How to find out what is causing repeated score drops

[Geeznowwhat]

I wrote about this earlier...but the central question was lost

So...here it is....can anyone explain this to me

Started at 810 credit score.
I had an old collection account that is more than 8 years old sitting on it at that time

Filed chapter 7 bk

Score dropped to 714. Ok..that was expected.
But, then a week later the score dropped to 647
What happened to cause the second drop? Nothing new on my credit report

Then I had another drop to 595
The only thing on my credit report is still that old account in collection. Nothing new
(Credit karma provided me with this info)

Now last night I get on and look and my score dropped again to 539

Again...what caused it? Nothing new has happened ... Nothing

I have seen nearly a 300 point drop. I have not heard of this happening to anyone else
In a chapter 7.

If I don't know what is causing each new drop...how can I fix it?

[newchance15]

Start with pulling your free credit report www.annualcreditreport.com . If their are discrepancies then dispute them. Credit karma does not show the entire picture. You might need to consider getting a secured credit card. It would help rebuild the score

[LadyInTheRed]

I don't think your question got lost in the other thread. I think the answer that sounded most likely is that the reason your score seems to have dropped so much further than others who filed Chap 7 is that your score started out higher than most people who are about to file. Somebody who just filed bankruptcy is not going to have a 714 score. There really are too many factors involved in credit scoring for anybody here to be able to give you a definitive answer.

You don't need to know the reason for each drop and why it dropped in steps instead of all at once to know how to improve your score. First, get copies of your credit reports and correct any errors. Then, start using credit in small amounts and pay it off, keeping utilization low. The way to build credit is to show you can use it responsibly. It will take time. If the only things on your credit report are a bankruptcy and an old judgement, your score will not improve much.

Also, don't rely on Credit Karma for your true credit scores. Those are not FICO scores which are the scores lenders use. But, Credit Karma can give you an idea of what factors are affecting your score. Click on "credit factors" and see where you stand on each individual factor affecting your score.

[df04527]

Agree with Lady. But also Credit Karma is known for not telling the whole picture. Pull your reports as was suggested above. You may be surprised. An 8 yr old collection account shouldn't even be on there .. Dispute it. Something is going on for sure though as most bankruptcies do not cost 300 points, so to speak.

[Geeznowwhat]

I am still about a week before discharge. Maybe that makes a difference?

I still have two items in Collection showing on my credit report. When do they have to remove them?

Could it be that those items combined with my BK caused this huge drop? Will my score come back up once they are gone?

How it I get them removed?

[LadyInTheRed]

Still being in bankruptcy definitely makes a difference! But don't expect a quick recovery. You may get an increase after discharge and may not. If you do, I am sure it won't be the jump you would like.

I suggest you stop worrying about your credit score for a while. Get copies of your reports at leat 60 days after discharge and file disputes for anything that is inaccurate or over 7 years old. Each bureau has dispute instructions on its website.

[Geeznowwhat]

Can a creditor put an item on my credit (showing in collection) AFTER they were notified of the 341 meeting?

Can a creditor keep an item on my credit (showing in collection) after the 341?

Can a creditor keep an item on my credit (showing in collection) after discharge?

At what point must it show a zero balance?

I don't expect a rebound in my credit just because of discharge. But the path back will be much longer than I ever expected. I sort of figured I would drop about 150-200 points...the path back from 620 is not a much a big deal as from 529! I cannot figure out what I did that deserved that. Not s single one of the creditor discharged were banks, credit cards, car loans, etc.

I definitely want to get a secured card as soon as possible...to begin rebuilding this. It is very scary to be driving long distance without a backup like a credit card in case of emergency. But...the score of 529 is probably going to cut me off from even that. Can't figure out how to begin recovery when the score is so wickedly poor that I look this the biggest deadbeat that ever filed BK.

[LadyInTheRed]

The items that were on your report before you filed BK can and will remain. But, a creditor should not report delinquencies on dates after you filed.

Months after a Chap 13 discharge, I have one account that appeared to be reporting as still open, but then I noticed that the creditor last reported before I filed. So look at the dates last reported when determining whether a report is inaccurate.

It doesn't seem innacurate to report a balance due before your discharge. While the creditor is not supposed to try to collect the debt, it still technically exists until it is discharged.

Again, you really should not worry about your credit reports until after your discharge. One step at a time!