Having conquered all that I really can with my own rebuild other than time for my last paid charge offs to fall off later this year, we gave equal attention to DW state of affairs. We paid/settled all collections and charge offs during Nov-Dec 2019.
Cap1 still has not yet updated to 0 balance. Also not sure why the balance went from 677 after making 1250 settlement payment to reporting 696.
Sent certified letter to Cap1 in March but with the current state of events no change showing yet on reports. Will dispute that one with each bureau if we have to or send second certified letter to Cap1.
The rough part of this equation for which I have put together the following data points for is the decline that has occurred since the original boost to 701 when the collections were removed.
The key data points appear to be:
1) Chase selling the mortgage and new mortgage not yet reporting (-17)
2) Having her AU AMEX account report 0 balance.... she got +14 for the month it had $21
3) She is being dinged as we pay off her student loans, FICO no like losing installments that are >70% paid
This month I have left a small balance on AMEX to see if the +14 comes back to her. My score doesn't seem to matter if I have it or not.
And we still await the new mortgage to report to see if the +17 comes back....
We had planned on opening additioncal CC accounts directly in her name but that plan is on hold till we get her score back up > 670 at least.
Its been a little unsettling to her to be intentional about eliminating debt and watching her score FALL as a result.
The data points are prepared using EX reports but TU and EQ are roughly the same.
I thought these details might benefit someone else and of course, always open to constructive feedback from the membership here.
Does she have any revolvers of her own or is the AU account her only revolving credit line? If that's her only one than yes, when you pay it down to zero, she is going to get penalized for it. All of your revolving accounts should never show zero. At least one has to report a small balance. Preferably under 10%. I would definitely look into getting her a couple of cards in her own name. They don't have to be high limit cards or unsecured cards even. But it will help her build her scores. Research the AZEO method and the Fico all zero penalty. Good job on everything else so far.
Goal Scores: 700 across all three
I would just send a copy of your settlement letter to the CRAs with demand for it to be updated to 0 balance as required by the FCRA, there is no relief from this act at this present time.
@BmoreBull wrote:
Does she have any revolvers of her own or is the AU account her only revolving credit line? If that's her only one than yes, when you pay it down to zero, she is going to get penalized for it. All of your revolving accounts should never show zero. At least one has to report a small balance. Preferably under 10%. I would definitely look into getting her a couple of cards in her own name. They don't have to be high limit cards or unsecured cards even. But it will help her build her scores. Research the AZEO method and the Fico all zero penalty. Good job on everything else so far.
Yes, AMEX is her only revolver. We were in the process of planning to app for some other accounts when the score drop happened.
We prefer to secure revolving accounts that would benefit her/she would make use of longer term.
Just waiting on the scores to inch back up before doing that. Hopefully when active mortgage reports she will get the +17 back.
@gdale6 wrote:I would just send a copy of your settlement letter to the CRAs with demand for it to be updated to 0 balance as required by the FCRA, there is no relief from this act at this present time.
That's probably the best and quickest solution. I had to do something similar during my rebuild on a CO with Cap1 but only with Equifax. I wrote Cap1 instead of disputing with Equifax so I took the same course this time.
But like you said, probably best to dispute and demand update to 0 with settlement letter to CRAs themselves. Thanks.
@satio wrote:
Left a small balance on AMEX which is only active CC account for DW at the moment as AU on my account...
BAM!
+15 so she is back to 775 as a result.