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Very very confused

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Contributor

Very very confused

I recently had an old student loan account removed from all 3 reports. This account was the ONLY derogatory mark that I had. I was so looking forward to hitting the 7 year mark so I would have a completely clean report. This late payment fell off as of last week resulting in my scores dropping 30-50 points across the board! How is it possible that my score went down now that my reports are completely clean?? My scores are still good but I’m very confused as to why this would happen. Please share any insight that you may have
Message 1 of 12
11 REPLIES 11
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Super Contributor

Re: Very very confused

Where are you getting your scores from?

Message 2 of 12
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Established Contributor

Re: Very very confused

How old was the student loan? Do you have mostly new accounts on your report, or older one's as well? If that was your oldest account by a few years, your scores could have dropped because of your AAoA (average age of accounts) dropping. My student loan is 12 years old and none of my other accounts even come close to being that old. If that were to drop off, I would lose quite a few points.

 

Also, like the poster above me asked, where are you getting your scores? If they're from sites like Credit Karma, Sesame, or any other sites that offer FREE scores, I would ignore them and get your actual FICO scores. You can do the $1 7-day trial with Experian and get all 3 scores from TU, EX, and EQ.

I think I've found the sacred map that may lead me to this garden everyone keeps talking about.



Officially collection free as of 3/19/19!!
STARTING SCORES: 377 (11/2013) & 580 (3/2018)
Message 3 of 12
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Contributor

Re: Very very confused

Scores are from MyFICO
Message 4 of 12
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Contributor

Re: Very very confused

Oldest account is 12 years. AAofA is 3.6 years.All scores are from MyFICO
Message 5 of 12
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Super Contributor

Re: Very very confused

While rebucketing is of course a thing, my opinion is that the OPs FICO scores would not have dropped some 30-50 points in the removal of his only negative account, bringing his file from dirty to clean. 

 

IMO, something else must have changed on his reports.

Message 6 of 12
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Contributor

Re: Very very confused

That’s exactly what I don’t understand. Nothing and I mean nothing else has changed. No new accounts, no new inquiries, no late payments. My reports are 100% clean. Utilization is under 20%. That’s why I’m scratching my head with this one, it makes absolutely no sense
Message 7 of 12
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Valued Contributor

Re: Very very confused

This is quite a drop so something had to change. One thing if you just got an alert from myfico and saw the Fico 8 drop, the underlying report data has not changed and won't change until you pull a new 3b. Not sure if this is the source of nothing has changed or not, but thought I would put it out there.

Started Rebuild 4/2018: EX 616| TU 604| EQ 621

Current 5/28/20:


First Goal Score: 750+ Reached 3/2019

Next Goal all over 800
Message 8 of 12
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Established Contributor

Re: Very very confused

Was the student loan your only installment loan reporting on your report?  Perhaps the lost of an installment loan in your credit mix caused a change in you credit score.


Instead of waiting for the storm to pass, I've learned to dance in the rain.
Message 9 of 12
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Senior Contributor

Re: Very very confused


@outofcredit wrote:

Was the student loan your only installment loan reporting on your report?  Perhaps the lost of an installment loan in your credit mix caused a change in you credit score.


Loss of the only installment loan + drop in AAoA?  we know what the AAoA is now, but what was it before?

My AAoA dropped to 7m when my derog SLs went away, but I still had a pretty solid net gain (I did have another installment loan, though).  This just seems weird.





F8 EQ: 804 | EX: 794 | TU: 801 | Accounts: 2/6 4/12 9/24
Happy practitioner of AZE7or8or9or10 | Team Finances > FICO
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