What happened with my score?

[907grown]

Okay, so I am new to this credit clean up thing, but am working hard at it.  Yesterday, my score was 468, I checked this morning and it is 467.  I have not had a late payment in 12 months, and I have done a bit of housekeeping on the negative side of my report and found collections that don't belong to me and some that have been reported twice!  Disputed all of that and thus far pretty much all of those have been resolved.  I do have about 8 collections that are mine, about 2500 worth of stuff to be cleaned up.  My frustration is that I thought we were going in a positive direction here!  How often is the score updated?  So if I am making payments on time and ridding myself of derogs that are not mine and misreported, where am I going wrong?  Yes, my util is very high, 122% I think.  I am working on that as we speak.  Will that make all the difference?  How is it that I am shooting myself in the foot?

Thank You

Need to be at 620 next year!

[haulingthescoreup]

A one-point drop is meaningless, just a hiccup. Maybe an extra account had a balance, or maybe your total util inched up. Don't worry about it.

Yes, 122% util is HUGE! Even with the collections, you will see great improvement by killing that off.

When you look at screen two of your FICO EQ and FICO TU reports, what are the negatives listed, in order? These are the factors that are hurting your scores the most, listed in order.

[907grown]

Collections and delinquent past history is #1 and high usage is #2.  Trying to get both of these fully taken care of.  I really need this to go up by leaps and bounds though!  Just wondering, oncethe collection is deleted, can it eer come back?

[Anonymous]

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@nyankovic wrote:
Collections and delinquent past history is #1 and high usage is #2.  Trying to get both of these fully taken care of.  I really need this to go up by leaps and bounds though!  Just wondering, oncethe collection is deleted, can it eer come back?

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Paying a collection (CA) will not delete it. It will still be negative history that will report for 7 or 7.5 years from DOFD. Still a paid CA is far better that an open CA. Try to arrange a PFD if you can and do it before you make the payment.

[RobertEG]

As Credit has said, even if you paid off all of the CA accounts tomorrow, that would not delete them from your credit scoring, and they will remain as major derogs until 7 1/2 years from their DOFD.

I want to be postive, but you have a multi-tiered road of derogs to overcome.

Unlless you can get PFDs for the CAs (and CAs are not cheritable organizations), they will be with you for a while, even if paid.

A percent util of anywhere near 100% is the kiss of death in credit util. An absolute must to pay down. That is a huge part of any plan for immediate score increases.  The CAs are not.

IMHO, you now know what to do, but you need a lot of time to do it.  Monthly scores are not something I would be focusing on.