Collection DELETED - Score drops?! Very disheartened ..

[Joeyzoom208]

Today began wonderfully - I finally got Experian to EARLY DELETE my last collection (a medical from 2009) -- I was so excited!!! Immediately after deletion, my score DROPPED 10 points!!!! FICO 8 went 642 --> 632 with the deletion. I alkmost cried!!! FICO 04 still shows unchanged at 650 which I guess is good/neutral. This makes zero sense, and I am so very upset.

Why would this happen?! NOTHING else has changed .. collection was old, I must say -- 6.4 years. But, Im told any collection regardless of age harms the score and is not part of AAofA! So what gives? I am so over this FICO scoring, I am ready to throw in the towel. i've worked so hard to get my scores up from 550 to this, and this is a blow. I did do 2 inquiries on 9/23, but they did not change my score and 1 of them is being removed by the Creditor as a courtesy ,as it was supposed to be a SP.

I mean on manual review my report looks better with NO COLLS of course .. but why the 10 pt drop!? I have paid my UTIL dwon even further so hopefully with the update on 10/5 my scores will boom a bit. UTIL 39% now, will report at 28%.

Snapshot:

Scores: FICO 8: 632. FICO 04: 650

Baddies: 1 Charge off, FIRST PREMIER 06/2009 - Aging off in March 16 as an EE

1 Charge off, CAP ONE 2012 - Closed and sold to PRA 12/14, paid in full and PRA deleted their TL from my report - saw a 22pt bump with that deletion

3 - 30 day lates on student loans from 10/14, almost a year old now.

POSITIVE: ALL DEBT is 100% current, with NO COLLECTIONS (now) - Last late 11 months ago.

UTIL: 39%, will report as 28% soon

AAofA: 6.7 years, 12.5 yr oldest - this did NOT CHANGE after collection removed - verified here on myFICO

I'm told I may have been RE-BUCKETED with this collection deletion ... no idea what that even is... anyone care to expalin this?? I'm told it is a good thing and with the COL gone my scores should rebound quickly in the new "bucket", since my report contains less negs - but I am so very disheartened !! Thank you all.

[Prime24]

Maybe something else you weren't aware of changed on your report.

 

Regardless that utilization is way too high, and the late's aren't even a year old yet.

 

Stay the course, and be patient, those scores will go up soon.

[EternalDebtSlayer]

Short term score swings are irrelevant at this stage of the game, so don't let them get you down!

 

You have too much work to do on your report to be concerned about scores right now. Focus on the real success; you had a collection on your report that is no longer there. That's awesome!

[LKH]

Don't worry about it. A clean report at 632 is much better than a 642 with a negative. And, your scores will rise pretty quickly as long as you keep everything current.

Rebucketing means your credit profile changed so that your profile is now mixed in with a group of people with a similar profile. You lost a few points but are likely at the top of that bucket.

When your usage reports as 28% you will likely see an increase in scores and may move you into the next bucket.

[shifter]

You still have 2 COs and very recent lates.

 

Doubtful you got rebucketed

 

as much as the one removal didn't change anything.

 

My score goes up and down 10 points all the time for random things.

 

Never focus on small moves whether up or down.

[Joeyzoom208]

UPDATE: I WAS rebucketed. Scores shot to 650 already just with UTIL pay down so WOOOOOOOO

 

Waiting for more !!! CO will be off by Nov/Dec by December with EE !!!!

[Joeyzoom208]

A collection and CHARGE OFF are TWO different monsters. When you get your last COL removed, it will rebucket you. When your last CO is gone, you will again be rebucketed. So I am looking forward to the next big boom!!!! GW CapOne charge off appears to maybe work

[Kat58]

Congrats!!!

[Joeyzoom208]

Thank you /!

[tobettercredit]

UPDATE: I WAS rebucketed. Scores shot to 650 already just with UTIL pay down so WOOOOOOOO

 

Waiting for more !!! CO will be off by Nov/Dec by December with EE !!!!

I wanted to say mind utilization. Try to keep it below 10. Glad score went up.