Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Scores
Profile Image

Question By
ashmoontree

1 Contribution
0 People Helped
50 point drop on my TransUnion in 3 days! I had 10 collections accounts removed plus 1 hard inquiry.
On September 21 I had a TransUnion score of 545 (4 accounts, 3 inquiries, 40 collections and 13 public records.) Two days later on September 23 my score with TU had dropped 2 points, I had one new inquiry and 10 collections had been removed for inacurracy (4 accounts, 4 inquiries, 30 collections and 13 public records.) My total collections balance decreased by over $1000 dollars in removing those 10 inaccurate records. The one new inquiry was due to applying for the Amazon Store Card. The following day, September 24, my score had dropped 48 points! Zero change to my report, still showing the same accounts, inquiries, collections and public records. What is going on? Why would my score drop so significantly from one new inquiry? Shouldn't it be going up in removing false information and reducing the overall debt? We are coming back from over $70k in medical debt and trying to rebuild our credit to buy a home, and I'm finding this to be pretty defeating as we've worked hard over the last year to raise our score those 50 points we just lost. My Experian and Equifax numbers were not affected in this way, both going up 1 or 2 points after the removal of the inaccurate info. What can I do or should I be doing?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
3 Contributions
0 People Helped

ME TOO

My score has dropped over 50 points in a month and no changes on my end same accounts and no missed payments the second I hired LL my score drastically dropped.

Top Contributor
1005 Contributions
557 People Helped

Helpful to 0 out of 1 people

Just an in case question, did you get your scores from same source and more importantly, from same scoring model?...  This may or may not be in any comfort to you, but with such high number of baddies? Your scores dosent matter much, when you have collections/public records well into double digits on your report, you probably have samlair odds of approval whether your score is at 600 or 500. At this point, focusing on remove those inaccurate infos and your score will reflect it "eventually", often times? There just isnt a logical explanation for credit score movements, especially on the weekly bases.

Reply by
ashmoontree

1 Contribution
0 People Helped

The information all came from my CreditKarma reports. We are aware of the uphill battle we face with as many negatives we have (again, we've come back from over $70 thousand in collections from medical bills and hospitals without a bankruptcy) and we know our report doesn't look great. However we were able to secure a large auto loan on an almmost new vehicle this summer, and we know that it's possible to continue in an upward direction. We currently have less than $4,000 in debt aside from student loans and our auto loan and we are working on greatly reducing those also. Just doing everything we can to move stuff off our reports when possible, and we were shocked my this huge drop in such a short amount of time. My score had gone up every month for the last year, so this was quite unexpected. 

Top Contributor

Reply by
JohnnyRain127

1005 Contributions
557 People Helped
Helpful to 3 out of 3 people

Another "just in case" question, when did that new auto loan reported for the first time?

-

The approval odds on that auto loan probably remains the same with the current scores, if you are applying it now. It dosent change much when you have multiple baddies on your report, your overall profile matter much more than scores at this point. As I eluded to before, even if you just have just one baddy showing, your odds of approval for any credit related items will most likely to be less than someone with 50 points lower than you but with clean profile. Don't be over fixating on the short term score changes, it will only drive you nuts, instead, continue  focusing your energy on getting those inaccuracies removed, your score will improve over time. Of course you can continue try to figure out why your score changed from week to week...

-

Also, you might find out down the road? Credit Karma's score aren't worth much in the credit world.

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.