35 point DROP!!! - UPDATE- ANOTHER HIT!

[Anonymous]

Here is a bit of an update.  So on my Equifax report the Chase Charge off updated and my mortgage score went up 10 points, I also noticed today, that between all the agencies there are some major discrepancies in the reporting of this account.  One being that Experian is listing this account as a Collection, while Equifax is a charge off and Transunion has no status.  I received an alert saying that a collection has been updated on my Experian report and thats when I realized that this Chase is a collection. (although it is not listed in the collections section)  I think it may have to do with the way it is being reported with Experian and why the score is in a freefall compare to the other scores.  Experian used to be my highest score and now its the lowest.   The account is also not reporting any payment history for Transunion, and between Equifax and Experian the months it is showing late is way off from eachother. 

[Anonymous]

Well, I talked to a few people in the Chase collections department and was able to persuade them to request the collection status be removed.  I'm crossing my fingers this gets approved because the gentleman on the phone said he can send it over ot the department that handles the credit reporting and they could come back with a yes, or a no. 

Is this something that maybe Experian is reporting wrong?  It shows when updated as " a collection on your report has been updated" in Experian and "an account on your report has been updated" on Equifax.  Does anyone thing I could make any progress with Experian?

[gdale6]

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@Anonymous wrote:

Well, I talked to a few people in the Chase collections department and was able to persuade them to request the collection status be removed.  I'm crossing my fingers this gets approved because the gentleman on the phone said he can send it over ot the department that handles the credit reporting and they could come back with a yes, or a no. 

Is this something that maybe Experian is reporting wrong?  It shows when updated as " a collection on your report has been updated" in Experian and "an account on your report has been updated" on Equifax.  Does anyone thing I could make any progress with Experian?

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You need to make progress with Chase not EX. The CRA is only reporting what they are receiving from the creditor. Once the current request has been resolved by Chase and if there still are reporting errors across the 3 CRA then you would mail them a direct dispute with copy of their TL indicating the error in reporting that you believe is there. There are always going to be certain things that are different in the way they are reported as the CRAs are not mirror images of each other so before you dispute you would want to post up in the rebuilding forum how they are listed with request that they be examined for possible errors in reporting.

[Anonymous]

So it turns out that Chase it not what caused the score to plummet.  It was the 16k auto loan that was paid and closed.  I still have 1 open auto loan for 7k and my student loans as well, so credit mix isn't a factor.  Is it because that account had a perfect payment history and my other open auto loan has a couple lates from a year or so ago?  Anyway, my Transunion had updated with the new balance from Chase last week and I got a 10 point increase.  Today it updated the zero balance and closed of the auto loan...and again...35 point drop on my mortgage scores.  Not as big on FICO08...only 20 point drop.  I'm so fristrated as I am in the middle of closing and now they will probably be pulling my scores again before closing.  I would not have closed this account but I need to help with DTI so I had no choice really.  anyone have any idea how quickly a hit from a closed account can recover?

[bch238]

I know this doesn't help with the current mortage issue, but looking at your scores from last year and compared to now...that's a major accomplishment.  Congratulations!  Patience and time are required sometimes.

[Anonymous]

Thanks for the ecouragement!   It does help to think what I have done in the past 6 months.  My lender takes 580 mid score but the interest rate is higher than the current rates.  At 600 the rate drops and at 620/640 as well.  Before these drops my mid score was 627, now it is 604.  Still qualitfies me I hope, but I wont get the best rate.  At this point though I just need to close on the loan.  The house we live in is being sold now and we put an offer in and it was accepted on another home.  Earnest money already sent etc.  We also are expecting another child Aug 1st so that puts pressure on the situation as well.  Worst case scenario we lose the house we offered on and move in with my wifes parents for a few months until scores can recover.  LAST thing I want to do!  Crossing my fingers.  I dont want to be near the baseline of 580 really.  Under that my Lender needs 10% down.