Score Dropped after negative changed to positive?

[Anonymous]

My Honda, which was reporting as a reposession, balance owing of 10K and one 30 day late in March, was re-reported as 'O' balance, paid as agreed.

I thought this would be a positive thing, but instead, my score dipped 53 points on EQ: 665 on 6/13, 672 on 6/16, now 619 as of 6/19. (corresponds with the date?? How convenient!)

Why would that cause such a drop?? Or is it because there is a late still reporting??

And am I better off to just leave it alone, or dispute the late, since the month that it was reported 'late' was after the date of repo.

I am totally confused why my scores are all over the map. If someone could explain this please do, because I just don't get it.

[haulingthescoreup]

Was this the last serious derogatory left on your report? If so, you might now be in a new "score bucket", one with no serious derogs.

For scoring purposes, we are all compared with consumers with similar credit profiles --short history or long, recently seeking credit, collection or no, public judgment or no, other serious derog or no. These different categories are nicknamed "score buckets", and they allow you to be compared with your peers, instead of with a 70-year-old who has had credit for 50 years and has never done anything wrong, even once. Otherwise, we'd all be stuck at the bottom of the score ladder.

If this was your last serious derogatory --no collections, no judgments, etc left-- you might have gone through this re-assignment. It's really discouraging when it first happens, and I wasn't at all happy when I lost my points, but I found that my scores recovered and then quickly took off to a much higher level than they had been.

Alternatively, it's something completely else, like suddenly one or more accounts reported high balances, etc. Click the button at the top that says "New - Credit Education", and then read Credit Scoring 101, stickied up at the top of this page, or at least the first post. There's a lot of different stuff that goes into your scores, and while you're figuring it out, it's easy to go quietly (or noisily) nuts.

[Anonymous]

No, I have a BK filed, and 5 accounts that are marked 0 IIB, also. Other than that, no lates, everything else satisfactory.

Is it worth it to dispute the one late on the Honda (wasn't late, had done a voluntary repo earlier)?

Message Edited by bk2008 on 06-19-2008 01:04 PM

[haulingthescoreup]

How old is it? Older 30 days generally don't hurt much, and many have found to their sorrow that disputing a closed account results in the whole account being deleted, hurting their history numbers and dropping their scores.

[Anonymous]

This 'late' happened back in March....AFTER I turned in the car.

I called Honda about it, they told me to dispute it, and it would probably get the late deleted. At this point, that is the only reason it is a negative account.

I'm not sure I want to mess with it, since it was changed from a repo to 'paid in full' status with a 0 balance.

[WhirledPeasPlease]

Was that your only open installment account?