@Mschwax22 wrote:Ok- I'm trying not to freak out because I am talking about my vantage score- I can't see what happened to my FICO scores because it hasn't been 30 days- get. Yesterday, a paid collection account and two charge offs were removed because they were past 7 years. I expected an increase and wa shocked to see my score dropped 100 points. There were no other changes. My credit utilization stayed the same at 8%. They were not my oldest accounts- oldest is 17 years. I'm hoping there was some sort of glitch or something and it will resolve itself, and I'm trying to not freak out but we are buying a house and the lender wanted us to clean up a few things on our report before they do the loan, so I did exactly what they asked and this is what happened!
Since you're applying for a mortgage, I think you should spring for a 3 bureau report and find out what your mortgage scores actually are.
If your talking about CK. Click on "See What Changed" It will explain why. Good luck on your home.
@Mschwax22 wrote:I paid for the 3 bureau report already but that gives me only my vantage 3.0 scores- not the FICO ones. Transunion is the only one that dropped me so far- the others are still investigating the dispute. I already bought my FICO scores earlier this month and it won't let me get new scores for 30 days.
I'm talking about MyFICO's 3 bureau report, which among other things gives you your 3 FICO mortgage scores.
I can assure you that dropping 3 negatives from your reports did not cause a decrease in your FICO scores.
@Mschwax22 wrote:I already bought the my FICO report- but they only provide updated scores every 30 days and I purchased it a few days prior to this happening
I'm trying to tell you ... "this" didn't happen. You did not experience a FICO score drop from negatives being deleted.
If you're seriously concerned you should cough up the additional money and buy an updated report. Otherwise forget about it until you get your next FICO report.
@Mschwax22 wrote:It was my understanding you could only get one report a month regardless of if you pay for it. Coughing up the $30 is not an issue- but from what it appeared I would not be able to get an updated one. Re your comment that I "did not experience a FICO score drop form having negative items deleted"- how I wish I could post a screenshot....
I just checked my husbands new FICO scores- and this is what HIS alerts in my FICO say, word for word- "TransUnion decrease in accounts past due -15".
Transunion: "A delinquency/past due account was removed from your credit report, -15" and the real kicker...
Transunion: "The total balance of all of your bank cards decreased...-15".
Three very positive moves and EACH one cost him 15 point!!
So yeah, we most definitely are seeing a drop in FICO scores for having negative items removed. it makes zero sense.
And apparently we are now being penalized for paying down our credit cards. What the actual F?!
You can get as many updated 3 bureau reports as you want as long as you're willing to pay for them. If you're already a MyFICO subscriber, you get a 20% discount, so it's $47.88 including tax for a 3 bureau report, or $15.96 for a 1 bureau report. Normally I would never consider spending that kind of money, but since you're close to a mortgage -- and in a rising interest rate climate -- you should know what your reality is.
Those alerts you mentioned do not support your conclusions. They say only that 3 positive events have occurred, and that the TU FICO 8 score, which is not a mortgage score, is down 15 from the last time it was reported. There is NO connection whatsoever between the score change and the positive events. And they do not say his FiCO 8 score is down 45 points, they say that his score is down 15 points.
MyFICO alerts don't provide reasons for a score change. There are certain events which trigger MyFICO alerts. If there happens to be any difference between your present score at that particular bureau and the previous score reported to you from that bureau, the score change is tacked on to the alert. There is not necessarily any connection at all between the score change and the alert substance.
MyFICO explains this as follows:
Why did my score go up when I got an alert for something negative (or why did my score go down when I got an alert for something positive)?
The short answer: Your FICO® Score may change because of other events not monitored by an alert.
Whenever we send you a credit alert, we also send an updated FICO Score. To ensure you get the most current score, we calculate it based on your entire credit report at that point in time—not just the new information on the alert. This means your new score may reflect other changes that are outside of the things we watch for (see everything we monitor).
Sometimes you may see your score increase when you think it should’ve decreased, and vice-versa, but you’ll always have your most up-to-date and accurate score.
https://support.myfico.com/hc/en-us/articles/360038084633
If you want to continue fooling yourselves and worrying yourselves unnecessarily, be my guests. But if you actually want to know what your scores are and what changes there have been in your report's data, spring for the $47.88.