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Confused!! Please help Newbie with reasons why my Trans FICO score Dropped over 100+ points!

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Anonymous
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Confused!! Please help Newbie with reasons why my Trans FICO score Dropped over 100+ points!

I have been watching the boards here since January, absorbing all of the information that I possible can from those out there who have been in a similar position as myself & I am happy to say that I have made LEAPS and BOUNDS when it comes to my personal credit repair. That is, until last Friday.

I started out with scores around 530 across the board, and in the beginning I just used the popular FAKO sites (Credit Sesame, Credit Karma, Credit.com, and Quizzle) so I could get a better understanding of what was going on with my credit. After getting over $6000 of collections successfully removed from all of my CBRs my scores went up substantially.

I applied for a credit card from my local credit union and they approved me for a $1000 credit limit. When that hit my reports on May 27th-29th, my scores again jumped. I had Equifax8-585, Experian8-615, and Transunion8-644. I have THRILLED!

I currently have only 1 collections acct on my file for $1300 that is NOT mine and I have been fighting since January and 1 judgement that is within a year of aging off that has been paid since it was issued. I do have a ton of student loan debt that is delinquent, roughly $18,659, that is all in default BUT I have recently consolidated these loans but they have not yet been removed from my credit report, nor has the new loan been added.

So I get an update from Credit Karma on Friday stating that my score dropped over 100 points with Transunion!! What could cause this? This was my highest score, the score that I was proudest of, and now it is in the toilet!!

How could I go from a 644 to a 515 after reporting POSITIVE things to my CBR?? My utilization is at 26%, but will be around 15% when it hits my CBRs this month.

My follow up question is this: After Great Lakes finishes up the paperwork for my consolidation, will my scores tank across the board again? Or will they go up because the bad debts are then removed from my CBR and then replaced with a new, current loan?

Any help or advice that ANYONE can give me would be greatly appreciated since I am getting discouraged again after all of the hard work that I have put into working on my credit.

 

Thank you for taking the time to read this and I am open to PMs and emails, if you would rather speak privately.

 

Have a lovely Friday!

Mellissa "MJ"

Message 1 of 11
10 REPLIES 10
Anonymous
Not applicable

Re: Confused!! Please help Newbie with reasons why my Trans FICO score Dropped over 100+ points!

Credit Karma is garbage score, not a credit score anyone uses.  It is useless.  THROW IT AWAY.

 

TransUnion was fined and penalized by the federal government over telling people their "Vantage Score" (which Credit Karma also uses) was a credit score that lenders use.  No lenders use it.  Throw it away.

 

Get your real FICO 08 scores that real creditors use at CCT or MyFico.

Message 2 of 11
Anonymous
Not applicable

Re: Confused!! Please help Newbie with reasons why my Trans FICO score Dropped over 100+ points!

The Transunion score that I listed, 644 was a FICO score not FAKO. I was just alerted of a HUGE drop by Credit Karma. I know that they are worthless scores, but when all I could afford was freebie stuff, It was the best I could do. So from May 29th, when I received my FICO score from my free trial with Experian to today June 8th, my score dropped from 644 to 515 on Transunion.

BUT!!

I just pulled up my entire report and decided compare it again, and I found what happened!! ALL of my student loans are now reporting TWICE on my Transunion report!!

They are showing both the Federal Loan Servicing and the Dept of Education, but for the exact same loans. They were transferred from FedLoan to DeptofEd back in 2013, and they have not showed BOTH on any other CBR. So that is why my score dropped so drastically. I went from 9 accounts reporting to 16 in just a few days, and the negatives doubled!!

 

New question: How do I get them to removed the doubles? What is the quickest way to do that? I cannot do it online with Transunion since I have an open dispute about the $1300 bill with Verizon that my Ex opened in my name. The collection agency that is handling it (Pinnacle) is doing whatever they can to make it difficult for me. I have showed them proof 3 times that the account is NOT mine and that i didn't open it, but they tell me unless I file a police report they won't remove it. When I contacted the local PD they said they will NOT take a report for something that happened in 2013 just to satisfy some "douchebags" on the phone with nothing better to do than harrass folks for their hard-earned money (quote from the cop at the desk). Those **bleep** at Pinnacle are just being difficult to be difficult.

 

Thanks for responding.

 

Message 3 of 11
DollyLama
Established Contributor

Re: Confused!! Please help Newbie with reasons why my Trans FICO score Dropped over 100+ points!

Once the consolidation loan is complete it may take a little over a month for it to hit your reports, depending on when they report. But at the same time, the loans you are consolidating that are in default may also still be reporting, or at least a few, as when they receive the payoff and they also report to the bureaus. You state them being removed, have you reached a written agreement that when these loans are PIF that they will be removed, or simply just marked paid and remain on your bureau until they age off?

