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FICO drops!!!!! WHY????

The last post in this topic was posted 4771 days ago. 

 

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I have quit pulling myfico every month, however, I just finished completely paying an AMEX CO, so I decided to pull to see any changes in my acct. Of course, I was too early to see the -0- balance on the AMEX because they are so late, however, I did see it down to $1100 which I have since paid off. My problem is that nothing else has changed on my report since I pulled it one month ago, however, my scores have DECREASED!

 

TU from 630 on Oct 9 to 622 on Nov 9

EQ from 604 on Oct 9 to 588 on Nov 9

Ex remained the same at 634

 

I know the AMEX is affecting my Equifax score, and I have a recent late on my mortgage payment (4 mos ago) that was an error on my part.--careless.

 

I am still showing 2 lates on an old Suntrust line of credit that was paid off in August 2003. Transunion shows it late in June and Sept of 04 (even tho it was paid in 03), and Ex and Eq show it late 2 x but only show June of 03. I have disputed this one yr ago with the credit bureaus and with SunTrust but was told by both that it remains.

 

I have two accts that are with a Debt Management program, and both are current with the last lates over a year ago. These have not changed in the past month except that I am one month further away from the lates.

 

I am at my wit's end. I have read and read, and I have disputed, and my score goes up and back down, however, I really don't understand the difference in this month and last month with the only difference in my credit being owing less to AMEX.

 

Any help would be appreciated.

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Guest mixedup

was it in chargeoff status and then reopened thru there oasis program.. wondering if the status changed, if it did did it show the 1100.00 as being over the limit etc, close to limit?

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It mite be because u woke a sleeping beast, your date of last activity on the chargedoff account is more recent now, making the chargeoff look more recent, I would guess anyway.

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I have been paying on this AMEX acct monthly for over a year. Same payment amt every month, same time every month. Nothing has changed there. The AMEX "bear" has been wide awake the whole time. Nothing has changed except time has moved me a little further from my lates. :)

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I also noticed AGAIN that I have the two lates from a SunTrust home equity line of credit that I paid in full and closed in August 2003. Transunion has the lates listed as occurring in June and Sept of 04. I contacted all three CRA's one yr ago and disputed the lates, and they came back as verified. I also contacted Suntrust at the address on the Credit report, and got no response. I got another address in the letter stating that the lates remain and contacted SunTrust again and was told that the lates remain directly from Suntrust. Any ideas on what I can do next about that? Any little bit would help.

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I am getting very discouraged. :lol:

 

Unless you are looking to make a major purchase ( house car etc...) in the next 6 months, who cares what those 3 numbers say.

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I am getting very discouraged. :lol:

 

Don't get discouraged! You are making definite progress!

 

Unfortunately you can't always predict with certainty what your FICO scores will do with any given action. Earlier in my repair process I finally got rid of my public records and an old Cap1 CO. This was obviously a huge positive for my overall credit reports, but resulted in a drop in my FICO scores, most likely due to loss of age. As my baddies went away, my scores went steadily up, but it was usually in a rocky, dipping pattern.

 

I had to keep telling myself that a clean report was better than high FICO scores. If I continue to keep it clean over time, then I will get those great scores I'm working so hard for.

 

Keep pushing ahead with your repairs, keep your nose clean with your current accounts, and you will see the benefits sooner or later. (Sometimes later :lol: )

 

Oh, and as hard as it is, try to limit yourself from pulling scores so much right now. I know curiosity is hard to overcome, but you'll feel better in the end if you wait a while to pull.

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so it is still listed as a cO? a paid CO is just as bad (for FICO) and an unpaid CO. and the debt management tradeines are score killers.

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I am getting very discouraged. ;)

 

Well u said any little bit will help!

 

Here goes, those are not very big moves 1st of all. 2) this may have nothing to do with it, BUT don't forget that your scores are based on the whole country. Someone correct me if i'm wrong?

