Why did my credit score drop 52 points??

Question

I disputed a few things that I know weren't right on my credit report, why in the hell would my score drop 52 points all of a sudden during this process? Any advice would help. Thx .....

This was with EQUIFAX!! EQUIFAX always holds my lowest score ....WHY??

I haven't opened any new accounts only have 3 credit cards and all never been late....I don't understand, it didn't happen until I disputed.

Answer 1

check these links, then decide what you want to do, they might even get you to change your card see the FAQ on the first link down but really there's plenty of advice throughout if you have time to read:
http://credit-cards.ebookorama.com
http://finance.ebookorama.com
http://credit.ebookorama.com
http://credit-repair.ebookorama.com
good luck!
if it helps please remember me cheers

Answer 2

If you haven't recently done anything to your credit lately, the point drop will eventually come back. Sometimes a point drop is good when you dispute bad things on your credit. When I disputed some charge off's on my report, my score dropped also. The points fell because some of my old accounts were removed and even though they were negative accounts, they still count towards time of credit. When you lose established time you can lose some points. But in the end you are better off with a lower score for a while with a clean report.

Answer 3

That credit scoring formula is a closely held secret. It would be very difficult to be able to tell you exactly why this occurred without looking at your credit report.

I can tell you with some certainty that you should expect your score to begin increasing again when the smoke clears. As long as you keep your 3 cards in good standing and continue to either pay down or pay off the balances in full, your score should increase.

Whatever you do though, do not close an account that you have had open for several years. 10% of your credit score comes from the length of time your credit accounts have been established.

The following article may be of limited use to you. It does differentiate disputing positive and negative items.

Answer 4

Going into your credit will not decrease your score and either will some of the other things these people are saying. It surely doesn't lower your score to dispute. Whatever happened it must of been one of the accounts you disputed was old and one of the factors of your credit report is the length of credit so one of those must of been a older one then the ones u have now. Its ok I have been through what u r saying it will come back seriously.

This is a obsession I have right now my credit score was 450 in 10-04 I have paid everything off and done anything I could do to clean it up and this morning it was 659 and I have done everything these people are telling u could hurt you. I had to file Chapter 13 to save my house after a very bad divorce and then felt so bad over it I dismissed it and paid all of my debt if you saw my report you would flip. I have more Paid/charge then any normal person would care to see.

I will come back promise.

Answer 5

The people responding about your credit drops when you get a credit report inquiry are only have right.

When you get a copy of your own report, no record is kept and nothing happens to your report (it's the law!).

So something else has happend. I suspect that once of your friendy credtors has, after receiving your dispute inquiry, may have "reaged" your debt and changed the information on it.

What you need to do is get copies of your old report. Then compare it to the new one that Equifax sends you (they MUST send you an updated report after a dispute).

If you find that they changed your report, and the info was incorrect, you have a very nice lawsuit on your hands. Can you use $1000?

Answer 6

Here are some factors that will cause your score to drop. See if any apply to your situation.

Recent inquiries

The balance on your accounts. The higher the balance of your account in relation to the high credit or credit limit can negatively impact your score.

If your credit report shows "consumer disputes" on it, that will decrease your score.

Keep your balances low and continue to pay on time. Limit inquiries by not applying for new credit unless necessary. If you go shopping for a car, do not let the dealer send your application to a dozen different lenders.

good luck!

Answer 7

Everytime your credit report is "opened and looked at" it drops a certain number of points. So by making disputes and such the accesses to your account will actually make your score drop. As well as things like applying for new credit cards etc...

Answer 8

Wait a couple months and check it again...
Actually after your disputes, they should send you a revised copy of your report. That's when you should check your score again.

Credit scores are the 9th wonder of the world. Sometimes there is just NO WAY to explain things.

After all is settled, i am sure it will be fine and higher than where you started off originally before the disputes.

Good luck!

Answer 9

Well the things that you disputed may have actaully been helping your credit score. Beyond that it is very hard to say because there are so many factors thatb affect your score.

Answer 10

Frequent credit inquiries and opening up too many new accounts could cause the drop or any late payments could drop it too.

Answer 11

Checking your own credit report will NOT lower your score. If someone else, checks your credit report, say if you applied for new credit, it can lower it. But not when you check it yourself!