topic Re: Equifax Score drop in General Credit Topics

Equifax Score drop

Anonymous — Sat, 14 Jun 2008 15:10:54 GMT

In 6/07 my Eq fico score was 690. I just checked it today and it is now 650. The only thing that changed during the time was a collection that was placed in 3/08. The collection is going to come off so I would like to know if my score will go back up to 690 or higher once thhe collection is removed?Thanks.

Re: Equifax Score drop

Anonymous — Sat, 14 Jun 2008 15:12:46 GMT

Is your util the same?

I could see a collection causing a significant portion if not all of that drop, especially if the rest of your report is clean. After it comes off your report you should get most of those points back.

Re: Equifax Score drop

Anonymous — Sat, 14 Jun 2008 15:22:35 GMT

util is lower now than a year ago.

Re: Equifax Score drop

Anonymous — Sat, 14 Jun 2008 22:13:59 GMT

My husband experienced the same problem. In January his Experian credit score (through WAMU) was 705, in April it had dropped to 668 and in May it was 650!!! We cannot figure out what is going on and what is causing this big drop?

We are in the stage of rebuilding our credit history. In January we only had 1 secured credit card with $300 credit limit that we got in August '07 and we only charged $21 on it maybe $42 a month and paid the balance in few days after. In January my husband got a pre-approved offer from WAMU for an unsecure visa card ($1500). He applied and got approved for the card. Since we are trying to build the credit history, he has been charging things to the card but always paying the balance after few days of the charge. He never carries a balance from month to month. His monthly total charges are around $500-$700, the payments are the same and we try to pay an extra $20 as a credit. What is causing the drop on his credit score???

Re: Equifax Score drop

haulingthescoreup — Sat, 14 Jun 2008 23:08:55 GMT

If all these scores are through WaMu, they are credit-card enhanced scores, and we don't really know the logic behind those. In addition, some have reported that their scores have switched from TU to EX, so there's another factor going on.

As expensive as they are, it's really worth pulling your straight FICO's from the site here. First Google fico discount code coupon to get a code for at least 15% off the cost.

Re: Equifax Score drop

Anonymous — Sun, 15 Jun 2008 02:08:12 GMT

So is my score going to go back up once the collection is deleted?

Re: Equifax Score drop

Anonymous — Sun, 15 Jun 2008 02:11:48 GMT

loloswims wrote:

So is my score going to go back up once the collection is deleted?

All else equal, yes.

If all else is not equal (like utilization, other accounts, inquiries, etc), then it's impossible to say.

Re: Equifax Score drop

Anonymous — Sun, 15 Jun 2008 02:23:28 GMT

So how much do recent collections drop a score. Mine was put on in March. My score is currently 650 from equifax with the recent collection. So I would assume it was higher before the recent collection.

Re: Equifax Score drop

haulingthescoreup — Sun, 15 Jun 2008 13:28:32 GMT

I know that a brand-new 30-day late cost me 50 points on EQ two years ago, just like that, and that was back when my score was around 640 (dropped to 590.) So yes, new collections are awful. The exact figure is going to vary according to what score bucket you're in, and what the rest of your reports look like.

Re: Equifax Score drop

haulingthescoreup — Mon, 16 Jun 2008 00:12:02 GMT

Good point, loloswims; I should have split his post off yesterday. RichardDorrough, I moved your post and my reply to start its own thread on General Credit Issues. Its title: EQ won't report Verizon properly! We aim for keeping the original poster's question/ topic in mind, and replying to or commenting on it. When we have a completely different topic to bring up, it's time to start a new thread. To plunk the new topic on someone else's thread is called thread-jacking, and I do it far too often myself. Anyway, click the link above to find your post.

Re: Equifax Score drop

Anonymous — Mon, 16 Jun 2008 11:06:40 GMT

Why are you hijacking my thread!!!!!!!! "RichardDarrough" that is.

Message Edited by loloswims on 06-15-2008 06:51 PM

edit to add: this post should appear before my previous one, noting that I split off a thread-jack post. Don't know why it wound up out of order. I apologize for any confusion.

Message Edited by haulingthescoreup on 06-16-2008 04:06 AM

Re: Equifax Score drop

Anonymous — Fri, 20 Jun 2008 03:43:59 GMT

So I just checked my credit and my score has gone back up after the collection was deleted. Equifax also deleted one inquiry. They literally deleted the inquiry on the phone for me. Anyhow, my score a week ago was a 649 and now it is back up to 699. Is 699 good? The simulator also says that if I pay off my credit cards my score would go up to 789-829.

Message Edited by loloswims on 06-19-2008 08:43 PM

Re: Equifax Score drop

haulingthescoreup — Fri, 20 Jun 2008 22:46:00 GMT

Congrats on getting that thing off!

699 is very good. You're one point away from the 700 Club.

The projected sim score is based on a combination of your slashing your util and doing everything right for the next 24 months. You can also play with projecting your score increase over time, etc. by playing with the options.

But if it's projecting that kind of jump, you must have a great report. My 24 month best scenario doesn't go nearly that high.

Re: Equifax Score drop

Anonymous — Fri, 20 Jun 2008 22:55:58 GMT

My FICO EQ dropped 9 pts today.

Last night before I cancelled ScoreWatch 30 day trial it was 664

Today, I signed up paid subscription of ScoreWatch, my updated score went down to 655.

I could not find any reason for the drop except an increase in debt of about $300.

I had already paid my credit cards earlier this week but has not updated with CRA but still, I don't see how that can affect my score that much.

Re: Equifax Score drop

haulingthescoreup — Fri, 20 Jun 2008 23:00:21 GMT

What percentage util before and after? Even if it wasn't a big figure, if it crosses from one level of util to another (under 10% to 10% or more, etc.), that could have done it. Unless it hasn't reported yet --I got a bit tangled up there, sorry.

Same thing in reverse with big balance changes that didn't result in a score change --they didn't cross one of those break points (under 10%, under 30%, etc.)

Re: Equifax Score drop

Anonymous — Sun, 22 Jun 2008 18:58:30 GMT

yes......my biggest problem now is debt on cc's. I am currently at 53 % util.