Lost 100 points when final collection dropped off!

[bott6698]

Man, I only had one medical collection to fall off on EQ and I was collection free on all three CRA's and thinking I would have a nice score boost for 

having no collections. But actually I LOST 100 POINTS!   Did I drop to a new bucket? 

Nothing else changed, Would appreciate thoughts here thanks.

My calculation was slightly off actually I went from 648 EQ to 568 so it is actually 80 points.

The only baddies on my report are :

Hfc 30 days- 11/2007, 12/2007, 1/2008

Chrysler 30 days 1/2006

Thanks to myfico those are my only baddies now! So does this mean I dropped to a new bucket when my 1,373 medical collection dropped off? 

Message Edited by bott6698 on 09-26-2009 06:02 AM

[cobaltnv]

That would be my guess. You are now in a "clean" bucket and with 3 30 day lates in the last 2 years. You do not look quite as favorable as teh rest of the bucket. THe good news is that over the next 2-4 months those lates will age to over two years. I would predict a nice bump at that time.

Congrats on having your last collection gone. In the long run this will be much better for your scores.

Cheers 

[Scamp]

If this was your oldest reporting account, then the loss of it would contribute to that drop, too.

[llecs]

History wouldn't play into it because it is a CA. OP, would you mind sharing the +/- reasons listed on pages 2 & 3 of your FICO reports? That's pretty revealing per rebucketing.

[bott6698]

Hi llecs, Thanks to all for your thoughts here. Everything is the same because of HIGH LOC's for home improvements/additions and 

some small maxed out credit cards that I am at 89% UTL. So if this is correct it seems that I am now rebucketed I am sure the UTL max out is crushing

me more than it used to be. Everytime I have had cash to pay down the small cards something else comes up that we have had to take care of so right now

I am still the same.  89% UTL was here when my score went from 648-568 and the only thing that changed was the Medical Collection dropping off.

I am glad though that I now can be in a clean bucket that makes me really proud because I suffered from Bad credit for so long. Now all I have to do is pay down my bills. I can't do anything about the 20k LOC I have right now but I can pay down my small cards.  Once I knock those out then I can go after the LOC. 

Here is what page 1,2 say on report. 

 Page 1

#1  Payment History-Very Good
#2 Amount of Debt-Bad
#3 Length of Credit History-Good
#4 Amount of New Credit-Good

 Page 2 
Reasons for hurting your credit:

#1 heavy use of credit-89%
#2 too many credit accounts with balance-13
#3 Short Credit History-12 years 10 months
#4 Recently Looked For Credit-4 inquiries in past 12 months

Reasons for Helping Credit
Only one is no serious deliquency.

Message Edited by bott6698 on 09-28-2009 06:50 AM

Message Edited by bott6698 on 09-28-2009 06:51 AM

[creditwherecreditisdue]

Your revolving UTIL is hammering your score!

[haulingthescoreup]

---

bott6698 wrote:

... Page 2 
Reasons for hurting your credit:

#1 heavy use of credit-89%
#2 too many credit accounts with balance-13
#3 Short Credit History-12 years 10 months
#4 Recently Looked For Credit-4 inquiries in past 12 months

Reasons for Helping Credit
Only one is no serious deliquency.

---

You're right, that looks like that's what it is.

You're now in a clean history bucket, with a medium-length history, so the util is way uncharacteristic of what others in your bucket show.

As soon as you can get that down, your scores will soar. Hope things will stop "coming up" and you can get the debt knocked down soon --good luck!



edit to correct typo

Message Edited by haulingthescoreup on 09-30-2009 02:03 AM