topic Re: Collection Removed - Score DROPPED 79 points! in Rebuilding Your Credit

Collection Removed - Score DROPPED 79 points!

Anonymous — Wed, 22 May 2019 22:48:32 GMT

Hey guys! This is so odd...but I got a notification today saying my score dropped 79 points because Ascendium was removed from my collections? I did not do anything regarding this account yet. How could a score drop 79 points from having a collection removed?

Where could I go from here? So far it's only reporting on Transunion it seems.

Any help would be HUGE!

---

Based on Transunion data

Credit changes

Current score

490

May 22

569

490

79 pts

We found 2 changes to your Transunion credit report.

Accounts In Collection Removed

ASCENDIUM EDUCATION

Collections Account Removed

ASCENDIUM EDUCATION

Collections Account Removed

Re: Collection Removed - Score DROPPED 79 points!

KJinNC — Wed, 22 May 2019 23:52:46 GMT

I'm surprised it would fall that much, but it's not that surprising it would fall, if it was your only account or your oldest account. I wouldn't worry about it. You're in better shape to build now anyway. Do you have any other accounts open? Congrats on the removal, despite the point loss.

Re: Collection Removed - Score DROPPED 79 points!

Anonymous — Thu, 23 May 2019 00:22:55 GMT

Nothing else happened?

I've never thought a collection removal can make you drop points at all, let alone 79 points.

Re: Collection Removed - Score DROPPED 79 points!

calyx — Thu, 23 May 2019 01:08:48 GMT

Where are you getting theses scores? Is this a FICO based on TU or is it Vantage?
It seems odd for FICO (there would be another reason for the drop), but Vantage does weird things, imo. You don't need to stress your VS if that's the model this is based on.

Re: Collection Removed - Score DROPPED 79 points!

Anonymous — Thu, 23 May 2019 01:12:37 GMT

That was my first thought, but I don't even think vantagescore will penalize you 79 points for a collection removal? My VS scores also went up when my collection account was removed. Not as much as my fico scores, but they still went up. I think maybe something else happened.

Re: Collection Removed - Score DROPPED 79 points!

gdale6 — Thu, 23 May 2019 13:38:18 GMT

These are OC accounts even though they may be marked as collections so its possible with the Vantage Score, it does some very funny things. OP I would ignore this score its not used by many lenders at all. Ficos are what you need to know as they are the ones used by most of the lending world. Welcome to myFico

Re: Collection Removed - Score DROPPED 79 points!

tbque — Thu, 23 May 2019 14:14:42 GMT

The same thing happened to me yesterday with TU and Ascendium. My Fico 8 dropped 17 points but in my case I got an alert that the account was removed from collections and then added as a new collection. I’m in the process of consolidating my student loans that are in collection with them but Great Lakes is set to pay the collections and add the new loan on 5/23 (today).

I was going to call TU and inquiry as to why it was deleted and then added back again but think I will wait until Great Lakes pays off the collections to see what happens. Any advice?

Re: Collection Removed - Score DROPPED 79 points!

calyx — Thu, 23 May 2019 14:43:57 GMT

@Anonymous wrote:
That was my first thought, but I don't even think vantagescore will penalize you 79 points for a collection removal? My VS scores also went up when my collection account was removed. Not as much as my fico scores, but they still went up. I think maybe something else happened.

Someone's VS got hammered in the SL forum after a rehab, and when they pulled their FICOs found it wasn't the case there, so I just don't trust Vantage at all (other than personal experience)

Re: Collection Removed - Score DROPPED 79 points!

calyx — Thu, 23 May 2019 14:46:42 GMT

@tbque wrote:
The same thing happened to me yesterday with TU and Ascendium. My Fico 8 dropped 17 points but in my case I got an alert that the account was removed from collections and then added as a new collection. I’m in the process of consolidating my student loans that are in collection with them but Great Lakes is set to pay the collections and add the new loan on 5/23 (today).

