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back in December i had a score of 682 and things were looking very promising. had zero balanced on credit cards, current auto loan and multiple trade lines all reporting good.
12/24 charged $307 to a card with an $1800 limit, score dropped 12 points to 670
12/30 paid off car loan( trade in) and score dropped 12 points to 658
1/03 new car loan was reported and score dropped 15 points to 643
1/21 balance on an acct dropped by 76% no score change
1/27 balance increase of $75 on an acct (was zero balance) score dsrops 4 points to 639
2/2 a new inquiry was added (Cap one card approved) score went up 6 points to 645
i've tried everything from paying cards off to carrying a small balance and there seems to be no rhyme or reason to the score changes. the paying the car off and buying a new car really surprised me.
should also add that i was discharged from chptr 7 last march and have zero neg reporting since discharge.
currently have a credit union car loan for $55000
barclays rewards card $1800 limit, current balance $ 275
First premiere card $700 limit, current balance $25
overstock acct $2200 limit, zero balance
Motorola acct $1500 limit, zero balance
Fingerhut acct $1100 limit, zero balance
@Alpha wrote:should also add that i was discharged from chptr 7 last march and have zero neg reporting since discharge.
currently have a credit union car loan for $55000
barclays rewards card $1800 limit, current balance $ 275
First premiere card $700 limit, current balance $25
overstock acct $2200 limit, zero balance
Motorola acct $1500 limit, zero balance
Fingerhut acct $1100 limit, zero balance
BK7 is the culprit. With the BK on there, less than a year old, you scores are going to be very sensitive to things like new accounts with a high balance. Just keep your balances low and stable, and your scores should stabilize and start to climb back up. You are actually doing quite well.
Seems like you're doing better than me.
I'm starting to wonder if Bankruptcy is better than collections.
-.-
I mean seriously. I made mistakes, yes. But I paid them and I have 10 PAID collections on my account. No bankruptcies, no forclosures. Nothing.
But I'm still at a 599.
I feel like collections effect your score worse thank bankruptcy.
(By the way, super happy for you that your score is as high as it is -- even given the bankruptcy......I would be really happy to have those scores)
sheesh, score just went up by 23 points to 668 with no alerts or changes in my credit ..it's a mystery to me
@Anonymous wrote:Seems like you're doing better than me.
I'm starting to wonder if Bankruptcy is better than collections.
-.-
I mean seriously. I made mistakes, yes. But I paid them and I have 10 PAID collections on my account. No bankruptcies, no forclosures. Nothing.
But I'm still at a 599.
I feel like collections effect your score worse thank bankruptcy.
(By the way, super happy for you that your score is as high as it is -- even given the bankruptcy......I would be really happy to have those scores)
In some ways, it is - BUT, while your scores will continue to grow as those collections age and fall off at 7 years (provided you have plenty of positive accounts pushing them up), with a BK you get top limited to about 725 for the entire ten years. So yes, with a BK you get the quick recovery to 700, but thats where you sit for the entire time the BK is there.
NormanFH wroteIn some ways, it is - BUT, while your scores will continue to grow as those collections age and fall off at 7 years (provided you have plenty of positive accounts pushing them up), with a BK you get top limited to about 725 for the entire ten years. So yes, with a BK you get the quick recovery to 700, but thats where you sit for the entire time the BK is there.
I think a lot of rebuilders, including myself, would be grateful to sit at 700 for a while.
@Anonymous wrote:
NormanFH wroteIn some ways, it is - BUT, while your scores will continue to grow as those collections age and fall off at 7 years (provided you have plenty of positive accounts pushing them up), with a BK you get top limited to about 725 for the entire ten years. So yes, with a BK you get the quick recovery to 700, but thats where you sit for the entire time the BK is there.
I think a lot of rebuilders, including myself, would be grateful to sit at 700 for a while.
Myself included. Wish I had gotten serious about rebuilding when I filed for BK in '07. But then again things would have still gone to hell in 2010 when I lost my job. But I might have actually had more resources available to me at the time.
Collections are easier to remove from your report than a BK though and that BK has to age a bit for some creditors. I'll keep these collections. 3 months ago I had 9 collections on my EQ. I currently have 2 and those will be gone within 2-3 months, no BK. Yeah, the process is slow to that 700 but when I'm done, I'm done and I won't have to look at a BK for 10 years.