Paid collections and score drops..

[Anonymous]

Hi, I’ve been trying to rebuild my credit and a few weeks I paid off 4 medical collections and one bank loan that has always been paid on time. I have also reduced my revolving line of credit by 100.00. All the collections have all been deleted from my credit reports. The loan says pays as agreed/ paid in full and reflects a zero balance. The line of credit shows a lower balance, from 500 to 388.00. My credit is already poor and now I’ve lost 12 points on my equifax report, but no change on the other two.

This is very depressing because I was expecting a score increase but lost points instead. What am I doing wrong?

[thornback]

Was the loan your only installment account? If so, paying it down to zero and thus, closing the account, eliminated your mix of credit. Credit mix makes up 10% of your FICO.

[gdale6]

No open instalment loans typically costs 8-17 Fico 8 basic points. How many revolving cards do you have open and balances to credit limit too pls.