Approved with inflated 740 fico because of a dispute.

[Anonymous]

6/18 I disputed my only collection... This inflated my score 740! So I ran with it went to Dcu for a refi on car. 2.74, and $3000 so on the visa. My question is will it be hard to get a CLI? since my actual scores are now 675.. I've worked up from February/18 when I had a 500 score. Will they realize what happened? If so will they even consider since my credit score went down?
My goal is to get a 0 app intro card when July comes since my Dcu cards 0 app for 6 months, bt ends. If I garden with my 8 accounts should I see a decent score increase by July?
Credit utilization-5%
Aaoa 13 months
Total credit(all cards)-6700
Loans-7000
Inquiries- 9 but 7 fall of in May
Thank you. I love this site you have helped me get here!

[Anonymous]

I've never disputed a collection, so I don't don't have a good handle on how it works or what happens. Are you saying that after you disputed it, but before it was resolved, your FICO score jumped to 740 (based on the dispute)? But when it was resolved (against you), it went back down to 675?

If that actually works, it seems like people would exploit it all the time. I'm not being critical, just curious and maybe a little surprised that it would work (if that's what you're saying).

[Anonymous]

I agree. And possibly you are right. I thought I had read something about dispute doing that. I don't see any other reason for it to jump so high sense my FICO report said for the couple months I was disputing I had 0 missed payments. When the month before it showed the collection as it does now. score went from low 600s to 740 and then back down to low 600 right after dispute was resolved not in my favor of course. At this time when my score jumped I had only open two credit cards within the few months before. Those were my only open credit card accounts. I had one loan paid as agreed and refinanced when my score jumped. It definitely seems like a glitch to me or something I don't understand yet but I am concerned because if they only gave me three thousand with a 740 I don't know how easy it will be to get a CLI.

[Anonymous]

When you dispute an account it’s removed from FICO score calculations while it’s being investigated but it’s still on your report. Did you get a manual review or was it an instant approval? On a manual review, they would have seen the account and seen it marked as a dispute, regardless of the score. On an instant approval, the account would still be there as well but I don’t know how the algorithms would look at a dispute item. I imagine it would still be counted and weighed into the decision. 

Now if it was after 30 days and it got removed from your credit report, then you got the new card and it came back, that could pose a problem later but CUs usually aren’t that finicky and I have seen quite a few rebuilders with DCU cards. I wouldn’t really worry about it. 

[Anonymous]

Thank you very much for the useful information.before I signed up for this forum I used to check it out on Google all the time LOL everybody here is very informative I've learned a lot. And a lot to be learned.
I just checked it was definitely off my report for at least two months June and July. Then all the sudden it showed back up in August I disputed it again and it went away for a couple weeks. No luck in disputes since then.
Another thing to add is this was a collection from kays / Genesis I had paid for removal. before I knew anything about anything at all. It was over the phone I got zero proof I know I should have. Another point is originally after I paid the debt off it showed as collection /charge-off ipaid in January 2018 and when it showed back up on my report in August it showed April coll/co 2018.
aren't disputes supposed to be resolved within 30 days or they are removed completely?

[Anonymous]

So I basically called DCU and they pulled my Equifax report which did not have my car loan on it. I was doing an auto re finance and the first company only reported to Experian. So they told me they had to run my Experian to see my account I'm not sure if that's considered manual since I spoke with her.
So that's the report they had for the $3,000 Visa since they only run your credit once if you apply within a 45-day window.
She made it seem like 740 credit score got me the 2.74 rate and the 690 I had for Equifax would have got me a slightly higher rate. Because when they told me they had to run Equifax in the beginning I said that's too bad it's slightly lower she said a 690 will still get you a three and a 3.xx rate.. not sure if any of this information will help it is confusing but I am determined to figure this credit thing out.

[Anonymous]

Your situation is a complex one that could use the eye of someone more experienced with these matters, maybe someone with the ability to do so can tag in someone like RobertEG or CGID to help you. 

I think if they gave you the card based off the score that you don’t have anymore, you probably won’t get the CLI, but it also sounds like the re-appearance of this debt caused additional damage and you might want to take some steps to get it fixed if you went from 690 to low 600s. 

Disputes that take longer than 30 days will be deleted by the credit bureaus but if the creditor submits information confirming the validity of the debt any time up until the expiration of the reporting period as defined by the date of first delinquency, it will be added back which is what happened here. 

[Anonymous]

Yes it is complex. My score went from 740 down to low 600s. Since then it's been worked back to 675. I made that one mistake before I knew what I know now. I've never missed a payment on any of my other accounts. The climb has been slow I tried to get as many accounts as I could since I knew I had at least a year before my credit would be decent.
I figured they just went by the score. It definitely seems like it

[Anonymous]

I am actually worried about some similar happenings with my EQ and EX because I disputed the dates reported on my ACS student loans and they have now disappeared off my reports. I ended up being homeless while fighting for disability so my student loans went into repayment and I had no means to pay them until 2014 when I paid them in full but they dotted lates on my report and closed it as a paid satisfactory account which means that it would age off my lates starting this year then some more next year then carry 60D into 2021 when the accounts were actually delinquent since 3/2012 when they first called me and never brought current. If ACS throws it back on there, I am worried about how much effort it will be to get the damage reversed although I have my credit reports from the CRAs saved so at the very least, I should be able to get them to restore the accounts to the old undesirable status. 

So yeah, I get it, and I totally understand, I just am not well-versed in these things either and in fact the same day I disputed them I found out that when they come back they can beat your score all over again so I have been stressed about the same thing happening to me because while I’m right about the dates, I don’t have the paperwork to back it up so if they don’t agree I’m stuck. 

[Anonymous]

Agreed on not being very well versed lol.
Personally not realizing how important credit was until basically 30 is what's killing me. Luckily i was so bad I only was able to mess up one account. I look back to last year and can't believe I paid Kay's 250$ to mess my credit up worse basically. I've learned so much in one year
Credit is the secret but people downplay the importance of it, out of ignorance or because they don't want you to know. There is so much money to be made and saved. The 1 thing I wish I was told was the importance of credit. I mean really sat down and was told look ur not going far without credit... My son (7months who is an a.u on 2 of my cards lol) will not only understand but have a head start.
Now I struggle with gardening.
I probably shouldn't get another card for a year but in July when my 0 apr runs out I'll take any 0% APR offer I'll get. I have 8 accounts and have never not paid a statement in full ( besides Kay's....) Until this month only due to 0 apr..
Good for you for keeping evidence. Smart man!
Live and learn
Good luck