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Collection Removed - Score DROPPED 79 points!

lakeshoredr19
Established Member

Collection Removed - Score DROPPED 79 points!

Hey guys!  This is so odd...but I got a notification today saying my score dropped 79 points because Ascendium was removed from my collections?  I did not do anything regarding this account yet.  How could a score drop 79 points from having a collection removed?

Where could I go from here?  So far it's only reporting on Transunion it seems.
 
Any help would be HUGE!
---
Based on Transunion data
Credit changes
Current score
490
May 22
569
 
490
 
79 pts

We found 2 changes to your Transunion credit report.

Accounts In Collection Removed
ASCENDIUM EDUCATION
 
+
Collections Account Removed
ASCENDIUM EDUCATION
 
+
Collections Account Removed
Message 1 of 13
12 REPLIES 12
KJinNC
Valued Contributor

Re: Collection Removed - Score DROPPED 79 points!

I'm surprised it would fall that much, but it's not that surprising it would fall, if it was your only account or your oldest account. I wouldn't worry about it. You're in better shape to build now anyway. Do you have any other accounts open? Congrats on the removal, despite the point loss.


FICO Resilience Index: 66. Cards: 14/24, 0/12, 0/6. Accounts including loans: 17/24, 1/12, 0/6. At first accidentally, later deliberately, I used what I call the "thick-start" build method, which leads to heavy credit-seeking for a while with the goal of coming out of it without needing to build a thin profile for years. There are pros and cons. Thread describing method
Cards (oldest to newest)

Authorized user / Corporate / Auto loan / Personal loan

Card CLs total $104,100, not counting the AU card. The AU card brings the total to $129,100. In March 2019, card CLs totaled $0.
CU and bank memberships: Coastal Credit Union, member since 1987, direct deposit; PenFed, member since 2019; Navy Federal, member since 2020; USAA, member since 2020; Chase Bank, member since 2020.

Closed but still on reports: American Express Delta Gold, $1,000, 09/19-10/20 | American Express Hilton Aspire, $3,100, 09/19-12/20 | Citi secured, $200, 04/19-09/19 | Capital One secured, $300, 04/19-08/19 | My Jewelers Club, $5,000, 05/19-08/19 | Green Dot Primor, $300, 05/19-08/19 | Self Lender secured $500 loan, 04/19-01/20 | Unsecured personal loan from Coastal, $1,000, 06/19-08/19.
Note: My signature is updated frequently, and updates appear on all instances of my signature including on old posts.
Message 2 of 13
kev2018
Contributor

Re: Collection Removed - Score DROPPED 79 points!

Nothing else happened?

 

I've never thought a collection removal can make you drop points at all, let alone 79 points.

Message 3 of 13
calyx
Super Contributor

Re: Collection Removed - Score DROPPED 79 points!

Where are you getting theses scores?  Is this a FICO based on TU or is it Vantage?
It seems odd for FICO (there would be another reason for the drop), but Vantage does weird things, imo.   You don't need to stress your VS if that's the model this is based on.


RIP:

F8 EQ: 815 | EX: 801 | TU: 805 | Accounts: 1/6 3/12 6/24
Happy practitioner of AZE7or8or9or10 | Team Finances > FICO
Message 4 of 13
kev2018
Contributor

Re: Collection Removed - Score DROPPED 79 points!

That was my first thought, but I don't even think vantagescore will penalize you 79 points for a collection removal? My VS scores also went up when my collection account was removed. Not as much as my fico scores, but they still went up. I think maybe something else happened.

Message 5 of 13
gdale6
Moderator

Re: Collection Removed - Score DROPPED 79 points!

These are OC accounts even though they may be marked as collections so its possible with the Vantage Score, it does some very funny things. OP I would ignore this score its not used by many lenders at all. Ficos are what you need to know as they are the ones used by most of the lending world. Welcome to myFico Smiley Happy
Message 6 of 13
tbque
Valued Contributor

Re: Collection Removed - Score DROPPED 79 points!

The same thing happened to me yesterday with TU and Ascendium. My Fico 8 dropped 17 points but in my case I got an alert that the account was removed from collections and then added as a new collection. I’m in the process of consolidating my student loans that are in collection with them but Great Lakes is set to pay the collections and add the new loan on 5/23 (today).

I was going to call TU and inquiry as to why it was deleted and then added back again but think I will wait until Great Lakes pays off the collections to see what happens. Any advice?





Message 7 of 13
calyx
Super Contributor

Re: Collection Removed - Score DROPPED 79 points!


@kev2018 wrote:

That was my first thought, but I don't even think vantagescore will penalize you 79 points for a collection removal? My VS scores also went up when my collection account was removed. Not as much as my fico scores, but they still went up. I think maybe something else happened.


Someone's VS got hammered in the SL forum after a rehab, and when they pulled their FICOs found it wasn't the case there, so I just don't trust Vantage at all (other than personal experience)


RIP:

F8 EQ: 815 | EX: 801 | TU: 805 | Accounts: 1/6 3/12 6/24
Happy practitioner of AZE7or8or9or10 | Team Finances > FICO
Message 8 of 13
calyx
Super Contributor

Re: Collection Removed - Score DROPPED 79 points!


@tbque wrote:
The same thing happened to me yesterday with TU and Ascendium. My Fico 8 dropped 17 points but in my case I got an alert that the account was removed from collections and then added as a new collection. I’m in the process of consolidating my student loans that are in collection with them but Great Lakes is set to pay the collections and add the new loan on 5/23 (today).

I was going to call TU and inquiry as to why it was deleted and then added back again but think I will wait until Great Lakes pays off the collections to see what happens. Any advice?

Honestly - just wait.
I consolidated loans in August and it took until December for everything to shake out on all of the CRAs - from the reporting of the new consolidated loan to the pay offs and amounts.  Keep your documentation in case you need to dispute anything, but don't stress it yet.

I would also download any information/take screenshots from your Ascendium account.  Once my old account was zeroed out, I lost access - having all of that saved makes me feel better in case I do need to prove something later on.


RIP:

F8 EQ: 815 | EX: 801 | TU: 805 | Accounts: 1/6 3/12 6/24
Happy practitioner of AZE7or8or9or10 | Team Finances > FICO
Message 9 of 13
tbque
Valued Contributor

Re: Collection Removed - Score DROPPED 79 points!


@calyx wrote:

@tbque wrote:
The same thing happened to me yesterday with TU and Ascendium. My Fico 8 dropped 17 points but in my case I got an alert that the account was removed from collections and then added as a new collection. I’m in the process of consolidating my student loans that are in collection with them but Great Lakes is set to pay the collections and add the new loan on 5/23 (today).

I was going to call TU and inquiry as to why it was deleted and then added back again but think I will wait until Great Lakes pays off the collections to see what happens. Any advice?

Honestly - just wait.
I consolidated loans in August and it took until December for everything to shake out on all of the CRAs - from the reporting of the new consolidated loan to the pay offs and amounts.  Keep your documentation in case you need to dispute anything, but don't stress it yet.

I would also download any information/take screenshots from your Ascendium account.  Once my old account was zeroed out, I lost access - having all of that saved makes me feel better in case I do need to prove something later on.


Thanks for the information and advice calyx.  I know I don't have to tell you this but it is torture trying to have patience...I want good credit now. Lol! Smiley Very Happy






Message 10 of 13
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