Credit scores

Submitted by Anonymous (not verified) on Wed, 10/01/2008 - 17:45

I had some negitive information removed on my credit report,old medical bill that had went to collection and then were paid.My credit score dropped 37 points,shouldn't it have went up ?

Credit score may drop down due to several reasons. It may be that you have a credit card on which you have already spend over 30% of your credit limit as a result of which the amount owed factor which contributes 30% in your credit score will be affected. Moreover, if you have applied for a new line of credit, a hard inquiry is conducted in your credit report which gets reflected in your credit report and may lower your credit score.

Thu, 10/02/2008 - 14:07 Permalink

Sometimes, when negative info falls off of your report your score drops. It happens because you move from one category (bucket) of consumers to another. In this case, your score is supposed to recover pretty fast.

Thu, 10/02/2008 - 23:26 Permalink

Okay I never heard of this but I am unfamiliar with all the credit world stuff. How long does a score take to recover once you are moved to another catergory? It kind of seems backwards doing it this way but I am sure there is a reason.

Fri, 10/03/2008 - 01:09 Permalink

I imagine you want another sire because non of this gibberish belongs here at the credit forum.

Sun, 10/05/2008 - 00:37 Permalink