HOW DOES THIS CRAP HAPPEN!!

[intookst]

I want to know who the h*** runs these d*** report? I am sick & tired of them ruining my life with their bogus reporting! In July I had a judgement and a car lan removed and yet it dropped 39 points! Now because I didn't realize I had missed a cc payment and it dropped 51 points!!!! Who the hell do they think they are? 51 points seriously! Now this damn 30 days will be on there for 7 years! KISS MY EVERLOVING A**. THIS IS THE MST RIDICULOUS THING I HAVE EVER SEEN... I'm just about to be at the point of contacting an attorney because this is how ppl kill themselves,  I have tried & tried and I now officially give up! Credit reports are not worth what they caz for you! Somebody has got to wake up and change this crap! 89 point drop for WHAT! Because they think they are God! KISS MY A**!!  

[mattmyFIC0]

Unfortunately, we are stuck playing by the rules that "they" have put in place. It can be very frustrating (I've been there) but you can't give up. Scores can bounce back very rapidly with on time payments and low utilization. The trick is figuring out how the scoring works and use it to your advantage. Good luck OP

[Kenny]

One needs to take responsibility for the waves we make in this world.

If you truly feel like these are inaccurate data points, then absolutely hire the lawyer to assist in correcting these inaccuracies.

The credit bureaus only go by what is reported to them, by companies that supposedly interact with you. myFICO creates a score based on the whole of your credit history that has been reported to the bureaus. 

This forum is open to everyone. We do not have a right to post whatever we please on this forum. It is paid for and managed (admin) by myFICO. Moderators are all volunteers.

I am now moving your rant to understanding fico scores, because clearly that is what this thread needs more of: objective information.

It would also do you well to visit the rebuilding forum, as they will give you information to help you remove those negatives on your report.

Thank you.

[StartingOver10]

I can understand your frustration. 

But the first drop may be because your report was clean - until the 30 day late - and you were re-bucketed. This is an outright guess on my part.

The 30 day late doesn't impact you as severely for the next 7 years. It will impact you less and less as time goes on and the most severe impact is when it is new (less than 2 years).  This is a good time to revisit your budget and payment habits. Personally, I pay right when the statement posts (or even before) so I don't miss any dates but that is my personality. Others pay differently. Find a good method/schedule that works for you.

Start the GW process for the 30- day late.

And, as Kenny suggests, visit the rebuilding forum again to see if there is anything else you can do to mitigate the damage. Sometimes all you need is time and consistent payments to overcome a mistake. We are all human and many of us are here because we needed to overcome some damage we made to our reports. 

[elim]

I would suggest taking the time and money needed and start your own scoring model. Then implement it for years until it overtakes Fico. You can then give us all 800+ scores (even with a late or two).   :]     

[Anonymous]

Responsibility is certainly a given if one is checking their FICO Score they are ususally trying.  I cannot figure out how myFico does their scoring as mine jumps around hugely.  One part I get is to have different types of loans, such as mortgages #1 and a car loan or personal loan and credit cards.  I don't have a mortgage as my home is paid for and my last mortgage payment on my history was 2006.  I have four credit cards and a personal home improvement loan.  My $12,000 home improvement loan is paid off as of two weeks ago, but the company has never posted updates due to it being a one year zero % interest before being hammered. I paid it off at 10.5 months as I did not want to pay the high interest.  I was going to pay cash for the work, but I thought that maybe a personal loan would help my scoring.  Now when I go home I have to contact all three credit score companies and submit disputs on the loan balances because they do not report for some reason.  After 30 days they should report $0, but now have to waste 30 days waiting before I can try for a mortage.   I work overseas and come home to the States once or twice a year, so it makes no finanicial sense to own a car or truck right now and have a loan on it.  I just rent a car for two weeks and I'm done till next time.  I also have four CC and if I buy a $3,000 plane ticket while overseas during CC credit reporting time my score can jump 50 points into the 800+ with the highest being 820 earlier this year.  I paid my balance on one of my cards and it had a statement balance of $0.  Today I get and email alert that my credit score changed.  I log in and it dropped from 804 to 726, the lowest in years, because I have a $53 charge and a $53 balance.  I only had a $0 balance for maybe two weeks at the most as if you don't use your card you drop.  I have outstanding credit with no late payments or Public Judgements and I have to use my cards all of the time traveling.  I always pay the statement balance off each month and leave a small balance to have them record activity and some balance and it usually bounces from 820-770 almost every two weeks.  I was told that I should get a mortgage to stabilize my scores which in reality makes no financial sense except to be a financial slave and stay in debt.  I am getting ready to buy another rental property and will go the mortage route, though I can pay cash from my savings.  My credit union has a 5/5 mortgage which I think is paid off in five years just to play the credit score game, but first I have to get that 726 back up over 800 again.  Time to buy another plane ticket back to the States, so wonder if it will jump back up as high as the $53 took it down.  Makes no sense to me???

[Anonymous]

You are in charge of your life decisions and the implications that may result of your decisions and are not the fault of that crazy algo named FICO.

As Adam Smith said:  Never complain of that of which it is at all times in your power to rid yourself.

[CreditMagic7]

It can be absolutely maddening OP, and you have every right in the world to feel incensed and go straight thru the roof over what you discovered.

However, that's why board's like this sub-forum exists at all.

The old saying still applies. For better or worse we all "MUST" learn the RULES of this FICO scoring business or get caught with our pants down, and that's not a very pleasant prospect at all.

Many of us have already been there and beat our heads against the wall when met with seemingly unreasonable and totally rediculous wild swings in those numbers that rate our credit worthiness.

Once you spend enough time RESEARCHING THE RULES as currently laid out for us all, the much better informed you will be so as not to be taken completely by surprise like you obviously already have sadly experienced.

You are in what i like to call DAMAGE CONTROL, no matter what now, you have to familiarize yourself with these rules AS THEY ARE that formulated your big score drop and make new adjustments to regain some of those back again and steady the ship so to speak.

The shock from realizing your credit score took a big hit is one thing. The effort to strike back using their own rule system is another.

It's a see-saw experience but one that you CAN firmly get a grip on once the fury subsides.

[silkysean]

Here's my advice far too many people over stress the score when they should be looking at overall credit profile and fix that first and let everything else fall into place.Stop trying to micro manage.In terms of missing the payment that was all your fault.Always setup auto pay as default for the Minium payment due and setup ext and email reminders as well.You were so stressed and worried about correcting other credit issues you didn't focus on making sure no late payments.We all forget but that's why most of us setup auto pay with reminders.Fico and all other scores no one will fully perfect or understand we can only learn based off our own profile and do what works for it.Moving foward focus on overall credit profile and don't let any one thing consume you ! Good luck 

[sgs71]

I understand frustration, as my scores are all over the place too even when nothing has changed really.  I can't say I've ever known anyone to kill themselves over a FICO score though.....