 

If EVERYONE in america filed for BK last month except me, then my score would go to 800+ because I would now be the best in the system. So I think sometimes small moves are due to other factors that are not on your report.

 

Credit scores are comparing YOU against the OTHERS. my TU says my score is better than 94.5% of others, my EXP is lower and say i'n 64% better than others.

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I am getting very discouraged. ;)

 

Well u said any little bit will help!

 

Here goes, those are not very big moves 1st of all. 2) this may have nothing to do with it, BUT don't forget that your scores are based on the whole country. Someone correct me if i'm wrong?

 

If EVERYONE in america filed for BK last month except me, then my score would go to 800+ because I would now be the best in the system. So I think sometimes small moves are due to other factors that are not on your report.

 

Credit scores are comparing YOU against the OTHERS. my TU says my score is better than 94.5% of others, my EXP is lower and say i'n 64% better than others.

a credit score is simply the probability someone will default in some defined future timeframe.

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I am getting very discouraged. :rolleyes:

 

Well u said any little bit will help!

 

Here goes, those are not very big moves 1st of all. 2) this may have nothing to do with it, BUT don't forget that your scores are based on the whole country. Someone correct me if i'm wrong?

 

If EVERYONE in america filed for BK last month except me, then my score would go to 800+ because I would now be the best in the system. So I think sometimes small moves are due to other factors that are not on your report.

 

Credit scores are comparing YOU against the OTHERS. my TU says my score is better than 94.5% of others, my EXP is lower and say i'n 64% better than others.

a credit score is simply the probability someone will default in some defined future timeframe.

 

I think on Myfico they'll tell you the (I forget the term)

Like power ficos

don't have 1 collection on their report

don't have any lates

DO have only 1 INQUIRY in the last year

They don't use more than 30% of their credit

EtC.

 

It's teling you that is how the FICO score is made in my opinion.

 

myfico TU is 771 and it says 94.5 % better than the average ( or something)

 

Yes it's based on risk but you must compair to something, They haven't created the PERFECT model to predict default. So they use everyone else.

 

I gotta go now but i'll dig it up. If I'm wrong please correct me. But it only makes sence, If I make a statement "I am the best" I am comparing to someone else.

 

IMHO

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was it in chargeoff status and then reopened thru there oasis program.. wondering if the status changed, if it did did it show the 1100.00 as being over the limit etc, close to limit?

oasis creates a new TL for optima card issued after payment of CO, does not reopen the old CO.

 

CO will update as paid...after a few months, my old AMEX CO went 'POOF', gone from reports

 

YMMV though.

Edited by sarg

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Its the date updated - makes it look like a recent derog. However, the account will be changed by AmEx once you are done, and the new card will begin to report. If I understand correctly, AmEx lets you keep your original "member since ..." date, so you will be looking wayyyyyyyyy better.

 

IMO this is where AmEx stands out from the rest. If more companies offered something like OASIS, more of them would get their money. All most people want is a fair chance after a bad time in their lives, or a lesson learned the hard way.

 

Keep in mind, score drops while repairing are nothing to get upset about - it happens to almost everyone at some point.

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I am getting very discouraged. :)

 

Well u said any little bit will help!

 

Here goes, those are not very big moves 1st of all. 2) this may have nothing to do with it, BUT don't forget that your scores are based on the whole country. Someone correct me if i'm wrong?

 

If EVERYONE in america filed for BK last month except me, then my score would go to 800+ because I would now be the best in the system. So I think sometimes small moves are due to other factors that are not on your report.

 

Credit scores are comparing YOU against the OTHERS. my TU says my score is better than 94.5% of others, my EXP is lower and say i'n 64% better than others.

 

Your applications for credit in the past year

0 inquiries

About 72% of FICO

High Achievers [?] did

not apply for credit in the

past year. Of those that did,

about 20% applied for credit

just once.

 

Ratio of your revolving

balances to your credit

limits1% For FICO High

Achievers [?], this ratio

is 7%, on average.

