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sydmia43

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My Equifax score was 703 when I applied for a mortgage now it has plummeted
My Equifax score was 703 when I applied for a mortgage. I was pre qualified with the stipulation of removing 3 items that were 6 years old (medical collections) After disputing these items, my scored plummeted to 525! My credit utilization is very good, my payments always on time. There are no other negatives in my report, why would my scores plummet this bad??

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Scores always drop when there ar

major changes to your report.  Close an account, open an account, apply for new credit etc. etc. etc.  they all seem to have a negitive impact on your score.

The upside is that "positive" changes, such as closing old collections etc will rectify themselves much sooner than "negitive" changes, such as a new collection being added to your report. 

Credit reporting is a slow moving behemouth. At its inception, The system was designed to keep major mistakes by lenders from happening.  
The system is basicly "rigged" to go negitive (Lower your score) until humans have had a chance to review.  Although Humans no longer review actual files any longer, The system still works the same way. Lower your score until time proves that the changes were indeed correct, then adjust your score.  The system often takes 30 to 60 days to report and cross report system wide. Thus the "Turtle like" progress of credit reporting.   

In your situation, indeed you got the mortgage, at the time of closing the lender will pull a fresh "Forced" credit report.  It will force update all the info in your file and give an accurate current score that will most likely be much better than what you see on here or any where else that gives you a score. 

Good luck 

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