Why does my score keep going down?

[mommywads]

My Exp score was 566 and my TU score was 538..

now after one more collection was removed, I paid off one loan, was added as an AU on a clear credit card with a 2 year history, added 2 new accounts that are 2 months old and are positive with low balances, my scaore ares Ex 542 and TU 524 according to MCK.

I have been shopping for a car and have taken alot of hard inquiries but arent those all supposed to only count as one?

Can someone please help me before i go insane?

[mommywads]

Will accounts being in dispute drop my scores? If so, does anyone know how many points?

[luna]

I can tell you the little I know about this. Credit scoring is a finicky thing. By removing a collection that may have had some history you are -- removing the collection but also deleting an acct that gave you some history --

[HeartRN]

And it usually takes about six months before a new account brings your score up.

[kevin3344]

There are lots of variables that go into credit scoring; and since they are all secret we never really know how what we do affects our score. Fun huh.

In the meantime, accounts 2 months old cannot help your score...the newer the credit, the more it will affect your score. Generally. I say generally because I recently got a mortgage and my score went up. And I haven't made a payment yet. Go figure.

________

LadyNight18

Edited September 9, 2011 by kevin3344

[ThePeacock]

My Exp score was 566 and my TU score was 538..

now after one more collection was removed, I paid off one loan, was added as an AU on a clear credit card with a 2 year history, added 2 new accounts that are 2 months old and are positive with low balances, my scaore ares Ex 542 and TU 524 according to MCK.

I have been shopping for a car and have taken alot of hard inquiries but arent those all supposed to only count as one?

Can someone please help me before i go insane?

I had simliar circumstances with DW's credit. Old TLs, even though they are negative, added history. But they were the only things on there so it dropped the score significantly for a while. But it will recover. Credit repair is a long, long process. I'd rather have the neg gone myself, then have it be old.

"I have been shopping for a car and have taken alot of hard inquiries but arent those all supposed to only count as one?"

This is a big misconception, and unfortunately untrue. Each individual inquiry counts separately, regardless of what you're applying for.

[GreatGadsby]

"I have been shopping for a car and have taken alot of hard inquiries but arent those all supposed to only count as one?"

This is a big misconception, and unfortunately untrue. Each individual inquiry counts separately, regardless of what you're applying for.

not true.... direct from the fico website:

What to know about "rate shopping."

Looking for a mortgage or an auto loan may cause multiple lenders to request your credit report, even though you’re only looking for one loan. To compensate for this, the score counts multiple auto or mortgage inquiries in any 14-day period as just one inquiry. In addition, the score ignores all mortgage and auto inquiries made in the 30 days prior to scoring. So if you find a loan within 30 days, the inquiries won't affect your score while you're rate shopping.

http://www.myfico.com/CreditEducation/CreditInquiries.aspx

[ThePeacock]

I've been told many times the opposite........who knows...