Hello ALL! I posted this to Rebuild Credit but no feedback as of yet. After reading through the site daily, I’ve fallen in love with the wealth of information.
Here’s my situation. I recently tried applying for a FHA mortgage loan but was denied for the 3.5% down payment due to being 2pts shy on the EF score.
578 EF 538 TU 598 EX 10/08/15
So I contacted Equifax on 10/14/15 to see what I could do to increase my score. I am a previous client of Lexington Law and they removed plenty of items through the dispute process and seems like my credit started to halt Spring 2015. I decided to dispute some of the items that were duplicated and showing wrong late payment due to deferrement discrepancies with Dept of Education on 10/14/15.
I paid off two items Discover card and a old loan from a bank account as it seems like it is reporting every month derogatory further pulling my score down. My lender pulled my credit 10/20/15 and my Equifax score dropped 66 pts in a matter of days with very slight changes to the other two CRAs.
512 EF 535 TU 603 EX 10/20/15
Comparing the two reports from lender the only thing that changed was the list of disputes. Could disputes really decrease a credit score this much and that quickly? Called Equifax and rep could not confirm. So I had all disputes removed and was told 24-48hrs to process removal. Rep also provided me with the fax number to update the two accounts that were paid on 10/15 and 10/19. Do you think my score will increase back up to at least the 66 pts as quickly as it dropped?
Really wish I would have left my credit alone. 2 points was nothing but now 68 points I wanted to drop in a big black hole!
Thanks for any advice. Looking to re-pull at the beginning of the month.
10/21 I received two alerts from EF stating: (I’m thinking they are processing my dispute request removal 2 of 13).
The following changes were reported for your DEPT OF ED/NELNET account :
Comments on your account changed from Consumer disputes – reinvestigation in process to Consumer disputes – reinvestigation in process , Account transferred or sold , Student loan , Trsf/Sold