Why isnt my score going up?

[tmfris]

I've been working to repair my credit over the last few months, and have had a lot of success. I went from having 5 collection accounts to 0, and an old bk and foreclosure dropped off, leaving me with 2 charged off accounts and a 3 year old foreclosure, a satisfied judgement, 18 closed accounts in good standing, and 1 revolving account open and in good standing. My equifax score dropped 23 points to 601. WHY? I just thought that getting the collection accounts deleted and the bk dropping off would have raised my score at least a little?

[CreditCrisis]

I cannot offer you a 100% positive answer why your score has dropped rather than gone up, but I can offer my observation from my own experience.

Although these accounts were in bad standing (ie: judgement, bk, charge off) they were still accounts. Its wonderful that you were able to get them off of your report, but now it looks like you were never extended credit like this before. This looks negative just because its inexperience. However, now you can start applying for new tradelines and boost your credit score amazingly if you keep a good payment records for as little as 4 months!

Your score has gone down now, but once you get a line of credit and make good payment history on it, your score should shoot back up. This shows that you can be trusted and can handle the responsibility of credit.

[jjgross]

Originally Posted by tmfris

I've been working to repair my credit over the last few months, and have had a lot of success. I went from having 5 collection accounts to 0, and an old bk and foreclosure dropped off, leaving me with 2 charged off accounts and a 3 year old foreclosure, a satisfied judgement, 18 closed accounts in good standing, and 1 revolving account open and in good standing. My equifax score dropped 23 points to 601. WHY? I just thought that getting the collection accounts deleted and the bk dropping off would have raised my score at least a little?

18 closed accounts,have you applied for credit lately?

[Trish]

CreditCrisis is right.......you probably don't have enough history or positive TLs right now.

If any of those accounts you had removed was one of your oldest accounts, that could be why your score went down. Even though it was reporting negatively......it had age.

The best thing to do right now would be to get some positive TLs going and let them age a bit. Another thing you could do for a quick boost is by getting on a friend or relatives cc as an AU.