58 Point gain in 1 week. I must be dreaming.

[xxhannahxx]

My profile:

March 4, 2008  (EQ 695, TU 695, EX 689)

20 Revolving account open

8 Active with 32% Util

2 Auto leases

Oldest account is 9yrs

Opened 2 accounts in last 12 months.

Average account is 3yrs.

1 late payment (GEMB/Paypal) All showing in 3 bureau.

Today (March 11, 2008) (EQ 695, TU 747, EX 689)

20 Revolving account open

8 Active with 32% Util

2 Auto leases

Oldest account is 9yrs

Opened 2 accounts in last 12 months.

Average account is 3yrs.

**Late payment from GEMB/Paypal was disputed and was removed from TU**

Becuse of this removal of late payment, my score on TU went up in 58 points!

But have not yet been removed from EQ and EX yet but will soon.

Now comes my questions.

1.  Is this correct?  Can it go up in 58 points???

2.  How much will other 2 go up in points??

3.  If I pay down my util to 3-7% (which I plan to do this week), will my TU go up beyond 800?

4.  Again, Is this correct??

I feel that TU is going to call me tomorrow and say that there had been a major foul up and take it all back... 

[RobertEG]

I share  your scepticism.  I think that is off by a factor of at least three.  Clearly, something else has changed in your credit scoringt to account for that level of gain.  I am just speculating, but if the late was in dispute, then perhaps, during the dispute period, that account was not being included in your history or util scoring. 

[xxhannahxx]

I only disputed after I pulled my report week ago.  Instead of either emailing or writing to the credit bureaus, I contacted the creditor just yesterday and was told that they would make correct changes and notify the credit agencies.  That was just yesterday.  So my dispute dindn't have any affect on my last pull.

I checked my files on TU and no changes other than the removal of the late payment.

[marty56]

How old was the late payment

The score silulator says if I miss a payment my score would drop 20 - 55 points.  I have heard that it coul be higher so it is quite possible if your late was recent that you vould get such an increase.

As far as the 800 goes, it is always a good idea to pay the balances down and you will get benefit on your score in doing so.

I also assume you are talking about FICO scores from here.

Message Edited by marty56 on 03-12-2008 02:52 AM

[Junejer]

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@xxhannahxx wrote:

I only disputed after I pulled my report week ago.  Instead of either emailing or writing to the credit bureaus, I contacted the creditor just yesterday and was told that they would make correct changes and notify the credit agencies.  That was just yesterday.  So my dispute dindn't have any affect on my last pull.

I checked my files on TU and no changes other than the removal of the late payment.

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Because it wasn't a dispute with the actual CRAs, you have experienced a nice bump that won't come back on you. Run the simulator or the score estimator with your utilization at 3-7%. On EQ for me, it states that my score will go to 810-840 at 5% utilization. Of course the CRAs have to update that information. I hope that it works out for you just that way.