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Collection removed score didn't go up why?

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Collection removed score didn't go up why?

Using the fako score on ck I was close to 650, with 100% payment history on my installment loans and new credit cards, had 2 collections , one a 250$ medical bill and an 1150$ from a phone company turned over to a collection agency, I disputed the 1150$ as it was someone fraudulently used my credit to get phones , tu removed it and waiting on eq and exp to as well, my tu score never went up when it come off, then i was approved for a credit card (i knew the hard inquiry could lower it) was approved, I had one card previously with 1000 limit using 50% with a 500$ balance the new card is 2000$ with 0 balance so I'm only using 19% of my credit card credit. But my score dropped 50 points to around 600 , I thought it would go up, I know the fako scores aren't fico scores but I'm not understanding why going from 50% credit card usage to 19% lowered it instead of raising it, and why the collection removed after disputing it didn't raise it, any ideas?
Message 1 of 8
7 REPLIES 7
Community Leader
Senior Contributor

Re: Collection removed score didn't go up why?

CK are not real scores.

 

Unless you get your true FICO scores nobody can really offer advice on why. 

EXP 753 TU 781 EQ 733
Message 2 of 8
Established Contributor

Re: Collection removed score didn't go up why?

CK is not real scores is inaccurate. They are not FICO scores, but they are real scores.(Vantage scores) The op is aware of that and they already acknowledged that several times.

 

Also saying “nobody can offer advice unless he has real FICO scores” is also inaccurate.

 

I’ll take these one at a time.

Your score did not go up when the collection was removed because you still have another collection. You have already taken the score hit, and it will not recover until the last collection is removed/aged off etc. The scoring model puts more weight on the final collection. You can remove 5-6 collections and see very little movement and you remove the last one and your score jumps up. That’s just the way it works, nothing you can do expect try a PFD on the last one.

 

New credit can lower your score because it reduces the average age of your accounts, which is also a factor in your score. Between the hard inquiry and lowering of your AA you are going to take a hit. Your score will recover when your youngest account ages a bit.

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Message 3 of 8
New Member

Re: Collection removed score didn't go up why?

Thank you! Yes I believe that is one issue for sure is the lowering of my credit age , it went from 5 months to 4 months with the new card, although I don't understand why it is only 5 months before the new card either, my revolving credit with auto loans and personal loans at bank are a couple years old with stellar payment history , my first actual credit card was 5 months ago I had always shied away from them as I saw them as possible trouble, but was told if I got one and kept it at a low balance it would significantly raise my score
Message 4 of 8
Highlighted
Super Contributor

Re: Collection removed score didn't go up why?

How are you determining your average age of accounts?  If you're using CKs summary page, it only includes open accounts, which paints an inaccurate picture.

 

OP, I highly recommend you stop using CK for anything other than your weekly TU/EQ reports immediately.  Their scores, summary pages for your different credit components, etc. are completely useless.

 

Your FICO scores will not increase much if at all with the removal of a collection if you still have another major negative item present on your CR.

Message 5 of 8
New Contributor

Re: Collection removed score didn't go up why?

Credit Karma is a joke. They are good on providing you FREE advice on what you're file looks like but they arent good at all with getting you a real FICO Score. Vantage Score3.0 is what the use, and maybe that model does not give points for collections, BUT Fico Score 8 which is used by many lenders including current credit card companies probably gave you some points back.

 

There is nothing I can do since I do not understand Vantage Score 3.0

Message 6 of 8
New Member

Re: Collection removed score didn't go up why?

It says on a summary on there as age of credit , I joined experian and it says I don't have a fico 8 score , possible reasons not long enough credit history, but my loan officer at my bank says my credit age is fine it's not new credit, I only use ck as a reference to get an idea, I do know when it showed me around 611 my fico was actually in the 650s as my banker had looked it up, is there a way to get your fico score cheap or free without it hurting your credit as a hard inquiry?
Message 7 of 8
Super Contributor

Re: Collection removed score didn't go up why?

As I said in my previous post, anything on the CK summary page should be ignored.  Pretend it doesn't exist.

 

You can get a free EX FICO 8 score at creditscore.com or creditscorecard.com.  You can also do a dollar trial membership at CCT/Experian and get multiple FICO scores, I think 9 at last check.

 

Obtaining your own credit scores never hurts your credit in any way, I'm not sure where that perception ever came from or why commercials constantly say, "checking won't hurt your credit" because checking your own credit never hurts your credit.

Message 8 of 8
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