I payed off all the derogatory accts on my credit report and my fico went down 30 points. Does anyone know y??

Answer 1

If you paid the negative accounts without requesting deletion upon payment, the accounts were probably updated to reflect the payment.
When the negative accounts are updated they "appear" to be newer negatives than they actually are.

It will take time for the paid accounts to age where you will regain the loss on your scores. How long it takes depends on your current credit file. If you have a fairly thick file with plenty of accounts in good standing it could only take a few months. If you have a thin file with very few positive accounts it may take longer.

They cannot legally reage the accounts to make them report for a longer period than they would originally be reporting.
They must report the accounts correctly. If the accounts are being reported incorrectly you have the right to dispute the inaccuracies. If they are not corrected within the time allowed they must be deleted.

You might read through the FCRA.

Answer 2

sometimes it comes back to you when you try to do the right thing and pay off old bills. Some creditors will make the bill "appear new" once there has been some type of contact made.
Even if a bill is five years old and a collection agency buys it from the creditor and the collection agency calls you making contact then they can put it right back on your credit as if its a new failure to pay. Thus being on there for seven more years or if you pay the collection agency then its seven years showing paid.
Trying to do the right thing is not always best.
Do some research and hopefully I am wrong. But creditors have been known to do some things that should be questioned when it comes to consumers credit reports.

Answer 3

Did you just pay them off right before your fico score went down? There's sometimes some lag time before your fico score descent is stopped, and goes in a more postive direction. Also, if you have new credit inquiries, have opened new accounts, etc - those could be the items driving your score down. To see it go up, a pattern needs time to be established.

Answer 4

Contact the 3 credit reporting agencies and ask them why.

Answer 5

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