topic Big drop in score in Rebuilding Your Credit

Big drop in score

Anonymous — Wed, 21 Jan 2009 23:19:48 GMT

I have been in the process of trying to modify my fraudulent home loan from WaMu and am currently two months in default. Since I know that after 4 months, WaMu's policy is to foreclose, I am determined to stay ahead of the game until they come up with a new modification program that fits my needs. At the beginning of January, I spoke with a supervisor in the collections department and agreed that I would make one payment (to be applied to November 2008) before January 15th. In fact, on January 12th, I paid this directly from my bank account online. On January 14, I received a FICO Alert that my credit score had dropped by 83 points due to my mortgage payment being "not more than three months past due," The status was previously reported as being "not more than two months past due." I spoke with WaMu today to ask them to correct this and the rep insisted that it was not reported. What can I do about this?

Re: Big drop in score

marty56 — Wed, 21 Jan 2009 23:59:34 GMT

If the loan was obtained without your consent and or as a result of identity theft, why would you pay it? If this is the case, you need to file a police report and then dispute with the 3 CRAs.

If the loan is yours, I would try to do a refi and in the mean time, keep paying on time so that you can re-fi at a later date.

IMHO I would not depend on any of the so called bailout programs unless that was really your only option after cutting expenses and a second job.

Re: Big drop in score

Anonymous — Thu, 22 Jan 2009 11:21:18 GMT

You first need to pull your reports and see which months are being reported late, so you know exactly how they are reporting.