topic Re: WHAT HAPPENED TO MY SCORE in General Credit Topics

WHAT HAPPENED TO MY SCORE

Anonymous — Mon, 11 Jun 2007 03:56:36 GMT

WHY DID MY SCORE DROPPED AFTER I PAID OFF SEVERAL NEGATIVES

Re: WHAT HAPPENED TO MY SCORE

Anonymous — Mon, 11 Jun 2007 04:41:14 GMT

Hi, I've learned from personal experience that if its a collection bill, once you pay it off, your scores drops because itends up showing new activity. It doesn't make sense, but it should go up in a month or 2 if you don't get any mew negatives.

Re: WHAT HAPPENED TO MY SCORE

Anonymous — Mon, 11 Jun 2007 04:43:32 GMT

Just wait it out and your score will increase. And if you're shopping for any type of loan, it's better to have accounts showed as paid in the lender's eyes.

Re: WHAT HAPPENED TO MY SCORE

Anonymous — Mon, 11 Jun 2007 05:19:16 GMT

They should change that. Score should go up from taking care of old debt right away. Someone should post this on Feedback. From the way I see it, it seems like someone is being punished if they try to make things right after a long time. They should be rewarded.

Re: WHAT HAPPENED TO MY SCORE

Anonymous — Mon, 11 Jun 2007 07:30:01 GMT

FAIR_ISAAC wrote:
WHY DID MY SCORE DROPPED AFTER I PAID OFF SEVERAL NEGATIVES

Were the several negatives collections or charge offs? If so, yep, it happens.

Did you pay 'em outright or get a PFD?

Re: WHAT HAPPENED TO MY SCORE

MercyMe — Mon, 11 Jun 2007 12:30:47 GMT

I absolutely and whole heartedly agree with you, Ilovepizza! Perhaps we should petition, or something, huh?

Another thing they should NOT do is to up - date old, paid off accounts, as they do when you pay off an old debt -- new acitivity is reported on closed accounts.

Furthermore -- I'm on a roll here -- the 81 month/7 year payment history should always match the paid/closed, or whatever, status!

It isn't uncommon for new activity to show up on accounts that have been paid and closed for even years, and though some have suggested this does NOT affect the credit score -- it most certainly does.

My score dropped near 20 points, this past week, when I disputed an old account that's been closed since 2003. The update showed a recent charge off dated 04/2007, with EX and EQ. Transunion was the only CRA that kept the date 2003. This happens frequently and to many. When the incorrect date was corrected with EQ my score went up near 40 points, in a day.

What they put into the payment history most certainly does matter, regardless of what the status of the account reads! and which is another thing -- by the CRA definition of "status", across the board/with all 3 CRAS, status is the CURRENT state of the account, be it open, closed, and or paid. You can argue with them all, until your purple! as to their own definitions of "status". It won't change the fact that though they define status as the current state of your account they will NOT mark it paid and closed if it was a collection or charge off. The status will remain charge off/bad debt/collection, etc. regardless of its current paid and closed state, and this will continue to knock the heck out of your credit score as it is deemed CURRENT by their own definition.

And do you suppose that I have vented well enough?

mercyme

Re: WHAT HAPPENED TO MY SCORE

Anonymous — Tue, 12 Jun 2007 02:45:51 GMT

@MercyMe wrote:
I absolutely and whole heartedly agree with you, Ilovepizza! Perhaps we should petition, or something, huh?
Another thing they should NOT do is to up - date old, paid off accounts, as they do when you pay off an old debt -- new acitivity is reported on closed accounts.
Furthermore -- I'm on a roll here -- the 81 month/7 year payment history should always match the paid/closed, or whatever, status!
It isn't uncommon for new activity to show up on accounts that have been paid and closed for even years, and though some have suggested this does NOT affect the credit score -- it most certainly does.
My score dropped near 20 points, this past week, when I disputed an old account that's been closed since 2003. The update showed a recent charge off dated 04/2007, with EX and EQ. Transunion was the only CRA that kept the date 2003. This happens frequently and to many. When the incorrect date was corrected with EQ my score went up near 40 points, in a day.
What they put into the payment history most certainly does matter, regardless of what the status of the account reads! and which is another thing -- by the CRA definition of "status", across the board/with all 3 CRAS, status is the CURRENT state of the account, be it open, closed, and or paid. You can argue with them all, until your purple! as to their own definitions of "status". It won't change the fact that though they define status as the current state of your account they will NOT mark it paid and closed if it was a collection or charge off. The status will remain charge off/bad debt/collection, etc. regardless of its current paid and closed state, and this will continue to knock the heck out of your credit score as it is deemed CURRENT by their own definition.
And do you suppose that I have vented well enough?
mercyme

I feel better now, do you ?