Big Disputing Party today - and I brought ther Cake

[Anonymous]

Today I disputed all my negative TL's - 6 on TU, 4 on EXP and 4 on EFX. This after my scores took another 40-45 point hit when I dared to pay off my car loan. How DARE I be debt free. That amounts to 100 points loss on losing all my debt, 60 when I paid off my last mortgage a year ago and 40 on paying off the car loan. My scores were in the high 700's in 2007 when I had over $100,000 in mortgage debt, $30,000 in Credit Card debt and $25,000 in Auto debt. Now I have none of these - the autos and mortgages have been paid in full and the credit cards are all Out of Statute for suit and within 2 months of being Out of Statute for Credit Reporting. Now my scores are in the high 500's and seem to drop every time I do something that should make me appear to be a better risk - like having no debt, like having 30 (yes, 30) positive TL's that are older than my credit difficulties and having $50,000 in the bank.

Let's see what gets EE'd with 2 months to go.

[Anonymous]

Got my first results today - TU deleted all 7 derogs. My TU is now clean of all delinquencies. I await the FICO score bump that shows it.

[sarge12]

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@Anonymous wrote:

Today I disputed all my negative TL's - 6 on TU, 4 on EXP and 4 on EFX. This after my scores took another 40-45 point hit when I dared to pay off my car loan. How DARE I be debt free. That amounts to 100 points loss on losing all my debt, 60 when I paid off my last mortgage a year ago and 40 on paying off the car loan. My scores were in the high 700's in 2007 when I had over $100,000 in mortgage debt, $30,000 in Credit Card debt and $25,000 in Auto debt. Now I have none of these - the autos and mortgages have been paid in full and the credit cards are all Out of Statute for suit and within 2 months of being Out of Statute for Credit Reporting. Now my scores are in the high 500's and seem to drop every time I do something that should make me appear to be a better risk - like having no debt, like having 30 (yes, 30) positive TL's that are older than my credit difficulties and having $50,000 in the bank.

Let's see what gets EE'd with 2 months to go.

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Being debt free is horrible for a fico score...stay that way a year and fico may not even return a score. Size of bank accounts are also not in a credit score....still nice to be debt free!!

[Anonymous]

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@sarge12 wrote:

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@Anonymous wrote:

Today I disputed all my negative TL's - 6 on TU, 4 on EXP and 4 on EFX. This after my scores took another 40-45 point hit when I dared to pay off my car loan. How DARE I be debt free. That amounts to 100 points loss on losing all my debt, 60 when I paid off my last mortgage a year ago and 40 on paying off the car loan. My scores were in the high 700's in 2007 when I had over $100,000 in mortgage debt, $30,000 in Credit Card debt and $25,000 in Auto debt. Now I have none of these - the autos and mortgages have been paid in full and the credit cards are all Out of Statute for suit and within 2 months of being Out of Statute for Credit Reporting. Now my scores are in the high 500's and seem to drop every time I do something that should make me appear to be a better risk - like having no debt, like having 30 (yes, 30) positive TL's that are older than my credit difficulties and having $50,000 in the bank.

Let's see what gets EE'd with 2 months to go.

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Being debt free is horrible for a fico score...stay that way a year and fico may not even return a score. Size of bank accounts are also not in a credit score....still nice to be debt free!!

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Well... either I get a bump up, or I get nothing, or my score goes down again. There is n third direction. If I get a bump then FICO would be rewarding me for outliving my bad TLs. If nothing happens then I don't know what to ascribe it to. If I lose points then that is FICO's way of telling me than bad credit is better than no credit.

Any bets out there on which way it will go?

[sarge12]

I know it sounds counter intuitive...but the fico score is a numerical representation of how you handle debt, and more recent data is more important than older data. In order to represent how you handle various types of credit, they kind of need you to use credit. After enough time, I have read, there will not be enough recent data to return a score. No credit use= no score. On the other hand, you really don't need a score then do you?

[Anonymous]

The only benefit I get from a good score is I pay less on homeowners and Auto Insurance. Don't even ask me what a credit scorehas to do with those items, since I pay the entire premium in advance. I have two secured credit cards, sumulative balance less than $25 and cumulative credit limit $1,000. Do I need them? No. Do I even want them? No, but in today's world FICO has the whole world bamboozled into believing that that Goddamned number actually means something all the time, especially OUTSIDE the credit industry. I really cannot understand how reliably I pay my credit cards is a factor in predicting whether or not I will run over  a kid with my car.

[sarge12]

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@Anonymous wrote:

The only benefit I get from a good score is I pay less on homeowners and Auto Insurance. Don't even ask me what a credit scorehas to do with those items, since I pay the entire premium in advance. I have two secured credit cards, sumulative balance less than $25 and cumulative credit limit $1,000. Do I need them? No. Do I even want them? No, but in today's world FICO has the whole world bamboozled into believing that that Goddamned number actually means something all the time, especially OUTSIDE the credit industry. I really cannot understand how reliably I pay my credit cards is a factor in predicting whether or not I will run over  a kid with my car.

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I think your point might be valid...but insurance scores are usually not fico, but LexisNexis...just sayin.

[Anonymous]

The change hit MyFICO today - my TU went up 197 points!!!! To 795. That all important middle score is now 685 instead of 586. Equifax has not moved and remains at 605 as my low score, but now I have an idea of where my three scores should end up when the baddies are removed, either through simple aging off or EE.

[DollyLama]

That is fantastic!   May I ask the most recent payoff on tradeline, any CC, loan?  

My husband through CCT (and I checked mine after with CCT matched exactly with MF for accuracy), has him with no score. No derogs, only 2 paid installments that will age off next year. No CCs. Like starting out as a kid fresh out of school. No continuning credit killed the scores. Dreading what impact the AAoA on my FICO scores will be next year when they plummet from 14 years oldest, average age around 4.8 years plummet to around 3 years or less.