topic Re: Score Drop of 20 points in Rebuilding Your Credit

Score Drop of 20 points

Anonymous — Mon, 08 Feb 2016 18:32:57 GMT

I've been hovering in the 640s-650s range for almost a year now. I would assume that's because I can get no higher with the collections and baddies I currently have. Well I paid of my Cap One Auto loan (it was 16.49 APR) in early January and it just took 20pts off my Equifax this morning. Geez. I have other installment loans, but that was my only Auto Loan. It had to be paid though because that APR was just ridiculous (scores was in the 500s when I got it). I'm awaiting the pain to reflect in my other scores. Woe is me. *dramatically puts hand to head*

I guess credit is not a race. I'll get to 700s eventually (Or go crazy trying to )

Re: Score Drop of 20 points

traveler2005 — Mon, 08 Feb 2016 19:15:10 GMT

What collections and baddies do you have?

Re: Score Drop of 20 points

Anonymous — Mon, 08 Feb 2016 19:55:29 GMT

Enough to do some damage, but difficult to deal with and get solved. Only time can heal most of these after college wounds.

30 day late - Cap One from June 2013
Two 30 day lates and 60 day lates - Cap One from Apr-June 2010
Nine 120 day lates for a college Installment Loan 03/2014-11/2014 (Paid)
6 Charged off SML Installement Loans (closed 11/2013) and 5 Collection Accounts to go with them (1 Settled, 1 Paid)
1 Charged off JPMC Loan (02/2011)

Basically, a lot of loan issues. Most of this stuff is to drop off in and before 2020, but most of it (the logical stuff) I'm slowly taking care of. The car note payoff just smacked my Transunion a few minute ago as well by -11 points.

Re: Score Drop of 20 points

Anonymous — Mon, 08 Feb 2016 20:04:34 GMT

My Personal Finance Accounts now have a balance of $0. So is that like only morgages and auto loans? That's what generating these decreases.

Re: Score Drop of 20 points

Anonymous — Mon, 08 Feb 2016 20:15:34 GMT

@Anonymous wrote:
My Personal Finance Accounts now have a balance of $0. So is that like only morgages and auto loans? That's what generating these decreases.

I would suggest getting a small (no more than $500) secured personal loan from SDFCU, for the longest terms they will do (I did one last year for 36 months). Immediately pay it down to just under 10% remaining balance. Let it coast for the remainder of the term (you should not have a payment due for another 2 years or so), until the next payment comes due. That will give you points for credit mix, and points for having an installment balance below 90%.

Re: Score Drop of 20 points

Anonymous — Tue, 09 Feb 2016 11:38:20 GMT

Thanks Norman! I will look into that.

Re: Score Drop of 20 points

Anonymous — Sat, 13 Feb 2016 12:14:02 GMT

Hey Norman (or anyone that can help)

I'm on the SDFCU site right now and there's an option for Personal Loan and a Share Secured Loan. Will either of thesetake my Personal Finance off of a $0 balance? Just want to make sure before I apply for either one. I'm guessing it would be the Shared just because I have a personal loan with my own personal CU right now and it is not counting as part of my Personal Finance balance.

Thanks in advance!

Re: Score Drop of 20 points

Creditwiser — Sat, 13 Feb 2016 12:23:59 GMT

@Anonymous wrote:
Enough to do some damage, but difficult to deal with and get solved. Only time can heal most of these after college wounds.

30 day late - Cap One from June 2013
Two 30 day lates and 60 day lates - Cap One from Apr-June 2010
Nine 120 day lates for a college Installment Loan 03/2014-11/2014 (Paid)
6 Charged off SML Installement Loans (closed 11/2013) and 5 Collection Accounts to go with them (1 Settled, 1 Paid)
1 Charged off JPMC Loan (02/2011)

Basically, a lot of loan issues. Most of this stuff is to drop off in and before 2020, but most of it (the logical stuff) I'm slowly taking care of. The car note payoff just smacked my Transunion a few minute ago as well by -11 points.

I would get busy, very busy, with Goodwill letters to Cap 1 on the 30 day and 60 day lates. If you've been on time with them since 2010 & 2013 you have a very good chance of getting them deleted. Search on here for examples of Goodwill letters. There are S#$^ tons of them . Also, I'm willing to bet there are some of the baddies that are reporting inaccurate info. Start disputing them. With some time and effort, you could really make some progress and see the scores rise. Good luck

Re: Score Drop of 20 points

Anonymous — Mon, 15 Feb 2016 06:23:58 GMT

@Anonymous wrote:
I've been hovering in the 640s-650s range for almost a year now. I would assume that's because I can get no higher with the collections and baddies I currently have. Well I paid of my Cap One Auto loan (it was 16.49 APR) in early January and it just took 20pts off my Equifax this morning. Geez. I have other installment loans, but that was my only Auto Loan. It had to be paid though because that APR was just ridiculous (scores was in the 500s when I got it). I'm awaiting the pain to reflect in my other scores. Woe is me. *dramatically puts hand to head*

I guess credit is not a race. I'll get to 700s eventually (Or go crazy trying to )

What are the details of those other installment loans?

Re: Score Drop of 20 points

Anonymous — Mon, 15 Feb 2016 06:36:31 GMT

@Anonymous wrote:
Hey Norman (or anyone that can help)

I'm on the SDFCU site right now and there's an option for Personal Loan and a Share Secured Loan. Will either of thesetake my Personal Finance off of a $0 balance? Just want to make sure before I apply for either one. I'm guessing it would be the Shared just because I have a personal loan with my own personal CU right now and it is not counting as part of my Personal Finance balance.

Thanks in advance!

Where are you seeing this "personal finance balance"?

Re: Score Drop of 20 points

Anonymous — Sun, 21 Feb 2016 16:45:42 GMT

Sorry for the delay. I was on vacation last week.

I have a loan from my current Credit Union. It's an unsecured loan though that was opened last month to take care of other financial issues. I'm guessing it has to be secured to count as "Personal Finance?" Besides student loans, that's it.

I was looking at the one you recommended and my own credit union as well. I'm guessing to open a secured loan, you must have the funds either on hand or in an account at that institution...???

Re: Score Drop of 20 points

Anonymous — Sun, 21 Feb 2016 16:57:52 GMT

@Anonymous wrote:
Sorry for the delay. I was on vacation last week.

I have a loan from my current Credit Union. It's an unsecured loan though that was opened last month to take care of other financial issues. I'm guessing it has to be secured to count as "Personal Finance?" Besides student loans, that's it.

I was looking at the one you recommended and my own credit union as well. I'm guessing to open a secured loan, you must have the funds either on hand or in an account at that institution...???

Secured or unsecured should make no difference. Again, WHERE are you seeing this 'Personal Finance Balance'?

Re: Score Drop of 20 points

Anonymous — Mon, 22 Feb 2016 14:12:37 GMT

As in where is it telling me that I have zero? I got a MyFico alert that said it was a zero balance.