What the heck is going on??

[Anonymous]

As of Apr.1st my EQ score was 589.

Yesterday I bought my score and found out it's now 562..

The only thing different on my report is that I had a cc removed from my report which was showing as a bad debt that I paid through debt management over 5 yrs ago (should've been off 2 years ago)

So tell me why the crap my score went down 27pts. because I removed a bad cc??

I need my score over 600 to get my mortgage..this is making me feel sick.

[atlastontheroad]

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jlynn wrote:

As of Apr.1st my EQ score was 589.

Yesterday I bought my score and found out it's now 562..

The only thing different on my report is that I had a cc removed from my report which was showing as a bad debt that I paid through debt management over 5 yrs ago (should've been off 2 years ago)

So tell me why the crap my score went down 27pts. because I removed a bad cc??

I need my score over 600 to get my mortgage..this is making me feel sick.

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How frustrating!  I'd take a fine-toothed comb and compare a recent report with your latest and look for:

1.) Was the account that was deleted your oldest account? 

2.) Did the removed account have a high CL that when removed increased your UTI significantly? 

3.) Do you have any other revolving accounts? 

4.) Did other baddies update between April 1 and now making them look more current to FICO? 

5.) What messages did you get regarding your credit report? 

6.) Do any of them indicate that you might be in a new bucket now?

Remember ( I'm reminding myself, too): your FICO score is a snapshot of the moment in time that you purchased it.

atlast....

Message Edited by atlastontheroad on 04-23-2008 08:46 AM

[Anonymous]

Yes, it was my oldest account but it was negative account nonetheless. My UTL would go up but not by much because the limit on that cc was only $1000.

I guess I will have to wait for a bit and see what happens in two weeks when my mortgage broker checks my scores again for me.

[SassyGirl8]

By removing cc's off your credit reports it can drop your score because your losing credit history as well. The same thing happened to my sister and she was told that when you remove good cc's or bad cc's it's dropping your credit history and your payment history. I would have just left it alone and let it fall off itself.

[haulingthescoreup]

So sorry to hear that this happened!

As a rule, negative info will display for 7 years after it happened (10 years for Chapter 7 BK, forever, I think for student loans.) A closed account is supposed to report for 10 years after it closed.

This means that even closed accounts with baddies will display AT LEAST 3 years of clean history; more if the baddies occurred a while before closing.

This is from the Credit Education tab above:

How long will negative information remain on my credit reports?

As so many have found, if an account is really old, even if it has a major derog on it, its history might well be helping you more than the derog is hurting you.

[RobertEG]

I am unsusre what you mean by "removing a CC" from your report.  Even if closed, a TL still shows on your CR.  You cannot escape the impact of prior baddies by closing an account.  I suspect that closing of the account reduced your avg length of credit history, which is a minus.  It seems to make sense to me.....

[haulingthescoreup]

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@RobertEG wrote:

I am unsusre what you mean by "removing a CC" from your report. Even if closed, a TL still shows on your CR. You cannot escape the impact of prior baddies by closing an account. I suspect that closing of the account reduced your avg length of credit history, which is a minus. It seems to make sense to me.....

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Closing an account won't hurt your average history until it falls off 10 years later.

It sounds like OP was saying that a CC was actually removed from the credit report.

Many have found to their dismay that when they dispute an old baddie, or try to GW it off, the creditor stops reporting the entire line. (Not saying that this is what happened in this case; just a general heads-up to all.)

[Anonymous]

What happened was that I paid this CC through Credit Counselling. Upon completion of the program (credit counselling) the items paid were to remain on my report for 3 years then fall off. This particular card didn't so I faxed the necessary documents to TU and EQ and they removed it from my report.

[Anonymous]

This is quite common-

This happened to my brother when an old CO was deleted- (minus 27 points) as it was his oldest TL.

Now if this was the ONLY BADDIE- I would expect something different.

[Anonymous]

The only the other thing that isn't so good is a couple late payments. Hopefully once my payments report (I brought my UTL down from 100% to 50%) my score will shoot up over 600. *fingers crossed*