Why, Why, Why?

Discussion in 'Credit Talk' started by heather, Jun 1, 2001.

  1. heather

    heather Well-Known Member

    My Beacon was 584 3 months ago, 541 2 months ago and today is 530. I got the results from my Equifax online investigation in the mail today. I got 4 deletions out of 7, I was thrilled because I thought my score would dramatically improve, instead, it has gone down 11 points. No new collections or accounts have been added. How could this happen?
  2. DaveLV

    DaveLV Well-Known Member

    Balances? Inquiries?
  3. heather

    heather Well-Known Member

    I have about 6 inquires in 2001. I have only one good account on this report and it is Capital One, one of my reason codes is balance related to limit. I have 3 accounts included in banruptcy, One R1-R2 account with FCNB, 1 bad bad trade line with Beneficial and a Cap One Paid charge-off that was my husband's.
  4. DaveLV

    DaveLV Well-Known Member

    Then I think you've found the reason why. You have quite a few bad tradelines and a goodly number of inquiries and no real good tradelines to offset the bad.
  5. heather

    heather Well-Known Member

    But, there has been no changes at all, except one inquiry, since I had a 584, surely one inquiry would not cause that much damage? That is 54 points lost in 3 months.
  6. DaveLV

    DaveLV Well-Known Member

    Heather, I can't say for sure (if it were up to me I'd give you an 850 -- I like the name Heather) but I can tell you that my Privista percentile (based on my Equifax report as your score probably is) went down two percent for no change on my credit report except Capital One reported my new utilization (I transferred $500 to Cap One from Providian). Two percentage points is huge for a minor change like this.

    I think when you have marginal credit to begin with, all of the factors that might tend to lower your score become magnified. You have a lot of inquiries, not a lot of positive stuff and you never mentioned if any of your balances had gone up since the last time you bought your score.

    You might want to try to get one or two more easy secured cards and then just ride out the rest of the year on inquiries and let the new accounts age. The new inquiries and new accounts will probably lower your score even further temporarily but if you let things settle down for a while afterwards you'll probably do ok.
  7. heather

    heather Well-Known Member

    I haven't had any changes at all on my report in the last 3 months, this so sucks. With my 584 I only needed a 620 to get my house loan, this has set me so far back. I don't think there is any way possible of gaining 100 points in 6 months.

    Thanks for the advice and the help, it is much appreciated. lol, about my name, is that could only happen.

    Your sig line sounds like you are on a diet, having a rough time?
  8. LoFico

    LoFico Well-Known Member

    I have about 5 to 7 negs left on my reports, depending on who you talk to. But, I also have 5 good items. My philosophy now is I want more people saying good things about me, than are saying bad. I would add some secured credit cards, maybe 2 or 3 and then maybe think about getting a secured loan and be current on everything. "Pays as agreed" looks really nice on your reports. I think a 100 point gain is a strong possibility in about one year but probably not realistic in 6 months. Good luck
  9. amaineman

    amaineman Well-Known Member

    Could someone add you as an authorized user on an established account with a good history, this would add good feedback on your history??

    My score was 569 I am doing better than 8% of consumers, ouch - probably was better off not knowing. Looks like it could be a bumpy ride.
  10. GEORGE

    GEORGE Well-Known Member


  11. lbrown59

    lbrown59 Well-Known Member

    Maybe they should just start pulling numbers out of a hat!
    Probably would work just as well :
    Couldn't be any more inaccurate!

  12. GEORGE

    GEORGE Well-Known Member

  13. Surphie

    Surphie Well-Known Member

    victims of credit reporting

    I don't know why....

    Hmmm...this is from a site http://members.aol.com/victcrdrpt/index.html
    Victims of Credit Reporting

    Is it my score or my neighborhoods score?

    Ask your banker what factors most influence your credit score. You will hear the old chestnut about your payment history, your stability over time, your this and your that. A banker that says this is showing his/her ignorance. Few if any bankers or regulators really know what goes on in the computer scoring program. The dirty secret they don't share is that in recent years "your" conduct has meant less and less, and the conduct of people like you has meant more and more. One sign of this is when the banker refuses to request an updated score after you have "cleaned up" your credit. He knows "your" credit history may not even be a significant factor in the final score.

  14. Doug

    Doug Well-Known Member

    I was at 680, currently at 744 with 11K less of balance. Still got a little ways to go, should be at 770 when reach 0 balance.
  15. G. Fisher

    G. Fisher Banned

    What are the four reasons the score is not higher-- before and after?
  16. breeze

    breeze Well-Known Member

  17. heather

    heather Well-Known Member

    There is no reason, my report is the same as it was when I started, one inquiry is the only thing that had been added, my Cap One balances are the same, that is my only good tradeline on this report, the rest are negatives. There is absolutely nothing on there that would account for a 51 point drop. It is scary.
  18. G. Fisher

    G. Fisher Banned

    You should have three or four reasons-- that came with the score-- that it is not higher. Sometimes referred to as "reason codes."

    breeze, was my last message edited (a portion deleted)?
  19. breeze

    breeze Well-Known Member

    I'm not sure what you mean, Greg. I think in another thread you said you were looking for stories, and I put comment about it in this thread. Made sense at the time ;)

    Is that what you were referring to?

    breeze (the blond)
  20. G. Fisher

    G. Fisher Banned

    Thank you. I'm looking at the yahoo group, now.

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