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Collection Removed - Score DROPPED 79 points!

calyx
Super Contributor

Re: Collection Removed - Score DROPPED 79 points!


@tbque wrote:

@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


You're right - I feel ya.  In my case, I consolidated and then started my credit card gathering/rebuilding, so I was focused in other places until right about the time everything sorted itself out.

Now I'm waiting until July for Early Exclusion without much to do (except make more and more tracking spreadsheets) and I'm dyyyyyying Smiley Wink


RIP:

F8 EQ: 815 | EX: 801 | TU: 805 | Accounts: 1/6 3/12 6/24
Happy practitioner of AZE7or8or9or10 | Team Finances > FICO
Message 11 of 13
JasonFB
New Member

Re: Collection Removed - Score DROPPED 79 points!

I had 1 collection on my reports for several years, paid it off. Collection removed and bam i lost 39 points instantly, oddly enough i gained 35 points back a few days later. Nothing changed with my reports in that short few days so who knows you just may get those points back or at least some. Points dropped 39 points on a Monday and by Friday they were back up 35 points, i cant explain that as i just started my journey of rebuilding. 

Message 12 of 13
jons998877
Regular Contributor

Re: Collection Removed - Score DROPPED 79 points!

OP- When my scores where in the 550 range I really didn't care because I figured a crap score is a crap score, really no difference between a 550 and a 480, my only concern was getting negative lines off, which you did..  What you did was a short term loss, but a long term gain regardless of a point drop..

Begin of Journey ( 9/2018) EX 508 TU 506 EQ 498






Message 13 of 13
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