New Member
bert57
Posts: 9
Registered: ‎04-17-2007
Fico score drop 150 points after correcting/disputing CR
This is involved.
 
I filed Bankruptcy in 2004. Got discharged 2 months after. Began to build credit up for next 2 years. It was 642 in Jan of 2006. But still had problems qualifiing for a refinance on home at a decent rate and term due to bankruptcy . Was told to wait 3 years by Wachovia and get my score to 700 and I would have no problems with excellent terms.
 
So I get my CR and find a bunch of CC not showing bankruptcy discharge and still oweing large balances. I dispute these and clear them to 0 balances showing resolved. Also found CR showing Bankruptcy not being discharge and corrected this also with date of discharge now showing on CR. I'm still disputing 3 CC's showing charge off instead of discharge through bankruptcy. Thier claim is these accounts were charged off before the bankruptcy. My bankruptcy shows them included.
 
Now I'm trying to improve my Fico score. So not knowing this may hurt me I open up 2 new CC within a 3 month period. On one I only use 300 of 4000 dollars and pay on time. On the most recent 2 weeks ago I use thier low interest transfer when opened to what ever credit they approved for me to swap a higher interest card. Which they approved 2000 of 2300.
 
2 weeks ago here were my CC balances:
 
CC1 -1500 of 4000
CC2 - 300 of 4000
3 others with 0 balances.
 
I needed to use 2000 for materials of a job I had for business.
 
Afterwards. Here's what I had  on CC balances until yesterday. That's when I noticed my Fico score dropped 150 pts:
 
CC1 - 2000 of 2300
CC2 - 700 of 4000
CC3 - 1100 of 4000
CC4 - 570 of 700
3 others with 0 balances.
 
Yesterday after noticing my Fico score drop and doing a lot of reading here, I paid down
 
CC! - 680 of 2300
CC2 - 700 of 4000
CC3 - 800 of 5500 (they raised my limit to 5500)
CC4 - 0 of 700
3 others with 0 balances.
 
I think I out smarted myself. I thought if I used credit cards and paid them off before the statement came out I would increase my score. Along with opening new CC and paying them down quickly. I was hoping although I had a 150 pt drop I can get those pts right back by paying the balances within 35% of availible credit for each card.
 
Complicated I know. But what do you think? How long would this take to get back to 650? I wanted to refinance home in july with a 680-700  by then. Looks like I'm screwed.
 
Hope this makes sense.