topic Re: FICO Score in Understanding FICO® Scoring

FICO Score

Anonymous — Tue, 20 May 2008 16:51:17 GMT

Hi, I hope anyone can answer my question.

I have 10 accounts on my credit report, 2 were paid of completly.

The other 8 showed a combined debt of $ 7,969. All accounts are in good standing, "pays as agreed" No negatives at all on my account, I pay my bills on time each and every month, Last month, a collection agency named Afni Inc placed a collection on my Report for a phone account that I never had. I did not even receive a collection notice, nothing. I saw on the soft inquiries that they looked at my report in March, but never bothered to even contact me about this alleged account.

Before this account was placed on my file, I was in the mid 600's. My goal was the 700's.

After they placed this account on there, it dropped my score to 593. Of course I immediatly disputed this account with the credit bureaus, but it came back verified. Then I send a DV letter (thanks to this forum and people's knowledge) to Afni and disputed with the CRA again. They verified a second time, but never validated.

The remaining $7969 was paid off completly last month, I wanted to be completly debt free. Now all my creditors reported a 0 balance, but it barely raised my score. I am sitting at 614 now, after paying of $7969 I know I will get this collection of my report,because I know it is not mine, I was not even in the USA when this all happend.

My wife and I have been working very hard toward our credit for the past 2 1/2 years, since we been back in the US, we had to start all over again, since we were to long out of country. Afni ruined everything. My wife has now a credit score of 727 where I am left behind with 614.

My question is, when this collection finally comes off, will my score jump a to the point where it would of been if this collection never came on? or do I have to start all over again? My wife and I have the same accounts, have been in the same range of score for the past 2 1/2 years, so I think I should be over the 700 also now. I think, if a account was falsely reported to a CRA and it keeps down your score and it turns out that this account is not yours, the score should be recalculated from the time, before the collection went on and everything change, that happend should be taking under consideration. I just payt $7969 for a only 21 point jump :-(

edited to add paragraphs for clarity --hauling

Message Edited by haulingthescoreup on 05-20-2008 09:51 AM

Re: FICO Score

haulingthescoreup — Tue, 20 May 2008 16:58:53 GMT

Hi, welcome to the forums!

When this thing gets removed from your reports, you should be able to expect your score to be back where it was, plus some improvement for lowered util. There isn't any "memory" for scoring. A score doesn't exist until your report is pulled, and it is based solely on what shows on your report at that moment.

It sounds like you've been doing your clean-up work, so you might not have read that scores are usually a bit better if one or maybe two CC's actually report a tiny balance. This seems very weird, but it seems that $0 across the board might indicate that a consumer is simply too frightened to use credit. If you allow a tiny balance to report on one or two cards, ideally in the 1-9% of your credit limit range, it will probably help. This indicates that you are control of your credit, and it isn't in control of you.

I once had $7 report out of 5 cards, with a total CL of $72K, I think it was, resulting in a total util of less than 1/100th of 1%, which was fun!

Good luck on the AFNI thing. They truly are scum.

Re: FICO Score

Anonymous — Wed, 21 May 2008 05:46:18 GMT

Thank you for your answer.

I plan on still using my credit cards in a rotating schedule, but very limited. Amounts that I can pay off in full each month. I just wanted to be clear and have a fresh start It feels great to be debt free again, even tho I wish I could of spend my money on other things

I hope my fico score does increase as it would of, before AFNI placed that entry

Re: FICO Score

marty56 — Wed, 21 May 2008 11:41:10 GMT

haulingthescoreup wrote:
Good luck on the AFNI thing. They truly are scum.

I live right down the street from them. I wasnt sure what they did. For some stipid reason I thought they had somrthing to do with Air Force Credit Union and thought I might work there part time when I retire. Now that I know what they do, I will pass on the job.

Unless of course I could be a FICO forum mole there.

Re: FICO Score

Junejer — Wed, 21 May 2008 22:18:14 GMT

Guest, when you disputed with the CRAs the second time, did you send copies of the GCs, CM receipts and the DV? Make sure you do that and dispute as not mine. If it comes back verified a third time, jump all over the CRAs with a MOV. Be a bulldog about it, b/c otherwise, they will try to shoot some bull at you about it. "When a dispute is filed, we verify using one of the following methods..." That's not what you want, escalate it up the chain if necessary.

Re: FICO Score

Anonymous — Wed, 21 May 2008 23:19:06 GMT

Oh my gosh Hauling how did you ever sleep with that much debt1/100of 1%. LoL

Re: FICO Score

Anonymous — Thu, 22 May 2008 02:29:40 GMT

Marty56

Yes, you could be our spy there and put a virus in their pc j/k

BTW.....can I have your score's ????

Message Edited by Guest1808 on 05-21-2008 07:28 PM

Message Edited by Guest1808 on 05-21-2008 07:29 PM

Re: FICO Score

Anonymous — Thu, 22 May 2008 02:39:41 GMT

Hi ByrdMan,

I just did that yesterday. I made copies of everything I have, the validation rquest, green card, receipt...etc.

I wrote a letter to CRA told them I Dv'd Afni Inc. and that I still have no response. I ask them of method of verification. Now I have to wait again I hate the wait, I just want it gone.

Thank you for your suggestions, I really appreciate it.

Message Edited by Guest1808 on 05-21-2008 07:39 PM

Re: FICO Score

Anonymous — Thu, 22 May 2008 02:38:44 GMT

ByrdMan,

sorry, I am still a little new to all of this and don't know all the shortcuts. What is GC's ?

Thanks

Re: FICO Score

Junejer — Thu, 22 May 2008 03:13:15 GMT

GC is Green Card.

Re: FICO Score

Anonymous — Thu, 22 May 2008 03:54:54 GMT

Of course Green card, I am sorry for the stupid question. Thanks

Re: FICO Score

haulingthescoreup — Thu, 22 May 2008 10:28:34 GMT

@Anonymous wrote:

Of course Green card, I am sorry for the stupid question. Thanks

No stupid questions around here!

Cheer up, when I first joined the forums and read about green cards, I couldn't figure out why legal aliens in the US had to use their green cards to untangle their credit reports. Still catches me occasionally. Duh me!

@Anonymous wrote:

Oh my gosh Hauling how did you ever sleep with that much debt 1/100of 1%. LoL

Yes, truly, it was a tortured period in my life.

Re: FICO Score

marty56 — Thu, 22 May 2008 12:10:54 GMT

You guys laugh but I freaked out when a $67 charge (3%) reported on my gas card 2 weeks ago. In the old days when I was a poster boy for the TV show Maxed Out, my only thought on a 99% util card was how much could I charge without it getting declined.

My my, Marty's FICO chickens have come home to roost.