I was going to call TU and inquiry as to why it was deleted and then added back again but think I will wait until Great Lakes pays off the collections to see what happens. Any advice?

Honestly - just wait.
I consolidated loans in August and it took until December for everything to shake out on all of the CRAs - from the reporting of the new consolidated loan to the pay offs and amounts. Keep your documentation in case you need to dispute anything, but don't stress it yet.

I would also download any information/take screenshots from your Ascendium account. Once my old account was zeroed out, I lost access - having all of that saved makes me feel better in case I do need to prove something later on.

Re: Collection Removed - Score DROPPED 79 points!

tbque — Thu, 23 May 2019 15:51:47 GMT

@calyx wrote:
@tbque wrote:
The same thing happened to me yesterday with TU and Ascendium. My Fico 8 dropped 17 points but in my case I got an alert that the account was removed from collections and then added as a new collection. I’m in the process of consolidating my student loans that are in collection with them but Great Lakes is set to pay the collections and add the new loan on 5/23 (today).

I was going to call TU and inquiry as to why it was deleted and then added back again but think I will wait until Great Lakes pays off the collections to see what happens. Any advice?
Honestly - just wait.
I consolidated loans in August and it took until December for everything to shake out on all of the CRAs - from the reporting of the new consolidated loan to the pay offs and amounts. Keep your documentation in case you need to dispute anything, but don't stress it yet.

I would also download any information/take screenshots from your Ascendium account. Once my old account was zeroed out, I lost access - having all of that saved makes me feel better in case I do need to prove something later on.

Thanks for the information and advice calyx. I know I don't have to tell you this but it is torture trying to have patience...I want good credit now. Lol!

Re: Collection Removed - Score DROPPED 79 points!

calyx — Thu, 23 May 2019 16:09:40 GMT

@tbque wrote:
@calyx wrote:
@tbque wrote:
The same thing happened to me yesterday with TU and Ascendium. My Fico 8 dropped 17 points but in my case I got an alert that the account was removed from collections and then added as a new collection. I’m in the process of consolidating my student loans that are in collection with them but Great Lakes is set to pay the collections and add the new loan on 5/23 (today).

I was going to call TU and inquiry as to why it was deleted and then added back again but think I will wait until Great Lakes pays off the collections to see what happens. Any advice?
Honestly - just wait.
I consolidated loans in August and it took until December for everything to shake out on all of the CRAs - from the reporting of the new consolidated loan to the pay offs and amounts. Keep your documentation in case you need to dispute anything, but don't stress it yet.

I would also download any information/take screenshots from your Ascendium account. Once my old account was zeroed out, I lost access - having all of that saved makes me feel better in case I do need to prove something later on.
Thanks for the information and advice calyx. I know I don't have to tell you this but it is torture trying to have patience...I want good credit now. Lol!

You're right - I feel ya. In my case, I consolidated and then started my credit card gathering/rebuilding, so I was focused in other places until right about the time everything sorted itself out.

Now I'm waiting until July for Early Exclusion without much to do (except make more and more tracking spreadsheets) and I'm dyyyyyying

Re: Collection Removed - Score DROPPED 79 points!

JasonFB — Thu, 23 May 2019 20:21:25 GMT

I had 1 collection on my reports for several years, paid it off. Collection removed and bam i lost 39 points instantly, oddly enough i gained 35 points back a few days later. Nothing changed with my reports in that short few days so who knows you just may get those points back or at least some. Points dropped 39 points on a Monday and by Friday they were back up 35 points, i cant explain that as i just started my journey of rebuilding.

Re: Collection Removed - Score DROPPED 79 points!

jons998877 — Thu, 23 May 2019 23:34:36 GMT

OP- When my scores where in the 550 range I really didn't care because I figured a crap score is a crap score, really no difference between a 550 and a 480, my only concern was getting negative lines off, which you did.. What you did was a short term loss, but a long term gain regardless of a point drop..