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Can you help me understand why my score DROPPED?

Samy13
Valued Member

Can you help me understand why my score DROPPED?

Hello and thank you for reading.

 

I paid off a collection and my score DROPPED. It was a new collection, not a charge off. I''ve been working so hard to improve it and this is devestating !!

Message 1 of 5
4 REPLIES 4
RobynJ
Frequent Contributor

Re: Can you help me understand why my score DROPPED?


@Samy13 wrote:

Hello and thank you for reading.

 

I paid off a collection and my score DROPPED. It was a new collection, not a charge off. I''ve been working so hard to improve it and this is devestating !!


When you first pay it off it updates the account to the current date and it can drop your score but rest assured now that it won't update as delinquent anymore it will start going up in the next couple months as the collection will no longer keep updating. 


Starting Score: 0
Current Score: My highest 818
Goal Score: 850

Take the myFICO Fitness Challenge



Message 2 of 5
FireMedic1
Community Leader
Super Contributor

Re: Can you help me understand why my score DROPPED?

This^^^^^^^

This is why we tell folks dont dispute things that are accurate. Same deal. Once it comes back updated. Bye points!





Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery from the @ 540's.
Message 3 of 5
Chestnut1
Regular Contributor

Re: Can you help me understand why my score DROPPED?

Any payment towards a deliquient account, be it Collections of Charge-off makes it current. The scores will drop. But its good riddance. Your scores will start coming back in couple months. 

11/10/18 EX: 540 TU: 525 EQ: 535
10/20/19 EX: 671 TU: 665 EQ: 671
11/07/19 EX: 676 TU: 673 EQ: 676
12/31/19 EX: 669 TU: 679 EQ: 673
01/06/20 EX: 670 TU: 682 EQ: 682
Paid Charge off to $0 in Dec 2019, reported Jan 2020
01/15/20 EX: 666 TU: 655 EQ: 660
02/07/20 EX: 676 TU: 668 EQ: 668
05/08/20 EX: 685 TU: 685 EQ: 682
05/18/20 EX: 690 TU: 685 EQ: 682
03/16/21 EX: 702 TU: 697 EQ: 700
04/20/21 EX: 705 TU: 700 EQ: 702
04/19/22 EX: 716 TU: 705 EQ: 716




Mortgage Middle Score 682 (Old)
Mortgage Middle Score 706 (New)
Message 4 of 5
Samy13
Valued Member

Re: Can you help me understand why my score DROPPED?

Thank you all !!

Message 5 of 5
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