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Registered: ‎11-07-2012
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erroneous collection removed - what to expect? and a few others about my FICO :)

My wife and I are looking to buy a home. So we decided(though we should have done this long ago) to fix an error on her credit report. In short, the school she was attending sent her account to collections after repeated attempts by her to get the school to not charge out of state tuition. After the school finally  fixed this for her, it was too late as far as her credit report was concerned. She had a collection on there. It showed that she has a collection that has been resolved, but it shouldn't have been a collection to begin with. Last week we finally called up the debt collector and they removed all traces of the debt. We even checked all 3 credit bureaus, it's gone finally, and it looks like the 3 credit bureaus have a score of around 750 for her now. Her FICO was 650. I am hoping that it is that low because this collection wrecked her score. So as of now, the only ding she has is a short credit history. I know this is long winded but from reading here I see people like getting the whole picture. What we are wondering is, how long should it take for her FICO to update to reflect the 3 credit bureaus having a higher score now? Shall we check her FICO score sometime soon?

 

I hope that with my FICO score of 817, and hers adjusting to a decent score, that we can secure a good rate. thanks for reading my narrative, and answering my question Smiley Happy

 

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My 817 FICO I mentioned earlier went to 809 this month. And these are the  reasons for it I see below.  Thing is, I have a very long revolving credit history. I don't know why this showed up. I did recently have my wallet stolen, and as a result had to have new cards issued. Is it possible that my Mastercard that Ive had for many years reset to a new revolving credit? Also, I have not applied for credit recently...not sure why it is saying that. any help on these would be great as well. thanks!

 

 

Your FICO score measures the age of your oldest revolving account and the average age of your revolving accounts. In your case, either your oldest revolving account was opened recently or the average age of your revolving accounts is relatively low.

Actions you can take: People who do not frequently open new accounts and have longer credit histories generally pose less risk to lenders. Therefore, as your credit history lengthens and you pay your bills on time, this factor should have less of a negative impact on your score.

 

Each time you apply for credit a credit inquiry is added to your credit report. Your credit report shows recent credit inquiries, which indicates that you've recently been seeking credit. People who are actively seeking credit pose more of a risk to lenders than those who are not. Your FICO score was lowered due to the number of credit inquiries performed within the last 12 months. Your FICO score will consider these recent inquiries less as time passes, provided no new inquiries are added.Note that your FICO score usually identifies when you are rate shopping for a mortgage or auto loan and treats those multiple inquiries as a single inquiry.

 

 

 

 

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Senior Contributor
Posts: 3,322
Registered: ‎05-05-2011
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Re: erroneous collection removed - what to expect? and a few others about my FICO :)


vegas2k wrote:

My wife and I are looking to buy a home. So we decided(though we should have done this long ago) to fix an error on her credit report. In short, the school she was attending sent her account to collections after repeated attempts by her to get the school to not charge out of state tuition. After the school finally  fixed this for her, it was too late as far as her credit report was concerned. She had a collection on there. It showed that she has a collection that has been resolved, but it shouldn't have been a collection to begin with. Last week we finally called up the debt collector and they removed all traces of the debt. We even checked all 3 credit bureaus, it's gone finally, and it looks like the 3 credit bureaus have a score of around 750 for her now. Her FICO was 650. I am hoping that it is that low because this collection wrecked her score. So as of now, the only ding she has is a short credit history. I know this is long winded but from reading here I see people like getting the whole picture. What we are wondering is, how long should it take for her FICO to update to reflect the 3 credit bureaus having a higher score now? Shall we check her FICO score sometime soon?

 

I hope that with my FICO score of 817, and hers adjusting to a decent score, that we can secure a good rate. thanks for reading my narrative, and answering my question Smiley Happy

 

------------------------------------------------------------------------

My 817 FICO I mentioned earlier went to 809 this month. And these are the  reasons for it I see below.  Thing is, I have a very long revolving credit history. I don't know why this showed up. I did recently have my wallet stolen, and as a result had to have new cards issued. Is it possible that my Mastercard that Ive had for many years reset to a new revolving credit? Also, I have not applied for credit recently...not sure why it is saying that. any help on these would be great as well. thanks!

 

 

Your FICO score measures the age of your oldest revolving account and the average age of your revolving accounts. In your case, either your oldest revolving account was opened recently or the average age of your revolving accounts is relatively low.

Actions you can take: People who do not frequently open new accounts and have longer credit histories generally pose less risk to lenders. Therefore, as your credit history lengthens and you pay your bills on time, this factor should have less of a negative impact on your score.

 

Each time you apply for credit a credit inquiry is added to your credit report. Your credit report shows recent credit inquiries, which indicates that you've recently been seeking credit. People who are actively seeking credit pose more of a risk to lenders than those who are not. Your FICO score was lowered due to the number of credit inquiries performed within the last 12 months. Your FICO score will consider these recent inquiries less as time passes, provided no new inquiries are added.Note that your FICO score usually identifies when you are rate shopping for a mortgage or auto loan and treats those multiple inquiries as a single inquiry.

 

 

 

 


You wrote that your wife's FICO went from 650 to 750, so it's already reflecting the removal of the CA. As soon as it's off of her cr, her score will reflect that. 

 

Re your FICO, it could have changed for many reasons. Have you pulled all 3 CRs? Since you lost your wallet, it would be a good idea to do that and also put a freeze and/or fraud alert on your CRs, just to protect yourself. It's doubtful that replacing your CC has a dropped your FICO. but you can be sure by looking at your CRs and see what the opening date for the CC is. If you see it's wrong, then you can have the ccc correct it.

 

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EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

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