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Score decreased after PFD

goldilocks1775
New Member

Score decreased after PFD

Decided to get serious about my credit this year. Currently I'm sitting at around 622 Exp. (don't know my other scores because I don't pay for score monitoring services) 

 

This is actually about a 20 point decrease so I pulled my reports to see exactly what had changed. The only difference is that my collection account is no longer reporting to any of the credit bureaus. 

Some other baddies on my account include 2 C/Os that my report says will fall off in November of this year, and 9 total lates from last year which I plan to submit a goodwill letter for. (Side note, is it too early to submit a GW? What's the proper procedure here?) That, and a very high utilization rate which I am in the process of paying down. 

My question is, why did this drop my score instead of improve it? Is this temporary and will correct soon? I still have a dirty card so it's not that I changed to a clean one. My utilization hasn't increased, it's stayed relatively the same and no other changes. 

My goal currently is to be in the 700s by this time next year, and hopefully apply for the Amex Plat by the following summer. Now I feel like I'm being too ambitious when the things I'm doing right are actually hurting me instead of helping. Any advice? 

2 REPLIES 2
OmarGB9
Community Leader
Super Contributor

Re: Score decreased after PFD


@goldilocks1775 wrote:

Decided to get serious about my credit this year. Currently I'm sitting at around 622 Exp. (don't know my other scores because I don't pay for score monitoring services) 

 

This is actually about a 20 point decrease so I pulled my reports to see exactly what had changed. The only difference is that my collection account is no longer reporting to any of the credit bureaus. 

Some other baddies on my account include 2 C/Os that my report says will fall off in November of this year, and 9 total lates from last year which I plan to submit a goodwill letter for. (Side note, is it too early to submit a GW? What's the proper procedure here?) That, and a very high utilization rate which I am in the process of paying down. 

My question is, why did this drop my score instead of improve it? Is this temporary and will correct soon? I still have a dirty card so it's not that I changed to a clean one. My utilization hasn't increased, it's stayed relatively the same and no other changes. 

My goal currently is to be in the 700s by this time next year, and hopefully apply for the Amex Plat by the following summer. Now I feel like I'm being too ambitious when the things I'm doing right are actually hurting me instead of helping. Any advice? 


Was that your only collection account? If so, it is possible you were assigned a new scorecard, hence the score decrease. Because there is a "public records" scorecard, which includes repos, BK, and collections, and then there's a "delinquent" scorecard, which I believe COs and lates fall under.


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HowDoesThisAllWork
Frequent Contributor

Re: Score decreased after PFD


@OmarGB9 wrote:

@goldilocks1775 wrote:

Decided to get serious about my credit this year. Currently I'm sitting at around 622 Exp. (don't know my other scores because I don't pay for score monitoring services) 

 

This is actually about a 20 point decrease so I pulled my reports to see exactly what had changed. The only difference is that my collection account is no longer reporting to any of the credit bureaus. 

Some other baddies on my account include 2 C/Os that my report says will fall off in November of this year, and 9 total lates from last year which I plan to submit a goodwill letter for. (Side note, is it too early to submit a GW? What's the proper procedure here?) That, and a very high utilization rate which I am in the process of paying down. 

My question is, why did this drop my score instead of improve it? Is this temporary and will correct soon? I still have a dirty card so it's not that I changed to a clean one. My utilization hasn't increased, it's stayed relatively the same and no other changes. 

My goal currently is to be in the 700s by this time next year, and hopefully apply for the Amex Plat by the following summer. Now I feel like I'm being too ambitious when the things I'm doing right are actually hurting me instead of helping. Any advice? 


Was that your only collection account? If so, it is possible you were assigned a new scorecard, hence the score decrease. Because there is a "public records" scorecard, which includes repos, BK, and collections, and then there's a "delinquent" scorecard, which I believe COs and lates fall under.

 

@OmarGB9 

 

You are most correct, Sir!  There are 12 so called score cards, or credit profiles.  There are eight "good" score cards and there are four "bad" score cards.

 

The four bad score cards are segmented (important word in this credit game.....muy muy importante!) and the segmentation factors are - as you so aptly stated - public record and delinquent.    There are then further segmentation factors (Thick, Mature, New Revolvers).  If OP is interested, then I would humbly recommend to investigate the score primer.  Great stuff in there.  Long read.  But lots of goddies!

 

Once the public record or delinquent is removed from all Credit Reports, one moves from a dirty score card to a clean score card (yet another way to give a name to this stuff).  That can, and sometimes does, result in an intial credit score drop (as silly as that might sound to some....).  But, that will change (credit score) soon enough with proper and appropriate "behavior"!


 

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