Hi Patti,

From what you described - you paid off your debts & your score dropped - tells me you paid off what is classified as "Derogatory Accounts" such as judgments, write-offs, collections, etc .

Be aware that ANY recent activity regarding a Derogatory Account usually will drop your score, INCLUDING when you make payments or even pay off one of these accounts. That is why I suggest to my clients that if they are required to pay any Derogatory Account off, that they do so at the closing table (if we can). That way, when your score does drop, you already have your home, and as you are seeing now, your scores will heal, by increasing over time.

One thing to look at are your individual credit cards & line of credit loans. Try to keep your balance on each account less than 30% of your total credit line. If that is not feasible at this time, then try to keep your balance below 49% of the available credit line; that means that when you get charged your interest & your bill comes to you, your outstanding balance is less than 30% or 49% on your statement. This will help you increase your scores.

Another tip is to use a credit card you haven't used in 6 months. The credit scoring "machines" will not count your available unused credit in calculating your overall "Available Credit" ratio. Sometimes I give my clients homework like buy buy a tank of gas with one credit card, or go buy a pillow or pair of socks with a particular store card.

Please note that this does not pertain any installment loans such as a car loan.

Hope that helps...

All the best,
Ros

Roswell Moore, CMPS
Certified Mortgage Planner
(480) 422-5095 Direct

Greetings Patti,
You may be able to get the repositories to take a second look at your files. If the payoffs are not reflected it may be a matter of having your file reviewed and updated.

If the payoffs were of delinquent accounts there may be some evil reporting game that your creditors are playing with your history. I am not exactly sure what the rules are with regards to the reporting of debt that has been satisfied.

Do yourself a FREE favor and dispute the items if they are still showing as owed and open. Maybe the closest thing that you can get to a Rapid Rescore. I've also been advised that the Rapid Rescore proce$$ is not making as a significant impact these days as in the past. Don't pay anyone, you can take care of this yourself.

Hope that helps and Good Luck,