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I have been clawing my way up from a catastrophic drop in my credit score 4 years ago when I was stupid and didn’t realize my autopay on my car loan was turned off. I have been fighting to get it back up ever since, hoping I could eventually get a mortgage at a reasonable rate. I was getting so close to the next bracket.
Last month I felt so great, I finally paid off a personal loan. Today I check my score and see it’s dropped 15 points, from 738 to 723. Why? Because I paid off my loan. Because I did the financially responsible thing. I have never felt so defeated. I paid it on time every month, and I finally got it to 0, and now a mortgage lender would consider me a greater risk and keep my rate high.
What can I do? Do I really have to wait 7 years until this damn late payment drops off to ever have a score above 740 again?
If it helps you feal any better MOHELA screwed me. They transfer my student loan and then deleted the file from My history. So they deleted 15 years of perfect payment history and dropped my score 53 points.
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- 3 months ago
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