Pent Amex Added = 46 point drop

Andy77 · ‎03-19-2014

So, on 3/12/14 my "my fico" EQ score was 693.

Today I checked it and it is 647

The only two things that changed were

I added a new auto loan (I re'fi'd with PFCU )and paid off my BMW auto loan off and my PFCU Amex was added (so 1 account paid, 1 added, 1 cc added)

How could just those two things cause such a huge drop?

My debt has not increased nor has my inquiries no collections or addl public records (have one from 2009)

Is it the fact that the auto loan is brand new and so close to the initial balance that is causing this?

I can't think of anyhting else

The auto loan is reporting "over" largest balance because the GAP ins was added on the after loan was done..so largest balance showing on CR is like 24550.00 but actual balance I owe is like 25550.00...

Please shed some light, this is horrible

tyler84098 · ‎03-19-2014

If I read correclty you added 2 accounts and paid off 1 correct?

The thing I can see is that EQ thinks you picked up a whole new loan, along with HP's if you refi'd - might want to check if there was an HP as there normally would be for a refi or a car loan, as well as a new card. I can see how that could cause a point drop. Maybe pull the scores again after a month to see if there is any change.

Keep us posted!

AMEX Premier Gold Rewards NPSL - Chase Sapphire $5,000 - Chase Marriott Rewards $5,000 - Citi AAdvantage Platinum $5,000 - AMEX BCE $4,000 - Delta Gold AMEX $3,500 - US Airways Mastercard $2,860 - Discover It $1,500 - Barclay Rewards $1,300 - USAA MC $1,000 - Capital One $400

EX FICO - 694 - 3/10/14 (+4 from 02/14)
TU CS Fako - 663 3/1/14 (+40 from 01/14)
EQ Site Fako - 626 - 3/2/14 (+54 from 2/14)

Andy77 · ‎03-19-2014

All the inq were factored in on the CR pull when my score was 693 on 3/12/14 as Penfed did the CR pull for all the accounts opened with them on 2/20/14

So I guess EQ thinking I have a new auto loan caused the score to dive ?

That is the ONLY thing I can think of

john398 · ‎03-19-2014

@Andy77 wrote:

All the inq were factored in on the CR pull when my score was 693 on 3/12/14 as Penfed did the CR pull for all the accounts opened with them on 2/20/14

So I guess EQ thinking I have a new auto loan caused the score to dive ?

That is the ONLY thing I can think of

That could be true since I beleive PenFed pulls from EQ

gdale6 · ‎03-19-2014

A new CC reporting 3 months ago on my report cost 22 points I have since recovered them. The new instalment will also cost you about the same, as it ages and the balance comes down you will recover those points.

user5387 · ‎03-19-2014

You have two new accounts, and this implies hard pulls, new tradelines, and reduced AAoA.

All of these things can hurt you, and the impact may vary based on how thick your file is and what bucket / score card you're in.