Feeling Defeated

[Anonymous]

Hi all. Yesterday I got my new 3Bureau report from MyFico...my scores plummeted. Hard. After getting a charge off and my most recent delinquency removed I thought I would at least see some kind of bump (I was hoping to get up to 620) but it was quite the opposite. I wrote a GW letter to SallieMae and they put the account in dispute. I received a notification from CreditKarma that SM has closed the account but actually it has been closed since 2017. My 30 day late from CapOne has now been removed from every bureau except Equifax but that didn’t help. To top it off, the balances on my credit cards haven’t updated somehow to reflect me paying them off (which I do every check).

So right now my scores are 577 (Equifax), 588 (TransUnion), and 604 (Experian). This is a huge set back for me. I almost want to give up. I’m sure in a couple of days when the sting isn’t so fresh I’ll have a different mindset but jeez. I really thought I was working towards something.

[GApeachy]

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@Anonymous wrote:
To top it off, the balances on my credit cards haven’t updated somehow to reflect me paying them off (which I do every check).

That, wait for those to reflect.  In the meantime do some investigating to make sure other derogs haven't snuck onto your reports.  Have you gotten your 3b reports from annualcreditreport.com?  If you haven't you need to.  It's either or both TU and EQ that show you when derogs are gonna fall off.  Just double check everything.  Also, don't give up, your scores will improve just breath.....relax, it's gonna happen cause you're gonna make it happen.  And remember the "two steps forward, one step back" analogy.....it's not a race but more like a slow crawl in the trenches.

[FireMedic1]

The things that should have raised your score may not have updated yet. It isnt instant. They will report as they normally do from the CCC's after statement cuts. 1 30 day wont do much. Give it time and let everything report as normal.

[Remedios]

@Anonymous   If you have an active dispute, the account is excluded from scoring 

So, depending on the age of that account (if older), dispute can certainly cause the drop while it's being investigated 

[Anonymous]

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@Anonymous wrote:
Hi all. Yesterday I got my new 3Bureau report from MyFico...my scores plummeted. Hard. After getting a charge off and my most recent delinquency removed I thought I would at least see some kind of bump (I was hoping to get up to 620) but it was quite the opposite.
One thing I realized quickly was not to set goals based on "hope" because credit is a very mathmatical thing and if you put eggs in the basket of hope, you will be dissapointed often.

I wrote a GW letter to SallieMae and they put the account in dispute. I received a notification from CreditKarma that SM has closed the account but actually it has been closed since 2017. My 30 day late from CapOne has now been removed from every bureau except Equifax but that didn’t help. To top it off, the balances on my credit cards haven’t updated somehow to reflect me paying them off (which I do every check).
While it may not seem like a big win, you made solid moves getting baddies removed from the CR, regardless of its reflection on the score at this time, in the long run, it will pay off. In regards to your reporting, I reccomend contacting your creditors to see on which day they report. Keep in mind it can take sometimes several days for a new balance to reflect, depending on the creditor and also business days vs. weekend days.

So right now my scores are 577 (Equifax), 588 (TransUnion), and 604 (Experian). This is a huge set back for me. I almost want to give up. I’m sure in a couple of days when the sting isn’t so fresh I’ll have a different mindset but jeez. I really thought I was working towards something.
As was told to me, do not be discouraged. Credit is not a sprint to get the best score as fast as possible - it's a life long marathon. You will be working on it, presumably forever. You will one day be sitting atop a 750+ score and look back on this and laugh a bit. It will happen, give it time, manage properly and don't falter. Keep it going!

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[Anonymous]

Don't feel defeated, it takes patience, and that's something that's easier said than done. It's hard waiting for positive results, especially when you're working so hard for improvement. Trust the process, there are too many success stories here, and maybe they will inspire you....you're not in this alone...best of luck to you, and e sure to post updates

[Anonymous]

Obtaining a good credit score doesn’t happen overnight. What you should be concerned about is clearing up your negatives while building a solid credit foundation, which includes building good fiscal habits. As you make good credit decisions, your foundation grows stronger. Just like houses, if/when a storm occurs, houses with stronger foundations weather the storm, while houses built on weak foundations crumble & fall. Don’t feel discouraged- work your plan & stay focused! GL!

[Anonymous]

Thank you to everyone who responded. I really appreciate your words of encouragement and advice! I think that's just what I needed. I'm definitely feeling much more optimistic and ready to take on whatever comes my way on this journey. I promise to keep in mind that this is a journey, not a sprint 

[Jannelo]

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@Anonymous wrote:

Thank you to everyone who responded. I really appreciate your words of encouragement and advice! I think that's just what I needed. I'm definitely feeling much more optimistic and ready to take on whatever comes my way on this journey. I promise to keep in mind that this is a journey, not a sprint 

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Don't feel defeated.  I've read some of your threads.  I actually admire how proactive you've been on getting things removed.  I've done zip, zilch, nada.  My FICO score has risen 98 points in a year on Experian, so I am thankful.  But it is easy to go into a negative headspace at times, especially after a credit card denial letter I received, which  was harsh, and left me feeling like I hadn't accomplished anything and would be in subprime cards forever. 

I understand why you initially felt defeated seeing your scores  drop like that after your hard work, but I'm sure you credit score will rebound quickly not just rebound, but increase.   I need to work on a goodwill letter for a paid collection that is on all three CRs.  Seeing your good results has inspired me to do that.

[jons998877]

OP- Don't get discouraged, you are doing a bang up job and your hard work will pay off.. I am in your same situation, seems like I am often taking two steps foward and one step back, but I am heading in the right direction.. I am currently gardening and letting my accounts age and waiting for a bunch of old crap to fall off during 2019.. Also, feeling like I am adding months between "now" and my most recent baddies(2016 and 2017)...And while I am doing that, I am trying to build my savings so I can make sure these same mistakes do not happen again.. So while I follow my scores, its also not my end game..