Devildawgjj Posted October 14, 2008 Report Share Posted October 14, 2008 With everyone's knowledge on credit repair who can tell me why neg (old out of SOL) TL's are deleted and in return you score is drastically reduced. I hade a few deletions and my score dropped 40 points. Why disspute them especially if it hurts your score. Ultimately you want you report to be accurate but not at the expence of your score suffering. It was better left alone. Just like the sleeping dog lie post. I know there are people on here who would disagree with me but I'm open for interpretations. Link to comment Share on other sites More sharing options...
swirlgirl Posted October 14, 2008 Report Share Posted October 14, 2008 The score drop is most likely due to the loss of age. Credit scoring takes into account how long the person has had credit, good or bad. So, if there is a negative collection account from 2002 and it gets deleted, you potentially have lost 6 years of credit age.Remember, reviewing your credit is not all about the credit score. If you were to apply for a mortgage and the collection was still there, you may not get the mortgage. It's much easier to recover from a loss of age than it is to be denied credit because the collection is showing. Link to comment Share on other sites More sharing options...
CleverCynic Posted October 15, 2008 Report Share Posted October 15, 2008 Ditto on the age. There's also a phenomenon where you jump scorecards. There are 4 I think, and you are judged against a certain category of people for the score generation. You jumped from those with collections to those without, or with less, and are now being compared to that group. You are presumably on a better scorecard now that will allow for higher scores in the long run. You'll probably see an increase within a month or so. search "scorecard" or "scorecard jumping". Link to comment Share on other sites More sharing options...
Ahntara Posted October 15, 2008 Report Share Posted October 15, 2008 It's better to have a lower score with clean(er) history than a higher score with derogs. Scores are moot unless you are applying for a loan or obtaining a new insurance policy. Other than that, why worry about a number? You'll recover faster & easier with the TL gone as you build history on positive, on-going accounts. Remember, this is a marathon - not a sprint. Link to comment Share on other sites More sharing options...
Devildawgjj Posted October 15, 2008 Author Report Share Posted October 15, 2008 So I read most of the posts about scorecard jumping and just to clarify it this is what I got:My report is based on certain aspects, ie..a lot of collections, no BK's, no judgements, time of credit. I was placed on "that" particular card due to my bad debt.My score was limited due to being on "that" card and was capped at a certain number. Now that I had those collections accounts removed I jumped to another card and my ceiling for my FICO score was raised higher. So in due time my score will be higher than the 40 points I lost when those accounts were removed.Does that sound about right? Link to comment Share on other sites More sharing options...
admin Posted October 15, 2008 Report Share Posted October 15, 2008 Also, there is a "natural fluctuation" in credit scores just due to their constant tinkering with the model. Link to comment Share on other sites More sharing options...
CleverCynic Posted October 15, 2008 Report Share Posted October 15, 2008 So I read most of the posts about scorecard jumping and just to clarify it this is what I got:My report is based on certain aspects, ie..a lot of collections, no BK's, no judgements, time of credit. I was placed on "that" particular card due to my bad debt.My score was limited due to being on "that" card and was capped at a certain number. Now that I had those collections accounts removed I jumped to another card and my ceiling for my FICO score was raised higher. So in due time my score will be higher than the 40 points I lost when those accounts were removed.Does that sound about right?That was EXACTLY what you should have gleened from the info! Link to comment Share on other sites More sharing options...
Recommended Posts