FICO Causes and Effects (What Happened, and How Did it Affect Your FICO?)

[creditballer]

Thanks for your credit scenario. It has helped to give me an idea of what will possibly happened to my score. My goal is to break the 700 mark by the end of the year!

[Anonymous]

Here's my latest FICO mystery. About 2 weeks ago I paid $2000 on my Visa card, and overall my debt to credit ratio is about 33%. Around the same time I ordered $180 worth of merchanidise and charged it to an account (not my Visa) that I had opened last July. I figured I was safe because I thought this would be considered "utilization." Wrong.

Today I got a notification from Scorewatch that my score has gone down 3 points because I opened a "new account" (acutally the account that I hadn't used since last summer). I get ZERO credit for lowering my Visa balance by $2000, but because I charged $180 on an existing account, I am accused of opening a new account and penalized for it.

What exactly is FICO trying to achieve by ignoring a reduciton of about 25% on a Visa account but taking points away for using an exisiting account?

[Anonymous]

EQ FICO jump from 625 to 644.

One of my paid COs updated. High credit changed from $500 to "Not Reported". Description changed from "Paid charge off Secured credit line" to "Paid charge off". I'm thinking this one had no effect.

My paying on CO updated. Balance dropped from $3275 to 2775. Status changed from "Bad Debt; Placed for collection" to "At least 120 days or more than four payments past due". I'm wondering if they recoded it from collection to 120 days late. I know I didn't dispute it, although I'd been considering it to get 'em to update the balance owed.

[Anonymous]

Okay...this is my hair pulling experience with the credit bureaus: smileysad:

TU: 492

I have not checked the score again as of 8/30 because I check my every two weeks because that is how often it flucuates.  For instance, I had one account deleted, one updated, one new credit because the simulates indicated it would help my score because I only had one other credit card which now makes it two, and a statement added my TU FICO score dropped **bleep** near close to 30 points.  The statement was posted because my mortgage company would not remove to the two late strikes that was beyond my control for which documents they sent were received late, UPS lost the documents when I returned them and the contact person was on vacation so, I had no clue that a payment was due: smileysad: So, given that I have been paying bills on time with the exception of the above situation my score with TU does not seem to want to increase.  I do have some old collection account which I will pay off by the end of this month and have them removed because we reached a settlement however, it is just so, frustrating.

EX: 565

My score dropped [-17]  points NOT all at once but within one week period however, a little at a time despite the fact of new credit and a judgement removed however, a collection account that was removed and now back on my credit report.  Then my score increased [+17] just recently on 9/7 because an old account that was removed for a cellular phone was now back on my account.  Another issue I have is both the original creditor and collection agency are showing my credit report and the original creditor is listed as still being active.  I am physically and emotionally drain from all this and I think I may have a ulcer  I DO NOT KNOW WHAT TO DO... I pay everything on time however, I also, notice that the credit companies are reporting the interest making it appear that it is the actual balance.

EQ: 577

Despite the changes this score is maintaining some stability and makes me feel confident that when I do pay off my collection acounts with the collectors that I will be rewarded in the end...minimum score flucuations.

The point of my story is do you have any suggestions with this nightmare of a FICO score situation

Thanks

Vi

[Anonymous]

In June of this year, I sold my house, paying off both mortgages.  I also sold my car, and paid off all but 2 credit cards.  The 2 cards have a total balance of about $26,000 which I am paying at least $1000 per month  to eliminate.  My FICO score has only changed + or - 6 points in the last 3 months. Can I look for a bigger score change soon?  I would like to see it get above 700 even though I have 2 small medical collections from 2002.........

[Anonymous]

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subprime wrote:

In June of this year, I sold my house, paying off both mortgages.  I also sold my car, and paid off all but 2 credit cards.  The 2 cards have a total balance of about $26,000 which I am paying at least $1000 per month  to eliminate.  My FICO score has only changed + or - 6 points in the last 3 months. Can I look for a bigger score change soon?  I would like to see it get above 700 even though I have 2 small medical collections from 2002.........

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Are you in a mortgage now?

Did you keep your PIF CCs open?

Are the medical collections paid?

[Anonymous]

Hi, I' like to know how you changed your charge off accounts to  a paid status. I have one since last year (paid already) . Thank You.

[Anonymous]

My only debt now is the 2 credit cards. No mortgage or car loans. I have never cancelled any credit card accounts. One of the 2 collections is paid.  They are identical, 2 years apart and my insurance company says I didn't owe them, but I should have apparently paid then anyway.  They were only  $101 each!  Paying them won't remove them from my report and besides that collection agency has no manners when dealing with customers! I am 60 years old and don't need a lot of credit anyway(knock on wood).  Even with the 2 collections, my score is right at 700.

[Anonymous]

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subprime wrote:

One of the 2 collections is paid.  They are identical, 2 years apart and my insurance company says I didn't owe them, but I should have apparently paid then anyway.

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Who says you should have paid them?

[Anonymous]

The healthcare provider was supposed to "discount" my bill due to them being in the insurance company's prefered provider network.  This bounced around for a few months and then it was sent to collection.