Trying not to get frustrated...need understanding

Anonymous · ‎12-29-2014

Since this June I have been cleaning up my credit report. It's been a great feeling, up until now. On October 11th, I got a new credit report from MyFico. It was:

Equifax: 3 Negative

4 Collections

1 Public Record

619 Credit Score

TransUnion: 4 Negative

10 Collections

2 Public Records

625 Credit Score

Experian: 3 Negative

4 Collections

0 Public Record

636 Credit Score

I ordered another credit report on December 25th, because MyFico wasn't saying if something was deleted from my credit report. It was:

Equifax: 2 Negative

2 Collections

1 Public Record

604 Credit Score

TransUnion: 4 Negative

5 Collections

2 Public Records

628 Credit Score

Experian: 2 Negative

3 Collections

0 Public Records

629 Credit Score

As of today (12/29) more collections will be removed. 1 from Equifax, 4 from TransUnion, and 2 from Experian. I thought I was going to get a mini boost in my FICO score, but I'm going down. Today I dropped 4 points in my credit score. Isn't it a good thing when baddies are deleted. What am I doing wrong?

12/29/14

EQ: 604

TR: 624

EX: 629

Goal: 750's

Anonymous · ‎12-29-2014

Don't get discouraged! It sounds like you're making some good progress! What are your tradelines like? The biggest thing that has boosted by scores, aside from removing collection accounts from my CR, is credit utilization reduction. Try to keep your credit cards between 10 and 15% at all times. Spread that balance over 2-3 trade lines total. That helped me out so much! Please keep me posted on your progress!!!

Anonymous · ‎12-29-2014

Most likely you are seeing minor drops because reporting is getting updated, and AAoA is changing when old accounts come off. Your scores will recover over time. You are not doing anything 'wrong'.

Also you may be weak on the positive side of the equation - what positive accounts do you have?

StartingOver10 · ‎12-29-2014

@Anonymous wrote:
Most likely you are seeing minor drops because reporting is getting updated, and AAoA is changing when old accounts come off. Your scores will recover over time. You are not doing anything 'wrong'.

Also you may be weak on the positive side of the equation - what positive accounts do you have?

^^^This is true. Remember it is a combination of repair (which you are doing well) and rebuilding with positive tradelines.

Anonymous · ‎12-29-2014

I apologize for butting in on this post but I think that is also my problem. I have so many things deleted but only a few positive things. Is that just as bad as having no credit? WIll the OP score increase if they add like a credit card or something?

Anonymous · ‎12-29-2014

For rebuilding purposes, you will want at least 3 lines of revolving credit (credit cards), and one installment loan (auto loan works here). These can be secured lines or unsecured to start out, after 6-12 months of on time payment history, you should be able to start getting unsecured lines and drop the secured ones.

Anonymous · ‎01-04-2015

All of my cards are (except for one) is at or below 10%. I even paid off one of my installments, the lowest amount of my student loan, last month. I'm really trying to be patient, but its very frustrating when I'm trying to improve things and nothing is seems to be happening. I will be a bit more patient.

Imperfectfuture · ‎01-04-2015

I had that feeling many times over my rebuild. I would jump in the garden thread in the credit cards forum, and go AAAARRRRGGGGHHHH. WAS LIKE TAKING ONE STEP FORWARD, TWO STEPS BACK

Your drop in score was likely due to paying off your student loan. Those of us out of rebuild have seen a 30 pt drop when installments are paid off, when your scores are lower, you see a smaller drop.

You might want to take out a small secured installment loan with credit union. Google alliant, they will run one for 4 years, payments about $11 per month, so doesn't ding your DTI in the future. As with any installment loan, you see small ding to begin with, but big advance in 3 to 6 months. If you put in 550, they can even have the payments auto from the savings to the loan.

If you have more student loans, then don't worry about it. The biggest dings are those public records. You need to research vacating judgements, then pay them off with the intent of vacating them, the laws for such are particular to your state,

Don't feel bad, I was there too (though I avoided judgements, since I was uncollectable).

Signature needs updating

Anonymous · ‎01-11-2015

Patience isn't my strong suit. I try, but things have improved significantly. I checked my credit report again today.

Equifax:

Revolving: 28 accounts

Installment: 11 accounts (1 of them I paid off, but it hasn't shown up on my credit report yet)

Public Record: 1 (will be deleted in June)

Collections: Big Fat Goose Egg 0 (happy dance)

Negative: 2 (both student loans from Citibank, that I can't get them to delete)

Authorized User: 5

Credit Score: 631

TransUnion:

Revolving: 28 accounts

Installment: 11 accounts (same as above)

Public Record: 2 (one will be deleted in June and the other in September)

Collections: 1 (I paid it and they agreed to remove it, but it said "settled" I called them and they said they would remove it)

Negative: 2 (same as above)

Authorized User: 5

Credit Score: 636

Experian:

Revolving: 28 accounts

Installment: 10 accounts

Public Record: 0

Collections: 1 (I disputed it, but they won't deleted it)

Negative: 2 (same as above)

Authorized User: 5

Credit Score: 665

So things are improving slowly, but I'm so happy that the collections are being deleted. I am very close to having zero collections. I am wondering when is the start date for a collection. When the account is past due or when it's reported to the collection agency?

(1.11.15)

EQ: 631

TR: 636

EX: 665

Goal: 750's

gdale6 · ‎01-11-2015

@Anonymous wrote:
Patience isn't my strong suit. I try, but things have improved significantly. I checked my credit report again today.

Equifax:
Revolving: 28 accounts
Installment: 11 accounts (1 of them I paid off, but it hasn't shown up on my credit report yet)
Public Record: 1 (will be deleted in June)
Collections: Big Fat Goose Egg 0 (happy dance)
Negative: 2 (both student loans from Citibank, that I can't get them to delete)
Authorized User: 5
Credit Score: 631

TransUnion:
Revolving: 28 accounts
Installment: 11 accounts (same as above)
Public Record: 2 (one will be deleted in June and the other in September)
Collections: 1 (I paid it and they agreed to remove it, but it said "settled" I called them and they said they would remove it)
Negative: 2 (same as above)
Authorized User: 5
Credit Score: 636

Experian:
Revolving: 28 accounts
Installment: 10 accounts
Public Record: 0
Collections: 1 (I disputed it, but they won't deleted it)
Negative: 2 (same as above)
Authorized User: 5
Credit Score: 665

So things are improving slowly, but I'm so happy that the collections are being deleted. I am very close to having zero collections. I am wondering when is the start date for a collection. When the account is past due or when it's reported to the collection agency?

(1.11.15)
EQ: 631
TR: 636
EX: 665
Goal: 750's

The date opened line in a CAs TL is the date they received the collection it is not the DoFD of the account. The DoFD sets the CRTP & SOL Timelines not the opening date a CA gets it. Also for AAoA only OCs are figured into it, CAs do not contribute to it. Dont be discouraged if you see minor score drops when negatives come off its far better to have a clean or cleaner report than having one littered with derogs!