42 points drop - no changes in credit report

[Anonymous]

If the account is still “in dispute” it may not be a permanent score drop.

Accounts in dispute may not factor into FICO. So if that account was your oldest account and not your only CO, removing it may drop your score.

Without you sharing your entire profile there is no guessing worth doing.

[Anonymous]

Thank you everyone for your reply. Yes, there are no changes to my credit file apart from the fact that charge off got renewed. I have no new accounts, no accounts got removed, no inquires, and this was not my oldest account and is my only charged off account. 

Citibank added comments “settled for less than” again, which was already there to begin with. Though the status date on my EQ report changed. So in fact I believe that FICO 8 sees any updates regarding charge off accounts as if the charge off just happened. IMO one of the reason this could happen is because CRAs don’t have any specific field to differentiate between “when charge off happened” and “status updated”. 

The only way to get rid of this mess is if CRAs agrees or are able to revert back the dates. 

With this post I also wanted to tell other people who are trying to improve their scores, to never dispute a charge off account from OC that is 2 years or older. The only way to go about it is GWs. It will just get renewed and bring your credit score down. If GWs don’t work, it will take another 2 years to bring your scores where they were prior to the dispute. 

The only hope for me here is to believe that this drop is because the account is in dispute, but again, it won't cause my score to drop the way it did.

Here are some pirctutes of my Citibank account, though I don't see much changes on TU and EX but I do believe charge off got renewed on all 3. 

EQ, Left: 4/20, Right: 4/12EX, Left: 4/20. Right 4/12TU, Left: 4/20. Right 4/12

[Anonymous]

I don't believe CRAs change dates.  They simply show the dates provided to them by the entity sending the data.  I think your best bet at this point would be to start hammering away with GW requests.

[Anonymous]

Yeah, they don’t. I am about to send the first batch out using your saturation method. Though not going to be easy with Citi.

[Anonymous]

As I mentioned, this has nothing to do with 'changing dates' -- the account is in dispute so FICO isn't "seeing" it while it is in dispute.

Please make a list of every chargeoff/public record/collection you have and the "opening date" of that tradeline so we can compare them all and see.  

[Anonymous]

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@AnonymousThough not going to be easy with Citi.

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Rarely is GW "easy" with anyone.  Every once in a while you see someone post about striking gold on their first GW attempt from a lender, but for every example of that you'll read 10+ where someone was denied and usually, denied multiple times.  Just keep at it and eventually you'll get the response that you're looking for in my opinion.

[Anonymous]

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@Anonymous wrote:

Please make a list of every chargeoff/public record/collection you have and the "opening date" of that tradeline so we can compare them all and see.  

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Here is how my credit profile looks

Open Accounts:

Paylease - Opened 01/01/2018

Discover student loan - Opened 01/01/2014 - Never late

BofA CC - Opened 05/01/2014 (3 lates, 30 days)

Capone - Opened 10/01/2014 - Never late

Capone2 - Opened 11/01/2014 - Never late

Closed Accounts:

Citi - Opened 04/01/2014 (Charge-off, settled for less than full)

Discover student loan - Opened 01/01/2014 (Trasnferred to new account)

Charge-offs:

1) Citi - Opened 04/01/2014 (Charge-off, settled for less than full)

Public records/collections:

None

Utilization - 47% 

 Citi is my oldest CC but it isn't my oldest account, so not sure if ignoring that account because of a dispute would cause 40+ points drop. Also I am working on getting paylease account completely removed so that my AAoA look better.

[Anonymous]

Yeah that one Citi account shouldn't have caused a 42 point drop from being "ignored" during dispute.

Any chance that utilization changed around the same time as this dispute?  Don't forget that utilization is not strictly just aggregate utilization but also reflects individual utilization, so if you had any utilization changes it can affect the FICO score as well.

I need to look at this a bit closer from a desktop today to try to see what we can see.

[Anonymous]

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@Anonymous wrote:

Yeah that one Citi account shouldn't have caused a 42 point drop from being "ignored" during dispute.

Any chance that utilization changed around the same time as this dispute?  Don't forget that utilization is not strictly just aggregate utilization but also reflects individual utilization, so if you had any utilization changes it can affect the FICO score as well.

I need to look at this a bit closer from a desktop today to try to see what we can see.

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Yeah, I am not able to keep a track of my score since I can't figure out what's wrong. I have EX creditworks with daily updates. My EX score was 725 on 3/26 with 1% utilization (AZEO). It dropped to 691 on 04/01 because Capone removed my late payments and updated my account middle of the month showing 47% utilization (this was before I sent out dispute letters). 

I wasn't worried at all, I thought I would cross 740 with late payments removed and once the utilization goes down on 04/24 (my closing date - all accounts). That's when the big drop of 42 points happened and EX score went down from 691 to 649. 

Update: My utilization is at 0% as of today, still waiting for BofA to report for AZEO to work. EX credit score went up to 666 from 649. SMH! Should've been in 740's if I didn't dispute.