topic Re: Credit score dropped in Rebuilding Your Credit

Credit score dropped

Anonymous — Fri, 26 Jun 2020 15:45:50 GMT

Ugh. I'm so hurt. Lol. This morning when I went into my credit report it said my equifax score dropped 22 points. Nooooooooo. I don't know what I did to make it drop. I only have 1 credit card and it doesn't report until the 4th. I have 2 derogatories but I paid one off and and scheduled the payment for the other one. My student loans are current and there is nothing else on my reports. I thought it might be because I opened 3 new cards but none of them are showing. Nothing new shows up when I hit the "see what changed" button. Any insight?

Re: Credit score dropped

AllZero — Fri, 26 Jun 2020 15:54:01 GMT

What CMS Credit Monitoring Service are you using?

Have you compared the before and after reports for the difference?

Since you are on a derogatory score card, you should not be getting any penalty for new accounts. Also, since they haven't appeared on your credit reports yet you can factor that out.

Re: Credit score dropped

Anonymous — Fri, 26 Jun 2020 16:04:24 GMT

They are using vantage 3.0. I don't see any differences but I may be overlooking something. I will check again.

Re: Credit score dropped

AllZero — Fri, 26 Jun 2020 16:10:16 GMT

VantageScores are great for following your credit reports. Scores are not that meaningful. Majority of lenders use FICO scores for lending purposes.

$1 you can obtain your 3 bureau FICO 8 scores and reports at Experian or CreditCheckTotal (part of Experian). Cancel in 7 day or less to avoid the re-occurring monthly charge. Wash, Rinse, and Repeat as needed.

AnnualCreditReport. Free weekly 3 bureau online reports through April 2021.

Re: Credit score dropped

Anonymous — Fri, 26 Jun 2020 16:13:52 GMT

Ok thank you. I will try that and see what it says.

Re: Credit score dropped

Anonymous — Fri, 26 Jun 2020 16:15:15 GMT

VantageScore is so deceiving. It's like the participation award of the adult world. Haha.

Re: Credit score dropped

AllZero — Fri, 26 Jun 2020 16:23:40 GMT

@Anonymous wrote:
Ok thank you. I will try that and see what it says.

You are welcome.

Re: Credit score dropped

Anonymous — Fri, 26 Jun 2020 16:46:04 GMT

I think I figured it out. I'm not sure how I kept overlooking it. I have an old self lender account that I never paid into but also never closed. In order to make a new account I had to pay the fees on the old one. So now on annual credit report I can see the old account is reporting as open on equifax only and showing I owe $96 and that I'm 2 months late paying. What??? I didn't even realize that was still there. I just opened my new self lender account last week. Maybe it's an error???

Re: Credit score dropped

AllZero — Fri, 26 Jun 2020 16:53:57 GMT

@Anonymous wrote:
I think I figured it out. I'm not sure how I kept overlooking it. I have an old self lender account that I never paid into but also never closed. In order to make a new account I had to pay the fees on the old one. So now on annual credit report I can see the old account is reporting as open on equifax only and showing I owe $96 and that I'm 2 months late paying. What??? I didn't even realize that was still there. I just opened my new self lender account last week. Maybe it's an error???

To clarify, you got a 30 and 60 day delinquency?

If so, you may need to contact Self for the accuracy of the reporting provided to EQ.

Re: Credit score dropped

Anonymous — Fri, 26 Jun 2020 16:56:54 GMT

Yes. Ok I will contact them. Thank you for your help.

Re: Credit score dropped

AllZero — Fri, 26 Jun 2020 16:59:18 GMT

@Anonymous wrote:
Yes. Ok I will contact them. Thank you for your help.

Good luck. Hope you will be able to get those delinquencies removed.

Re: Credit score dropped

Anonymous — Fri, 26 Jun 2020 17:35:06 GMT

I emailed them and sent them the screenshots and they are going to fix it and resubmit to all 3 credit bureaus. They said it may take 30 days to update. I'm shocked at how fast that was.

Re: Credit score dropped

AllZero — Fri, 26 Jun 2020 17:39:37 GMT

@Anonymous wrote:
I emailed them and sent them the screenshots and they are going to fix it and resubmit to all 3 credit bureaus. They said it may take 30 days to update. I'm shocked at how fast that was.

Wow, that is amazing! Job well done. Hopefully, your EQ scores will rebound.