Fixing unexpected credit score drop

posted 3 years ago in Home
Post # 3
Member
920 posts
Busy bee
  • Wedding: June 2015

hmmm… any other increases in debt?? like did you rack up a significant amount on one of your cards?

Post # 4
Member
785 posts
Busy bee
  • Wedding: March 2015

@highschoolhoneys:  Something I found out through my sister, who is a financial planner, and worked in a bank for over 7 years, is that everytime someone does a credit check on you, it weakens your score.. because apparently it registers as you searching for credit. So of course any credit card application does the same thing, in addition to late payments, etc.

Post # 5
Member
920 posts
Busy bee
  • Wedding: June 2015

@Brittanyg20:  definitely! a credit score is based on a variety of things… like 30% of the score is based on your duration of credit history, 20% based on your debt ratio, 10% late payments… etc. I can’t remember the exact percentages or elements, but I read it in a Suze Ormann book. 

OP, maybe look up what the credit score is actually composed of, and i might help you solve the mystery score drop!! 

Post # 7
Member
1538 posts
Bumble bee
  • Wedding: June 2012

@kay01:  I would try and dispute the late payment on your report.  A lot of times companies won’t respond in the required amount of time becuase it is too big of a hassle; therefore it is dropped off you credit report.  I did this with a few negative things on mine from when I switched jobs.

Post # 8
Member
284 posts
Helper bee
  • Wedding: November 2014

@kay01:  I wish I had answers for you ! This is so ironic because I came

to these boards to post about almost the same things. My fiancé and I have been through 2 houses now that didn’t work out. Credit ran by 2 loan companies as well. I am FREAK about my credit score and hate the inquiries! Well now we found a house , new construction, and the builders want us to use their mortgage company. Lovely, another inquiry hit! Then my fiancé tells me last night he accidentally went over his cc limit lol and his score dropped. 

 

I know what you’re going through and it’s terrible. You really have to watch your finances and payments like a hawk when you’re looking for a loan. In your situation, all I can say is

from my understanding, if the late payment was already reported it might be too late. But you’re score isn’t bad! Yes it dropped but I don’t think it dropped to the point where you wouldn’t get a loan. Talk to your Mortgage broker. They can be really helpful and they understand that shit happens 😉 and shit does happen because my score mysteriously dropped 23 points ( my experian is 730 now I believe). At least you’re staying on top of it! Good luck 

Post # 9
Member
233 posts
Helper bee
  • Wedding: November 2012

I just wanted to chime in to say that you should just be able to explain (in writing via certified mail) to the store that you paid as soon as you found out about it and they will more than likely remove the dispute. I had Sears report a late payment incorrectly and they didn’t respond until I sent them a letter, at which point they removed it the next day… 

 

Also, just as an FYI, the mortgage company uses a different type of score than the consumer one you can pull, so if your broker is saying your score is lower that may just be the difference in score types… I think my consumer is usually at least 50 points higher than a mortgage broker one because their scale is different (I think their max is 900 and transunion is like 950 or 1000)

Post # 11
Member
661 posts
Busy bee
  • Wedding: May 2012

Dispute it… it costs very little (like the cost of postage?) and the worst that can happen is they say no…

We got quite a few things off DH’s score that way…

Post # 12
Member
284 posts
Helper bee
  • Wedding: November 2014

@kay01:  I know girl i feel ya! I’m in south west florida and the prices are ridiculous!! Makes me want to move lol 

Post # 13
Member
233 posts
Helper bee
  • Wedding: November 2012

@kay01:  I signed up for a free Zendough trial which gave me all three scores for free and alerted me when Sears removed the late payment… It was a few years ago, but I think Zendough still does free trials, you just want to make sure that you don’t forget to cancel because it gets expensive! 

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