 Did a chargeoff do this damage? Score dropped big time!
I had a property I stopped paying on 14 months ago. I had an 80/20 loan. The first mortgage company (countrywide) still has not done a foreclosure. It's just showing 30 days late for the past 14 months. My FICO went from 790 to 500 the first month I stopped paying.
All my other accts (car, house) are all paid on time. No new credit. No collections. There are only 2 negatives showing on my credit...the 80 and 20. No new debt either.
When I checked my FICO score on Equifax's web site in Jan my score had gone back up to 670. The second mortgage company gave up and did a "chargeoff" on my account in March. The account now shows up as "closed" with a $0 balance. But it also shows "CO" for chargeoff.
I *thought* my FICO score would be better. However, I checked today (June) and is has dropped to 590!!!
Did going from fourteen 30-day lates to "CO" status cause this? Should I dispute the ending chargeoff or the individual 30 day lates?
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