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what the heck is going on with my score?

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Alpha
New Contributor

what the heck is going on with my score?

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.

 

 

 

Message 1 of 10
9 REPLIES 9
Alpha
New Contributor

Re: what the heck is going on with my score?

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

 

 

Message 2 of 10
Anonymous
Not applicable

Re: what the heck is going on with my score?


@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.

Message 3 of 10
Anonymous
Not applicable

Re: what the heck is going on with my score?

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)

Message 4 of 10
Alpha
New Contributor

Re: what the heck is going on with my score?

sheesh, score just went up by 23 points to 668 with no alerts or changes in my credit ..it's a mystery to me

Message 5 of 10
Anonymous
Not applicable

Re: what the heck is going on with my score?


@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.

Message 6 of 10
Anonymous
Not applicable

Re: what the heck is going on with my score?


NormanFH wrote


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.


I think a lot of rebuilders, including myself, would be grateful to sit at 700 for a while. Smiley Happy

Message 7 of 10
Anonymous
Not applicable

Re: what the heck is going on with my score?


@Anonymous wrote:

NormanFH wrote


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.


I think a lot of rebuilders, including myself, would be grateful to sit at 700 for a while. Smiley Happy


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.

Message 8 of 10
lindsaydruart
Established Contributor

Re: what the heck is going on with my score?

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.

Gardening since 12/15/2019. Goal 12/15/2021
FICO 8 as of 12/16/2019 - EQ 602 EX 656 TU 628
Message 9 of 10
Anonymous
Not applicable

Re: what the heck is going on with my score?

Did you GW them all or PFD? I only got 1/9 of mine to PFD
Message 10 of 10
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