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Why is my Faco score going down?

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Regular Contributor

Why is my Faco score going down?

The only thing that has changed in the last couple of days is I paid one of my cards down to below 9% utility (all cards are now down, but they are not reporting yet) and I GW a 2 year old collection off my CR. Why would my EQ fako's be going down? It went from 654 to 637....Thats 17 points!!!!! WTH is going on!!!!

I don't want to pull fico until all my cards a reporting the new balances. But I'm so freaked out I'm about to do it anyway.....
The hardest part is waiting!! I'm an instant gratification girl!!!
06/24/2008: TU 708, EQ 705, EX 712
06/09/2008: TU 699, EQ 688, EX 712
Message 1 of 8
7 REPLIES 7
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Moderator Emeritus

Re: Why is my Faco score going down?



ferferhess wrote:
The only thing that has changed in the last couple of days is I paid one of my cards down to below 9% utility (all cards are now down, but they are not reporting yet) and I GW a 2 year old collection off my CR. Why would my EQ fako's be going down? It went from 654 to 637....Thats 17 points!!!!! WTH is going on!!!!

I don't want to pull fico until all my cards a reporting the new balances. But I'm so freaked out I'm about to do it anyway.....

Wait untill all CCs are reporting!  If you have any disputes going on that could be the cause of drop...also if the collection was an OC it could lower your history.
 
Remember FAKOs are just that.
 
there might also be something added that isn't showing yet.
Message 2 of 8
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Regular Contributor

Re: Why is my Faco score going down?

I sent Wells Fargo a GW on some lates I had 3 years ago and they reported to the CRA that I'm disputing the lates.

Also, why does a dispute bring your score down?
The hardest part is waiting!! I'm an instant gratification girl!!!
06/24/2008: TU 708, EQ 705, EX 712
06/09/2008: TU 699, EQ 688, EX 712
Message 3 of 8
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Moderator Emeritus

Re: Why is my Faco score going down?



ferferhess wrote:

Also, why does a dispute bring your score down?

It doesn't always.  When a TL is marked as in dispute, it is temporarily removed from scoring until the dispute is settled.  The fact that your score went down while the TL was in dispute means that the TL is actually helping you more than it's hurting.

 
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App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. Smiley Surprised )
Message 4 of 8
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Regular Contributor

Re: Why is my Faco score going down?

Gotcha! Thank you! So I should see the scores go back up after the TL is out of dispute status and the CRA's update my utility......right?

Oh, and the collection was a medical bill for $45, oops!

Message Edited by ferferhess on 05-30-2008 04:53 PM
The hardest part is waiting!! I'm an instant gratification girl!!!
06/24/2008: TU 708, EQ 705, EX 712
06/09/2008: TU 699, EQ 688, EX 712
Message 5 of 8
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Super Contributor

Re: Why is my Faco score going down?



ferferhess wrote:
Gotcha! Thank you! So I should see the scores go back up after  the CRA's update my utility......right?


yes
 
 


ferferhess wrote:
Gotcha! Thank you! So I should see the scores go back up after the TL is out of dispute status
It is possible that a succesful dispute will lower the score, if the TL is helping more than hurting  Smiley Sad

The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 6 of 8
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Regular Contributor

Re: Why is my Faco score going down?

It's a student loan that I a asked for GW on a couple of lates 3 years ago. I'm still paying and the account is in currently in good standing. I called them 2 days ago and told them that I'm NOT disputing! They said they would update that with the CRA.
The hardest part is waiting!! I'm an instant gratification girl!!!
06/24/2008: TU 708, EQ 705, EX 712
06/09/2008: TU 699, EQ 688, EX 712
Message 7 of 8
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Moderator Emeritus

Re: Why is my Faco score going down?

Curious,  was the collection you GW off your only collection?
 
 
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