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Tax Liens Removed and Score Dropped


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I've been reading the board for quite a while. Had many false starts on my credit building repair journey. Including the last 5 years where I just thought "Screw it, I'll make a ton of money and not have to worry about credit"

 

But the honest truth of the matter is, it has cost me a fortune by having bad credit.

 

-Higher Insurance Premiums (by 3X)

-Higher Interest Rates

-Unable to rent a car at some places

 

You all know, the list goes on and on.

 

Current score at Exp is 605. One baddie is a car loan that was 60+ days past due. Got that caught up, and applied for 2 secured credit cards last June. I've been paying on them like clockwork and keeping my utilization low.

 

6 collections on my report. 2 I was able to PFD, and 2 more are set up to do the same and should have them paid this week.

 

The big one was 6 state tax liens totaling $100,000

 

They were paid and I successfully got them removed as of yesterday. (although it appears that the CRA's are removing them all next week anyway)

 

So Sunday, score was 605, yesterday the liens got removed (not paid but REMOVED) from my report.. my score then dropped 38 points overnight, putting me at like 570.

 

WTF?

 

I was expecting a 30+ point INCREASE. Why in the world would my score DROP when having these liens removed?

 

Thanks for any input.

 

 

 

 

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Welcome :)

 

Where are you getting your scores?

 

ETA - Those deleted liens may have affected your AAOA in a big way.

+1

 

 

+2

 

Fake scores lead to false impressions.

 

On the other hand, if that's a real FICO score you may have been rebucketed.

 

You are undeniably more creditworthy without the tax liens, which will bear out when any credit application is manually reviewed by a human.

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Welcome :)

 

Where are you getting your scores?

 

ETA - Those deleted liens may have affected your AAOA in a big way.

Signed up for Experian, and get the alerts there when my score goes up and down. They claim that's the FICO score. Is there a more accurate place to get them?

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Welcome :)

 

Where are you getting your scores?

 

ETA - Those deleted liens may have affected your AAOA in a big way.

+1

 

 

+2

 

Fake scores lead to false impressions.

 

On the other hand, if that's a real FICO score you may have been rebucketed.

 

You are undeniably more creditworthy without the tax liens, which will bear out when any credit application is manually reviewed by a human.

 

 

Got it. Starting to understand the re-bucketing. And I totally agree with you, to a human reviewing the credit report.. yeah, I would rather not have them on there. But while I'm grooming my report and paying attention to every little change and increase/decrease. This sucks. Had my score above 600 in I don't know how long, then plummets back down.

 

Ah well. Keep plugging away.

 

Thanks for the info guys, very helpful.

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Welcome :)

 

Where are you getting your scores?

 

ETA - Those deleted liens may have affected your AAOA in a big way.

+1

 

 

+2

 

Fake scores lead to false impressions.

 

On the other hand, if that's a real FICO score you may have been rebucketed.

 

You are undeniably more creditworthy without the tax liens, which will bear out when any credit application is manually reviewed by a human.

 

 

Got it. Starting to understand the re-bucketing. And I totally agree with you, to a human reviewing the credit report.. yeah, I would rather not have them on there. But while I'm grooming my report and paying attention to every little change and increase/decrease. This sucks. Had my score above 600 in I don't know how long, then plummets back down.

 

Ah well. Keep plugging away.

 

Thanks for the info guys, very helpful.

 

 

Focus on the long-term trend and not every single score change, or you will slowly go insane. :)

 

Literally, for every up there will be a down. And for every down there will be an up.

 

eICWQCm.png

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Welcome :)

 

Where are you getting your scores?

 

ETA - Those deleted liens may have affected your AAOA in a big way.

+1

 

 

+2

 

Fake scores lead to false impressions.

 

On the other hand, if that's a real FICO score you may have been rebucketed.

 

You are undeniably more creditworthy without the tax liens, which will bear out when any credit application is manually reviewed by a human.

 

 

Got it. Starting to understand the re-bucketing. And I totally agree with you, to a human reviewing the credit report.. yeah, I would rather not have them on there. But while I'm grooming my report and paying attention to every little change and increase/decrease. This sucks. Had my score above 600 in I don't know how long, then plummets back down.

 

Ah well. Keep plugging away.

 

Thanks for the info guys, very helpful.

 

 

Focus on the long-term trend and not every single score change, or you will slowly go insane. :)

 

Literally, for every up there will be a down. And for every down there will be an up.

 

eICWQCm.png

 

Solid advice, and I understand. But we are trying to get to the point where we can get approved for a car lease.. and these 40 point swings at our score level mean a lot more than say.. 750 down to 710. I feel like I need to be at least 620-650 to get a lease.

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Welcome :)

 

Where are you getting your scores?

 

ETA - Those deleted liens may have affected your AAOA in a big way.

Signed up for Experian, and get the alerts there when my score goes up and down. They claim that's the FICO score. Is there a more accurate place to get them?

 

 

There are a lot of different scores. Each score is based on the version of FICO being used, and the credit report being scored.

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