Message 4 of 11
Anonymous
Not applicable

Re: Confused!! Please help Newbie with reasons why my Trans FICO score Dropped over 100+ points!

File a complaint with the CPFB and also write a letter to your police chief and state senator (cc both) regarding your police department's refusal to do their job with identity theft affecting you. Maybe cc the mayor and your city councilman.

I had cops refuse to file a report over a vintage bike theft (worth $20) but it meant a lot to me so i raised hell and even wrote the village newspaper and the cops got super slammed by the chief and mayor over it. $20 value but priceless to me, I wanted a report made.
Message 5 of 11
Anonymous
Not applicable

Re: Confused!! Please help Newbie with reasons why my Trans FICO score Dropped over 100+ points!

Thank for replying...

 

I was under the understanding that after the consolidation is complete the 9 old loans will then be removed from my CBRs and then replaced with one new loan. Is this not always the case? I did all of this on my own, just reading up on what I could and taking the steps that I needed to so I could start on the biggest thing on my file that is holding me back.

Now, if they show as PIF/Closed and STAY on my report, when would they age off? Would it be 7 years from the date they were PIF or would be 7 years from the date they were opened? If the latter is the case, then that may be why I was given the impression that they would be completely removed since they newest SL was opened in 2010.

 

Also, when those are gone my AAoA will drop significantly since my only positive tradeline is my credit card from my local credit union.

I also found why my Transunion score dropped so significantly as well. They are now reporting my student loans TWICE. My acounts that were negatively reporting doubled due to this, hence dropping my score. How should handle the removal of the "evil twins" that are now hindering my report? I can't do it online since i have an open investigation into the $1300 cell phone account that I never opened. My ex opened 3 cell phone accounts in my name (stole my ID when I kicked him out, along with my SS card) within 9 days of each other, all in different states. Sprint and AT&T removed them without any whining but Pinnacle is just an unprofessional bunch of asshats.

 

Any suggestions?? Thank you for taking the time to read this.. I appreciate any and all input..

 

Mellissa "MJ"

Message 6 of 11
Anonymous
Not applicable

Re: Confused!! Please help Newbie with reasons why my Trans FICO score Dropped over 100+ points!

Don't do disputes online, that's a mistake.  Disputing addresses online is fine but I prefer to dispute everything on paper, via USPS, CMRRR if you desire.

 

Right now just wait for your online dispute to finish, and then dispute in writing.

 

You also want 3 credit cards reporting in order to hit the "credit mix" minimum for a strong FICO score.  Once you have 3 reporting, your score can go up.  Mine went up almost 40 points going from 1 CC to 3 in a month.

Message 7 of 11
medicgrrl
Valued Contributor

Re: Confused!! Please help Newbie with reasons why my Trans FICO score Dropped over 100+ points!

First, don't stress when you see CK scores change. They showed my TU score drop 20 points when in reality, my FICO score increased by 113 points. It's a totally different scoring system.

Second, you can call TU and dispute over the phone. Advise them those are duplicate student loans reporting and you would like the closed accounts removed. I'm assuming only half of them are reporting a balance?

I'm not familiar with student loans so I can't comment on the consolidation. I would post in the Student loan forum to get more information about what happens next with regards to reporting. They have their own laws due to being Federal loans.

As far as the collection, I would file a complaint, with documentation, to the CFPB.

Sounds like you are making great progress!! It's frustrating some days but just keep the big picture in mind and keep moving forward.


EQ 778 EXP 782 TU 729
Message 8 of 11
Anonymous
Not applicable

Re: Confused!! Please help Newbie with reasons why my Trans FICO score Dropped over 100+ points!

Thank you for your kind words... I appreciate it.

 

Unfortunately, the 644 and 515 are both FICO scores, and not FAKO. The doubling of negative accounts is what made my score take a nose dive. I am going to look and see what i need to do to file a dispute via mail or phone with Transunion.

I know that all of those will soon be removed from all of CBRs, but I know it can take months for the consolidation to hit your reports, so I want to make sure that I can do something about this beforehand, just in case it takes longer than projected...

 

Thank you again for the great advice!

 

 

Message 9 of 11
Anonymous
Not applicable

Re: Confused!! Please help Newbie with reasons why my Trans FICO score Dropped over 100+ points!

When you say credit cards, do you mean those branded by the big four (visa, MC, Disco, AMEX) or are store cards included in this as well?

I am with Navy Fed and I am going to talk to them today about opening a card and CLOC with them today, or would that hurt my score?

 

Thank you for taking the time to reply, I appreciate it more than you can know!

 

 

Message 10 of 11
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