So i've been struggling with the long road of credit repair.. At the start of this journey I began with a score of about 520. I paid off all my debts of the course of about a year and my score jumped to 590.
Since then I haven't had any late payments, I got a secured credit card and make monthly deposits to increase my credit limit. I even paid off an old collections account!
Since then my score has dropped 20 points. I feel at a loss, i've followed all the guidelines perfectly, I pay everything off the second I get the bill and not the day it's due.There hasn't been any info on my credit report about a missed payment or and info as to why it went down other than the hurtful "your credit rating has changed from fair to poor"
I don't know what to do or what I did wrong. My goal this year was to get above 600. This just set me back big time.
I know this is frustrating. I suggest obtaining an up to date cope of your credit report and posting the info here, wihout any personal info of course. Advise can be given based on the way the accounts are reporting.
I purchased a report shortly after seeing my credit score drop, what info did you need?
Look for changes in the way things are reporting over the previous report you bought. If you paid off a collection and didnt get the deletion and it had not updated in awhile that would explain the drop when it updated to report a 0 balance as it looks brand new in the eyes of Fico. If all your revolving cards are reporting a 0 balance that is a Fico score drop as well as soon as you let 1 report a small balance (no more than 9% of its CL) the points lost for that should be regained.