Collections Removed - Major Score Drop

[needtodobetter]

I am so disappointed.  

I started my rebuild in the middle of May.  Since then, I have paid a judgment and had it vacated and removed, got a recent charge-off removed (charged off in Feb 2015) via GW, PFD all of my collections (6 total), and had 3 - 30 day lates, 2 - 60 day lates, and 2 - 90 day lates removed via GW.  The judgment was from March 2015 and the collections were all about a year old.  All recent stuff.

Last week, my EX score went up to 602- finally had reached my first goal for one of the scores.  Today, my last two collections fell off EX and my score dropped 19 points, down to 583!  I was crushed.  

Did I get rebucketed or is there possibly another reason for the huge drop?  Nothing else on my report changed since my last EX refresh yesterday (I use CCT and MyFICO).  I really thought my score would jump 15-20 points when the last collections came off.....not go down...

My reports still have several lates (30 days) and high UTIL.  My next step starting in Oct was to pay WAY down my UTIL.  I am at almost 70% but I wanted to take care of all of the other baddies first.  I know reducing my UTIL will make a big impact so that is next.  

So frustrated and majorly bummed.........I know it is better to have cleaner reports, but the score drop sucks.  Thanks for letting me vent.  Sigh.

[Anonymous]

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@needtodobetter wrote:

I am so disappointed.  

I started my rebuild in the middle of May.  Since then, I have paid a judgment and had it vacated and removed, got a recent charge-off removed (charged off in Feb 2015) via GW, PFD all of my collections (6 total), and had 3 - 30 day lates, 2 - 60 day lates, and 2 - 90 day lates removed via GW.  The judgment was from March 2015 and the collections were all about a year old.  All recent stuff.

Last week, my EX score went up to 602- finally had reached my first goal for one of the scores.  Today, my last two collections fell off EX and my score dropped 19 points, down to 583!  I was crushed.  

Did I get rebucketed or is there possibly another reason for the huge drop?  Nothing else on my report changed since my last EX refresh yesterday (I use CCT and MyFICO).  I really thought my score would jump 15-20 points when the last collections came off.....not go down...

My reports still have several lates (30 days) and high UTIL.  My next step starting in Oct was to pay WAY down my UTIL.  I am at almost 70% but I wanted to take care of all of the other baddies first.  I know reducing my UTIL will make a big impact so that is next.  

So frustrated and majorly bummed.........I know it is better to have cleaner reports, but the score drop sucks.  Thanks for letting me vent.  Sigh.

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Boom shaka laka and IMO you're rebucketed.

Gonna be soooo easy now, right?!  Pay down UTL and always pay on time. GW the lates. Smooth sailing.

[Anonymous]

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@needtodobetter wrote:

I am so disappointed.  

I started my rebuild in the middle of May.  Since then, I have paid a judgment and had it vacated and removed, got a recent charge-off removed (charged off in Feb 2015) via GW, PFD all of my collections (6 total), and had 3 - 30 day lates, 2 - 60 day lates, and 2 - 90 day lates removed via GW.  The judgment was from March 2015 and the collections were all about a year old.  All recent stuff.

Last week, my EX score went up to 602- finally had reached my first goal for one of the scores.  Today, my last two collections fell off EX and my score dropped 19 points, down to 583!  I was crushed.  

Did I get rebucketed or is there possibly another reason for the huge drop?  Nothing else on my report changed since my last EX refresh yesterday (I use CCT and MyFICO).  I really thought my score would jump 15-20 points when the last collections came off.....not go down...

My reports still have several lates (30 days) and high UTIL.  My next step starting in Oct was to pay WAY down my UTIL.  I am at almost 70% but I wanted to take care of all of the other baddies first.  I know reducing my UTIL will make a big impact so that is next.  

So frustrated and majorly bummed.........I know it is better to have cleaner reports, but the score drop sucks.  Thanks for letting me vent.  Sigh.

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Rebucketing combined with high util is the likely culprit. Get the util down and you should recover. Are there any other derogs left at all?

Do you have adequate (3 revolving, 1 installment) new accounts established?

[needtodobetter]

Thank you both for your replies.  

I do have more than 3 cards, a mortgage, and personal loan reporting.   Other than some 30 day lates, I do not have any major derogs - I was able to get every major derog (judgment, collections, charge off, etc) off my reports.  I think my AAoA is right around 9 years (I know that is only a small percentage).  

I know my UTL is having a big negative impact and will have it paid down to the recommended percentage (1 reporting <9% others @ $0) by the end of the year.  I hope that gives me a boost.  I have been bringing it down slowly over the last few months.  I hit it hard starting in Oct.  

I guess I was just so surprised that I actually went down so much when the only change was having the final 2 collections removed, but I understand that it likely put me in a new bucket that makes my remaining lates and UTL have a bigger impact.  

Thanks again for the advice!  I couldn't have done any of this without the forum.

[Anonymous]

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@needtodobetter wrote:

Thank you both for your replies.  

I do have more than 3 cards, a mortgage, and personal loan reporting.   Other than some 30 day lates, I do not have any major derogs - I was able to get every major derog (judgment, collections, charge off, etc) off my reports.  I think my AAoA is right around 9 years (I know that is only a small percentage).  

@I know my UTL is having a big negative impact and will have it paid down to the recommended percentage (1 reporting <9% others @ $0) by the end of the year.  I hope that gives me a boost.  I have been bringing it down slowly over the last few months.  I hit it hard starting in Oct.  

I guess I was just so surprised that I actually went down so much when the only change was having the final 2 collections removed, but I understand that it likely put me in a new bucket that makes my remaining lates and UTL have a bigger impact.  

Thanks again for the advice!  I couldn't have done any of this without the forum.

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Yeah, from what I've heard, UTI has a bigger point impact on a clean report. I've heard of maxing out cards hitting people for 100 points or more when they have clean reports.

I would anticipate a really nice rise as you pay those down

[needtodobetter]

Well, on the plus side, the final collection came off my TU yesterday and  my score went up 19 points :-)  

So far this month my EQ has gone up 19 points (still has the last two collections on it), TU has gone up 74 points, and EX has gone up 28 points, even after the 19 point drop the other day, so that is great!  Now to tackle my UTL!  Game on!

Thanks for the feedback and suggestions :-)  Couldn't do it without you all!

[Anonymous]

How old are the 30 day lates?

[Anonymous]

I'm a newb here, what does being rebucketed mean?

[Anonymous]

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@Anonymous wrote:

I'm a newb here, what does being rebucketed mean?

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My guessing here.  They, the Mighty Scorers, group people in different categories based on similarities. 

A Bankruptcy has a certain high limit score.

A collection, charge off has a certain high limit score.

A late payment has a certain high limit score.

A clean thin file has a certain high limit score.

A clean thick file can hit the top score overall.