topic Re: My credit score dropped 661 points? Why? in Rebuilding Your Credit

My credit score dropped 661 points? Why?

Anonymous — Thu, 06 Aug 2020 03:00:05 GMT

So I finally got my ERC collection cleared and my credit score recovered back to a 661 only to notice my score dropped to a 0 today. What is up with that?

Re: My credit score dropped 661 points? Why?

AllZero — Thu, 06 Aug 2020 03:08:05 GMT

What CMS Credit Monitoring Service are you using?

I'm not sure if zero is possible. Glitch in the matrix?

Re: My credit score dropped 661 points? Why?

Anonymous — Thu, 06 Aug 2020 03:14:04 GMT

It is just credit karma but I'm assuming it's because I don't have any recent credit history so when I had my collection removed it just dropped me to 0. Very deterring after all this work removing the collection. I got a few secured card a few weeks ago to start actually building my score.

Re: My credit score dropped 661 points? Why?

Cjethompson2017 — Thu, 06 Aug 2020 03:19:59 GMT

If you have no credit and haven't had credit in a while.....it's very possible to have a 0 credit score. Dave Ramsey followers aim for a 0 credit score.

Re: My credit score dropped 661 points? Why?

Anonymous — Thu, 06 Aug 2020 03:32:42 GMT

That's what I'm gathering. I know building credit is a long process but is it reasonable to expect to return to a 660 or higher in a few months? I was legitimately about to take an auto loan but needed a few points before i felt comfortable actually having a credit check as well as swamped with high interest rates.

Re: My credit score dropped 661 points? Why?

AllZero — Thu, 06 Aug 2020 03:35:45 GMT

@Anonymous wrote:
It is just credit karma but I'm assuming it's because I don't have any recent credit history so when I had my collection removed it just dropped me to 0. Very deterring after all this work removing the collection. I got a few secured card a few weeks ago to start actually building my score.

If you are new to the credit world, it will take about 6 months for a score to generate.

CK is great free site for following your credit reports. VS 3.0 Scores are not relevant to the majority of lenders because they pull different versions of FICO.

Give it 6 months and pull your FICOs.

$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.

Free credit reports (disregard the VantageScore 3.0 score) at:
Credit Karma for weekly TU and EQ reports.
WalletHub for daily TU report.

Re: My credit score dropped 661 points? Why?

Cjethompson2017 — Thu, 06 Aug 2020 03:38:19 GMT

I'm unsure. I'm rebuilding my credit, so I don't remember what it was like building from the ground up. Kind of wish I could go back to that. Hahaha.

But, I've seen several people say you should start with 3 revolving bank cards. Then, do AZEO? Then keep the one card that carries a balance, below 9%. Somebody who knows more should be able to give advice.

Re: My credit score dropped 661 points? Why?

OmarGB9 — Thu, 06 Aug 2020 04:13:19 GMT

Yea unfortunately you dropped because you have no history whatsoever now, so it's expected you'd be at a zero. As others have said, it would take about 6 months to build a score. Alternatively, you could try to get added as an AU on someone (friend's or family member's) card, and that may help generate a score.

Re: My credit score dropped 661 points? Why?

RootDet — Thu, 06 Aug 2020 05:01:25 GMT

Now is the time to think about self lender and 2 secured credit cards. You are in a good spot because you can jump up nicely in the credit score, not 800 nicely, but I bet you can get it near 700.

Re: My credit score dropped 661 points? Why?

IgnatiusReilly — Thu, 06 Aug 2020 05:52:07 GMT

I had to Google the Dave Ramsey statement. I knew he was dumb, I had no idea of the profundity of the dumb.

Re: My credit score dropped 661 points? Why?

Anonymous — Thu, 06 Aug 2020 22:13:26 GMT

@Anonymous wrote:
So I finally got my ERC collection cleared and my credit score recovered back to a 661 only to notice my score dropped to a 0 today. What is up with that?

Screenshot?

Re: My credit score dropped 661 points? Why?

Conceptual23 — Fri, 07 Aug 2020 18:52:17 GMT

I've never heard of score dropping to 0 before. Does it actually show a 0 on all bureaus in MyFico?

Re: My credit score dropped 661 points? Why?

Anonymous — Fri, 07 Aug 2020 19:46:59 GMT

@Cjethompson2017 wrote:
If you have no credit and haven't had credit in a while.....it's very possible to have a 0 credit score. Dave Ramsey followers aim for a 0 credit score.

Dave Ramsey followers typically aim directly at their own feet.

OP, zero beats 661 for all of the reasons mentioned here.

Re: My credit score dropped 661 points? Why?

Anonymous — Sat, 08 Aug 2020 01:21:06 GMT

@Anonymous Congrats on getting that collections account removed! Its always a good feeling getting rid of negatives.

The advice here is pretty solid. I would suggest signing up for the free trial with experian and pulling your scores (if anything generates).

If you don't have a score at all after checking, you should look for a cosigner who can assist you with the autoloan (since it sounds like this is immediate need).

If you can put off your car loan needs for half a year, it might be a good idea to pick up a credit card or two and start building credit history again.

I would suggest heading over to the Discover website and Amex website and trying out their prequalify tool. You enter your information and they will let you know if you are pre-approved for any of their cards (its a soft pull so it won't hurt your credit).

Re: My credit score dropped 661 points? Why?

Anonymous — Sun, 16 Aug 2020 19:26:36 GMT

Update:

Since opening my two secured credit cards my scores have returned to their previous standing.

Re: My credit score dropped 661 points? Why?

AllZero — Sun, 16 Aug 2020 19:27:57 GMT

Glad to read your scores returned!

Re: My credit score dropped 661 points? Why?

OmarGB9 — Sun, 16 Aug 2020 19:33:47 GMT

Congrats!

Re: My credit score dropped 661 points? Why?

Anonymous — Sun, 16 Aug 2020 21:52:30 GMT

My daughter had that issue. He had no established credit on her own, but had a tradeline as an authorized user from an old / closed acct reporting for her. Her score was mid or high 600's like you. Then the tradeline for that auth user acct dropped off and the score dropped to zero (no score could be generated) until her student loans reported, then she got a score again.