60 point TU drop. I'm confused.

[Corifto]

So my last TU report on MyFICO was pulled on 04/09 and showed me having a 657.

At the time my report showed as follows:


Accounts:
A:Cap One Secured:Limit $250, opened 11/13, at 9% utilization
B:BOA charged off in 09,Paid in full $1193 as of 09/2013

Collections:
A:$935
B: $741
C: $571
D: $186
E: $132(Paid Collection)

Inquires:
A: 09/30/13
B: 10/01/13
C: 12/04/13
D: 02/25/14

I pulled it again today as I had gotten some of the accounts removed, and was surprised to see a 60 point drop.

Report is as follows.

Accounts:
A:Cap One Secured:Limit $250, opened 11/13, at 22% utilization
B:BOA charged off in 09,Paid in full $1193 as of 09/2013

Collections:
A:$132

Inquiries:
A: 09/30/13
B: 10/01/13
C: 12/04/13
D: 02/25/14
E: 06/09/14
F: 06/15/14

The inquiry from 06/15 was for the Barclay's card, and it was denied, and although I thought I had a 657,my score is now a 596.

How can I be 60 points lower with what appears to be a much better report?

[09Lexie]

A few weeks ago, myFICO switched from TU98 to TU08. It could be that once the collections were removed, the accounts associated (the AAOA history) dropped your score as well. 

[IamB2]

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@09Lexie wrote:

A few weeks ago, myFICO switched from TU98 to TU08. It could be that once the collections were removed, the accounts associated (the AAOA history) dropped your score as well. 

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+1

Additionally, the collection account may have updated and shows as more recent. That could also impact it too.

[Corifto]

I appreciate the replies.  That very well may explain it.  It's just disheartening.  Try so hard to get things in order to see me drop back to about where I started.

[Anonymous]

Understand your being disheartened. After my BK7 it seemed I was never going to see FICO Scores above 700 or be able to obtain quality credit. In my case it took eleven years. Some on this site have achieved quality cards in a matter of months to a couple of years. How? Do understand it is based on our own credit files. Best wishes as I know it is a tough road.

[user5387]

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@Corifto wrote:

I appreciate the replies.  That very well may explain it.  It's just disheartening.  Try so hard to get things in order to see me drop back to about where I started.

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It's worth pointing out here that there's not a single "right" credit score.  The lending industry uses a variety of scoring systems.

What I'd suggest is focusing on the content of your report, and not worry about scores for a while.

For example, in order to optimize scoring over the long-term, it's desirable to have several revolving accounts open, and some of the ways of accomplishing this have low overhead.

An example is the SDFCU secured Visa.

[Corifto]

Yeah, I'm just trying to right a mistake I made when I was 18.  I have the Cap Secured, but have been hoping for an unsecured.  I got a prequalification from Credit One, and they want proof of my identity which I'm not entirely comfortable sending via snail mail.  On top of that, I've heard horror stories from Credit One, but I think I'd be able to make it work.

Would you recommend getting another secured card via my bank instead of the Credit One secured?

[user5387]

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@Corifto wrote:

Yeah, I'm just trying to right a mistake I made when I was 18.  I have the Cap Secured, but have been hoping for an unsecured.  I got a prequalification from Credit One, and they want proof of my identity which I'm not entirely comfortable sending via snail mail.  On top of that, I've heard horror stories from Credit One, but I think I'd be able to make it work.

Would you recommend getting another secured card via my bank instead of the Credit One secured?

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If I was in your situation, I would try to have several active revolving accounts.  It's important to be developing positive history.

Unsecured is better than secured, but I wouldn't compromise yourself to get unsecured cards.  By this I mean signing up for cards with exorbitant fees or bad terms.

I'd take a hard look at the SDFCU Visa, since it has good terms and no fees.

I don't know what the secured card from your bank is like, but I'd recommend being picky about what you sign up for.

[Corifto]

Yeah, the fact that the Credit One is unsecured is appealing, but with the fees they have I don't find it worth it.  I'll take a look, but I bank with PNC