cancel
Showing results for 
Search instead for 
Did you mean: 

Strange movement on my score

Highlighted
Member

Strange movement on my score

ok so i had a 630 and no cc to a 460 because 7 late student loan payments. Got 3 secured cards. and paid my 2 collections off. my score went back to a like 595. 

 

so im sitting pretty a 595 from a 460 in just 2 months. 

my next update 3 changes are reported 

1. ACCOUNT COLLECTION CLOSED

2. COLLECTION BALANCE DECREASE (SAME ACCOUNT THAT WAS REMOVED- MIDLAND FUNDING)

3. CAP1 AUTO DECREASE BY $480

 

these three changes, all green, took my score from a 595 to a 550 a drop of 45 points. Whats that about?

8 REPLIES 8
Highlighted
Super Contributor

Re: Strange movement on my score

You still have major negative items present on your CR, so you would not expect to see a significant score improvement.  Even though you paid those collections for example, if they're still on your CR they are major negatives and will adversely impact your scores in a major way until they're gone.  The removal of any other negatives will likely have no positive impact on your scores due to the presence of majors still there.

Message 2 of 9
Highlighted
Valued Contributor

Re: Strange movement on my score


@BrutalBodyShots wrote:

You still have major negative items present on your CR, so you would not expect to see a significant score improvement.  Even though you paid those collections for example, if they're still on your CR they are major negatives and will adversely impact your scores in a major way until they're gone.  The removal of any other negatives will likely have no positive impact on your scores due to the presence of majors still there.


+1 

 

OP,  can you possibly have those 2 collections removed through some kind of good will? Feel free to head on over to the Rebuilding board for more information.

 

You may want to consider BBS' wonderful good-willing method: https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/The-Saturation-Technique-Best-GW-adjustment-... Smiley Wink

Message 3 of 9
Highlighted
Member

Re: Strange movement on my score

I paid them off settled for less than full. They both stated they would be removed from my credit? When I check CK I see 0 accounts in collections.
My score has been going up by huge numbers.
Message 4 of 9
Highlighted
Member

Re: Strange movement on my score

What is writing letters going to do? Lol I have 2 collections both have been satisfied. MIDLAND funding is showing collections account closed while PORTFOLIO is showing collections account removed.

So basically I need to call MIDLAND for them to remove my closed collections account OR it will be removed one month from when the collections closed?

That’s the only difference I’m seeing one says removed one says closed. As far as late payments on student loans I’m not even going to worry about it. It would honestly be more of a headache for me to write 1000s letters, there not coming off my report no if’s and or buts all fed loans yea right. And I’m ok with that, I’ve been building in other ways.
Message 5 of 9
Highlighted
Super Contributor

Re: Strange movement on my score

You need collections to be removed to positively impact your credit profile and possibly scores.  Simply having them paid/satisfied but still present on your CR isn't going to do anything major for your scores.

 

You'd want to next tackle any 90-day late payments, as those are majors.  You wouldn't expect to see major FICO score improvement until all of your majors are gone, which includes collections, 90+ day lates, etc.  I'm not sure how multiple minors (30 day and maybe 60 day lates) are viewed, but they are definitely not as impactful as even a single major is.

Message 6 of 9
Highlighted
Member

Re: Strange movement on my score

I called the collection company and asked them to remove from my credit. I was told that it will be eligible for removal on 5/1/19. Idk why lol. I even offered to pay $100 for them to remove it.

My 7 late student loans are all reported current now for 30+ days. I have 4 inquiries with 2 coming off this month. I have 0-9% cc use. I have 0 collections. 10 accounts. 5 years length of credit. I usually see +15 points or more. When my 7 went back to current it went up like 86 points
Message 7 of 9
Highlighted
Frequent Contributor

Re: Strange movement on my score

You mentioned credit karma.... have you looked at your actual fico scores to see what they are?
My actual fico scores are 40+ points higher than credit karma scores.



Message 8 of 9
Highlighted
Member

Re: Strange movement on my score

Yes I check my fico using my discover it, citi, or Wells Fargo card. Usually says 30+ than credit karma. I need to raise it quickly for a new vehicle loan, interest right now wouldn’t make sense lol
Message 9 of 9
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.