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Wow 62 Point Drop!

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Anonymous
Not applicable

Wow 62 Point Drop!

wonder how long it will take to recover from this 62 point drop?! I settled with Navient for 50% of student loan balances owed and  they just reported that it was settled and paid in full for less than original balance. Any idea how long that hit will remain? Regardless, I feel better with no more student loan debt which was well over $100k before the settlement. As bad as a 62 point drop is, I'll take that over $100k in student loan debt!! 

Message 1 of 6
5 REPLIES 5
elim
Senior Contributor

Re: Wow 62 Point Drop!

which score dropped?

Message 2 of 6
Anonymous
Not applicable

Re: Wow 62 Point Drop!

Experian is the score that dropped 62 points. Equifax dropped 6 points and no updates from TU yet.

Message 3 of 6
RonM21
Valued Contributor

Re: Wow 62 Point Drop!

One bereau dropped 62 and the other 6? Something doesn't sound right, like there's more going on. If this was already on your report prior to the settlement, I wouldn't think it would drop by 62, but that's just me.



Total CL: $321.7kUTL: 2%AAoA: 7.0yrsBaddies: 0Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

BoA-55k | NFCU-45k | AMEX-42k | DISC-40.6k | PENFED-38.4k | LOWES-35k | ALLIANT-25k | CITI-15.7k | BARCLAYS-15k | CHASE-10k

Message 4 of 6
Anonymous
Not applicable

Re: Wow 62 Point Drop!

Wow, that makes no sense at all. That's a massive drop in score. I'm really sorry, I understand fighting for every point so it's discouraging to have any drop, much less a significant one.

Just this week I had a collection update to "settled for less than full" and my score didn't change at all. I understand not seeing a huge increase but you would think when an acct goes from unpaid to paid, you would see something, even 5-10 pts.
Message 5 of 6
Anonymous
Not applicable

Re: Wow 62 Point Drop!

TU reported a 50pt decrease in score. So now we have TU minus 50, Equifax minus 6, and Experian at minus 62. All due to a change in reporting because I went from past dues to paid current to settled for less than original amount. The score drops are huge and really hurt. Any ideas on how to improve them? Equifax only dropped 6! any idea on the timeline to see some score rationalization? Thanks!!

Message 6 of 6
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