I GIVE UP

[Anonymous]

I'm literally about to stop following my credit alltogether. How can something so screwy be the deciding factor for our finanicial futures?!?! Below is what happened over the last couple weeks to my equifax score. YES, this is real:

-Neiman Marcus retail $68 to $0 - RAISED EQ 52 points?! 693 to 745

-Removed "charge off" from a loan that had been transferred. Now positive info - LOWERED EQ 5 points?! 745 to 740

-Chase Visa $536 to $0 - LOWERED 14 points?! 740 to 726

I thought I would get a boost by getting the incorrect "charge off" removed from the old transferred loan, instead lost 5 points. Yet somehow got 52 points for paying off a measly $68 which was under 25% of the NM credit card balance.

Annoyed, Frustrated and Confused. Thanks for any thoughts or advice.

[mongstradamus]

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@Anonymous wrote:

I'm literally about to stop following my credit alltogether. How can something so screwy be the deciding factor for our finanicial futures?!?! Below is what happened over the last couple weeks to my equifax score. YES, this is real:

-Neiman Marcus retail $68 to $0 - RAISED EQ 52 points?! 693 to 745

-Removed "charge off" from a loan that had been transferred. Now positive info - LOWERED EQ 5 points?! 745 to 740

-Chase Visa $536 to $0 - LOWERED 14 points?! 740 to 726

I thought I would get a boost by getting the incorrect "charge off" removed from the old transferred loan, instead lost 5 points. Yet somehow got 52 points for paying off a measly $68 which was under 25% of the NM credit card balance.

Annoyed, Frustrated and Confused. Thanks for any thoughts or advice.

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I know expert on loans, but once your charge off on loan gets removed the loan from the CR gets removed , so that would effect your credit mix. That is possibly why your score took an little dip.  As for neiman marcus, when you paid that off you only had one account reporting , which is good. That is why you got an bump, but once you paid off the chase visa , you have zero accounts reporting, which according to CRA is zero utilization which is bad. 

Those are the reasons i could see for your scores going up and down. 

[GFer]

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@mongstradamus wrote:

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@Anonymous wrote:

I'm literally about to stop following my credit alltogether. How can something so screwy be the deciding factor for our finanicial futures?!?! Below is what happened over the last couple weeks to my equifax score. YES, this is real:

-Neiman Marcus retail $68 to $0 - RAISED EQ 52 points?! 693 to 745

-Removed "charge off" from a loan that had been transferred. Now positive info - LOWERED EQ 5 points?! 745 to 740

-Chase Visa $536 to $0 - LOWERED 14 points?! 740 to 726

I thought I would get a boost by getting the incorrect "charge off" removed from the old transferred loan, instead lost 5 points. Yet somehow got 52 points for paying off a measly $68 which was under 25% of the NM credit card balance.

Annoyed, Frustrated and Confused. Thanks for any thoughts or advice.

---

I know expert on loans, but once your charge off on loan gets removed the loan from the CR gets removed , so that would effect your credit mix. That is possibly why your score took an little dip.  As for neiman marcus, when you paid that off you only had one account reporting , which is good. That is why you got an bump, but once you paid off the chase visa , you have zero accounts reporting, which according to CRA is zero utilization which is bad. 

Those are the reasons i could see for your scores going up and down. 

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Also, when accounts are removed (good or bad) you lose that history. In my experience, when old baddies drop off, it's not always positive---at first....

Several months later (and depending how many--if any) you have left on reports, I've gained bigtime by being thrown into a whole new 'credit scoring bucket'.

Patience grasshopper! It gets better!

[Anonymous]

Giving up isn't the attitude to have dealing with anything. It's a constant struggle when your working with fixing your credit. I have struggled for mine and have seen results.

I have also deleted some collections to the point that some of the CRA's aren't even generating a FICO Score anymore. 

It's always good to pay off your credit cards every month. I make mutiple payment a month on mine to make sure of it before the statement report date.. 

[taxi818]

Equifax is a very sensitive vixen. I have seen my scores rise on experian and transunion while at the same time going down on equifix. they make no sense.

I say the only way to treat equifax is to have 1 balance on 1 account under 10 percent. then all is well.

Today they sent me update. that one of my accounts showed decrease of 49 percent.

from 798 dollars to 405 dollars.

but did my score change.

Nope. not 1 point up or down. because i have balances on 3 accounts. its ok. i don't care.

as long as i do what i need to and always pay on time. balance will go down slowly. no rush.

when im ready. i will have 10-20 dollar balance on 1 account out of 12. for about 6 months . im sure score will rise then on the sensitive but rarely used equifax.

[kittywitty]

if it makes you feel any better my score went down 14 points when i paid off chase visa. the account is now closed so that's not good either. only good thing is equifax removed the 60 day late. hopefully this month the other two bureau's will remove it as well, it changed my account to a positive. i have felt like giving up as well but i know i can do this. just have to be patient.