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Question By
tehmike23

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Court Decision dropped my score 105 points!?
Hello there, I am 22 years old a recently I was co-signed by my step father for a car loan so I can start building my credit. I have been paying on my car now for 9 months and made all my payments on time. My credit score was a 698!

Recently I had a small claims court case against me. Which I lost. (It was for $700)
However I paid the lady off RIGHT away. But I come to find out my credit score has dropped 105 points JUST because of this?! It is now a 593!? And STILL dropping!?

I need help! I have no idea what to do, but I find this absurd because I want to BUILD my credit not ruin it. All I have is my car payment. I have no credit cards or anything like that.

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Court case=Public Record

The fact that this was a court case made it something that is available to the public.  Unfortunately, it will remain on your credit report for about 7 years, and this also is according to the law.  Nothing will change that.  And such things do hurt you credit for a while.

To build your credit further, you may want to get a secured credit card and use it carefully, paying it in full each month.  You will have to deposit a specified amount of money into an account with the bank issuing the card.  After a few months of excellent usage and payments, you'll likely qualify for an unsecured credit card.  Having a record of being dependable in making payments and wise use of available credit builds your credit rating over time.

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