618 to 692 to 620 in 1 Year

[jtd333]

Can anyone explain, I had a 620 Eq score 2003, with 4 Judgements(paid off,3 ys old), 4 collections totaling $3000 , and at least 6 charge offs on credit cards. After the judgements disappeared and most charge offs were gone(, some how after I paid a company $400). and most collections paid. Score rocketed to 692 Eq. 702 TU , 698 EXp. I know have 2 bogus 30 day late on a loan paid off in '98., and a bogus 120 day late shown as of 8/04. and a paid collection for $85. I bought 3 houses since my score is now 620. All bills payed on time last 3 1/2 years. What gives?

oh 2 credit cards total 20% used. $2k out $10k credit.

DOn't make sense

Thanks, jeff,,,comments please

[wunderwoman]

The amount of your loans is probably the reason your score is low. If, for instance, you have 200k in loans for your houses, even if you are making every payment ontime, your utilization towards the loans will be high, because that's a lot of money to pay off.

Also, because you now have fewer accounts, the effect of the lates and other derogs carry more weight.

[jtd333]

One credit reporter said to get another credit card, maybe with low interest if any and pay off other 2. Which makes sense i guess, since the % of $ on credit would be lower, say $2k into $15k is way lower % than $2k into $10k, makes sense. Which also is the exact opposite of what I did 2 yrs ago, after someones great addvice. I brought my limit down on 2 Cards to $10k, from $25k. because they said I have too much credit. Just can't win sometimes. And I saw soomewhere that the fair issak formula changes by the minute, so you can never get the same score twice..

One more thing, ever heard of being a professional, say a Dr. lawyer or CEO and getting 20 or more so points on score alone from that??

thanks, jeff