD

[ Edited ]

How old were they? Also, if this happens to me after my recent PFD I'll lose it

  • Current: EQ FICO 694, TU FICO 695, EX FICO 698 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $29,500
  • Inquiries (12 Months): EQ 6 TU 3 EX 6 | Most Recent: 1/21/2014
Chase Freedom $5000
DCU Visa $10000
Capital One QS $2000
AMEX BCE $1000
Lowe's CC $8500
WalMart CC $2400
BOA Platinum $600
AMEX Gold NPSL
Established Member
maria_c
Posts: 15
Registered: ‎12-02-2012
0

Re: What in the world???? Drop in Score from PFD

The accounts were both 6 years old, ready to drop off next year.  Unbelievable.  I thought I was doing the right thing.  :smileysad:

 

Start FICO TU: 627 (7/23/2012)
Current FICO TU: 679 (01/01/13)
FICO Goal: 750
App Free Since: 12/10/2012
Valued Contributor
Jutz
Posts: 1,216
Registered: ‎05-10-2012
0

Re: What in the world???? Drop in Score from PFD

Oh 100% you still are. What were the collections account? Were they listed under the OC or a CA? Also, I assume this was a score watch alert right?

  • Current: EQ FICO 694, TU FICO 695, EX FICO 698 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $29,500
  • Inquiries (12 Months): EQ 6 TU 3 EX 6 | Most Recent: 1/21/2014
Chase Freedom $5000
DCU Visa $10000
Capital One QS $2000
AMEX BCE $1000
Lowe's CC $8500
WalMart CC $2400
BOA Platinum $600
AMEX Gold NPSL
Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: What in the world???? Drop in Score from PFD

You did do the right thing, a 10 point drop and a cleaner report.  Your score will rebound and be better.  What positive TLs do you have?


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Member
JohnL1900
Posts: 37
Registered: ‎12-02-2012
0

Re: What in the world???? Drop in Score from PFD


maria_c wrote:

I had two collection accounts that were on my credit report.  They had a very high balance so I decided to try the PFD route.  It worked.  I checked my report today.. the collections were gone (HOORAAAAAY), but my score had dropped 10 points!!

 

How did this happen?  Is it because my AAOA was reduced?  How can I get my score back up?  


Wow pretty nuts. As other's have asked, were the accounts in collections or did they show charged off? 

The score probably dropped becasue of the AAoA unfortunately. 

 

I hope I don't run into the same thing, I just mailed off a PFD two days ago. My account shows in collections with all three CRAs and it's about 5 years old.


Starting Score: Equifax: 529
Current Score: Equifax: 672
Goal Score: 720


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Established Member
maria_c
Posts: 15
Registered: ‎12-02-2012
0

Re: What in the world???? Drop in Score from PFD

That's good to now.  I am happy about not having those two orange flags.

 

Baddies remaining

 

Wells Fargo Financial (Auto) - a 30 day and 60 day [Feb 2010]

Capital One - 30 day [Jul 2009]

Capital One - 30 day [Aug 2009]

BK, Chapter 7 [10/2003]

 

Right now my scores are:

TransUnion: 668

Equifax: 661

 

The collections have not been removed from my Equifax, so my score has not been affected.  

 

 

Start FICO TU: 627 (7/23/2012)
Current FICO TU: 679 (01/01/13)
FICO Goal: 750
App Free Since: 12/10/2012
Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: What in the world???? Drop in Score from PFD

The lates are over 2 years old so they've lost most of their sting, and your BK is almost 10 years old.  Overall, you're making good progress.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Established Member
maria_c
Posts: 15
Registered: ‎12-02-2012
0

Re: What in the world???? Drop in Score from PFD

 


Jutz wrote:

Oh 100% you still are. What were the collections account? Were they listed under the OC or a CA? Also, I assume this was a score watch alert right?




Jutz -- these accounts were reported by a CA.  The 2 accounts were from the same OC.

 

Start FICO TU: 627 (7/23/2012)
Current FICO TU: 679 (01/01/13)
FICO Goal: 750
App Free Since: 12/10/2012

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