 

Number of your accounts with

a missed payment0 accounts

About 93% of FICO High Achievers

[?] have no missed payments at all.

But of those who do, the missed

payment happened nearly 4 years

ago, on average.

 

Your oldest account was

opened8 years ago

FICO High Achievers [?]

opened their oldest account

19 years ago, on average.

 

This is what myfico says about my accounts, it seems that I am being compared with other peoples reports.

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Thanks, everyone, for the replies. I do feel a little better this morning...one more day further away from negative credit. Sarg, I am waiting to hear from OASIS. I was told it would be approx 30 days from the time my acct. was paid in full, and that was on October 18, 2007. I do hope that getting the new Oasis acct from AMEX will wipe out the CO accts. (mine was a platinum with a sign & travel component that became 2 charge offs). I'll let everyone know what happens there. I have been a member since 1997 so that will help, too. Hedge, I saw a minor score decrease when I first signed up with the Debt Management program, however, it came back up, and it wasn't as hard a hit as I had gotten from the lates. I will follow the advice of some on this board and take the accts back before I completely pay them off so that the "managed by a debt management program" notation is removed from my credit reports. I had gone into the default interest rates of 29.9% on one card, and 30% on the other. My rates are now 6% and 7% respectively, and so I have more of my payments going to pay the card down. I just couldn't understand why when NOTHING had changed with my credit, the scores went down. I do think that you are right when you say that updating the fact that I have a CO every month that isn't paid is also hurting my score. We'll see about that when AMEX finally updates with the CRA. I guess waiting is the name of the game for me now. I had gotten my scores up so much better than they are now. It has been one yr since I started with all of it, and it was discouraging to see the scores yesterday be only a little over where I was this time last year. Thanks for the replies. :clapping:

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One thing most people don't know is that FICO has scoring "tiers". For example, if you have a brand new credit file, you're in the "1-3 year old credit tier". If you had a bunch of charge-offs and you just got the last one deleted, you're in the "recently clean credit file" tier. (These are examples. No one but FICO knows the actual tiers and they guard them with the same vehemence as their scoring algorithm. FICO has hinted that credit file age does play a large part in tier movement, however.)

 

Each tier scores information slightly differently, so while you may be a 640 in one tier, when you slide to another tier, the age of a certain type of account may carry more weight, for example, and your score will naturally change.

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I am getting very discouraged. :cry2:

 

Well u said any little bit will help!

 

Here goes, those are not very big moves 1st of all. 2) this may have nothing to do with it, BUT don't forget that your scores are based on the whole country. Someone correct me if i'm wrong?

 

If EVERYONE in america filed for BK last month except me, then my score would go to 800+ because I would now be the best in the system. So I think sometimes small moves are due to other factors that are not on your report.

 

Credit scores are comparing YOU against the OTHERS. my TU says my score is better than 94.5% of others, my EXP is lower and say i'n 64% better than others.

 

Your applications for credit in the past year

0 inquiries

About 72% of FICO

High Achievers [?] did

not apply for credit in the

past year. Of those that did,

about 20% applied for credit

just once.

 

Ratio of your revolving

balances to your credit

limits1% For FICO High

Achievers [?], this ratio

is 7%, on average.

 

Number of your accounts with

a missed payment0 accounts

About 93% of FICO High Achievers

[?] have no missed payments at all.

But of those who do, the missed

payment happened nearly 4 years

ago, on average.

 

Your oldest account was

opened8 years ago

FICO High Achievers [?]

opened their oldest account

19 years ago, on average.

 

This is what myfico says about my accounts, it seems that I am being compared with other peoples reports.

sure they are giving you comparison data but that does not mean you can interpret FICO the way you've suggested. do a search for credit scoring on CB. there is a PDF of an article that explains the major appraoches to scoring.

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This is what myfico says about my accounts, it seems that I am being compared with other peoples reports.

take some time to read about segmentation and "scorecards"

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