Credit Score Dropped but NO Negative items or Inquiries Reported

[Anonymous]

I have been struggling for the past 6 months to get my score back to the 600's. For the longest while my score was in the 500's but early Februay I broke the 600 mark and I was at 602, then out of the blue my score began to rapidly fluctuate. It dropped 75 points in one month! I reviewed my credit score and found out that there was one late payment and a balance increase. After crying my eyes out I resolved to deal with this. So now I was starting out at 527, each month my score would go up then go down. So since being at 527 in March, this September my score reached 596. I was ecstatic. My balances on all my credit cards were significantly lowered some were even 0 balances. Then all of a sudden in the middle of the month my score dropped 15 points. I reviewed all three of my reports and there were no negative items recently listed and only 2 inquiries for a car loan. What could be the cause of this? WHy is it that everytime my score goes up it is followed with a decrease? WHat can I do to stop this ridiculous fluctuation?

[Anonymous]

inq gave you away. It counts as much as 10% of your FICO. it can creep up on you. The lower your score the better it is not to seek new credit.

Don't apply for new credit unless you have to.

Wait untill your scores are up in mid 600's or low 700's and then it'll get all much easier. 

Message Edited by montana on 09-14-2007 02:10 PM

[Anonymous]

Wow, I am suprised at this response. How do you know we do not live within our means? I not recall anyone mentioning seeking a loan for a bmw. The OP came for help, not to be blasted, the same reason others are here.

avairie-- The inquiries you listed, were they already there before the score drop or could this be the cause? You stated in heading that you had no inq reported but in post that there was 2 due to a car loan. Had these been there awhile or could they be the cause of your drop?

Message Edited by ProudMom on 09-14-2007 02:03 PM

[Anonymous]

---

avairie wrote:

I have been struggling for the past 6 months to get my score back to the 600's. For the longest while my score was in the 500's but early Februay I broke the 600 mark and I was at 602, then out of the blue my score began to rapidly fluctuate. It dropped 75 points in one month! I reviewed my credit score and found out that there was one late payment and a balance increase. After crying my eyes out I resolved to deal with this. So now I was starting out at 527, each month my score would go up then go down. So since being at 527 in March, this September my score reached 596. I was ecstatic. My balances on all my credit cards were significantly lowered some were even 0 balances. Then all of a sudden in the middle of the month my score dropped 15 points. I reviewed all three of my reports and there were no negative items recently listed and only 2 inquiries for a car loan. What could be the cause of this? WHy is it that everytime my score goes up it is followed with a decrease? WHat can I do to stop this ridiculous fluctuation?

---

All scores can go up & down but not that much unless something changed.

You have a late pmt that hurts big time because it is new...you also have higher UTIL because of credit increase!!!

What is you Hx and UTIL?

Post all your CC in here with CL and Bal.

2 pulls will not drop scores like that.....also most auto pulls are not with all CRAs so a pull will only affect that CRA

Im with you proudmom    way out of line!!!!!!!

Message Edited by HappyDays on 09-14-2007 02:09 PM

[Anonymous]

I did not wanted to offend anyone, so don't take it all too personal now.

Message Edited by montana on 09-14-2007 02:11 PM

[nathan]

I have been having the same problems for about six mos. Each time my eq score approaches 600, it starts dropping again to low 500s and then starts climbing again towards 600. Old collections about 6 years old start resurfacing again. sometimes I think I am never gonna see 600 in my life time. I have maintain excellent payment history for about 2 years with my cc, car loan and student loan, but my score doesn't seem to mind. I have vowed that i will not pay any of those 6 yrs old collections and those collectors  can go to hell. My only interest in fico score is for home purchase which I do not plan to do till after 3 yrs. 

[gamecockmd]

If there is a drop in your score with no new negatives reported (and inquiries count as negatives) it could be you have been changed from one scoring card to the next. I think there are seven(?) different scoring cards that are scored differently. Fair Isaac doesn't release specific info about these but apparently one if for those who have had prior bankruptcies. Anyway you are relegated to one of these cards and to some extent you are scored relative to others being scored on that card. As your credit improves relative to others on your card, your score goes up... whenever you meet the criteria to go to the next card you are now the "low man on the totem pole". Relative to the others in your new group, your report and therefore score will be worse so you may see a drop. I thought they were working to make it so that the drop was not dramatic. The bright side is when you credit improves and you are moved to a different scoring card your potential high score improves ("the ceiling is raised" ). Hopefully this makes a LITTLE sense... good luck and keep doing the right things... Don't fret over the score as it will improve with time (but as you have observed it may fluctuate)... Message Edited by gamecockmd on 09-15-2007 05:09 PM

Message Edited by gamecockmd on 09-15-2007 05:16 PM

[oceanlover]

Where can I get more information about these "score cards" I have never heard of anything like this. I was under the impression that you were not compared to other ppl when calculating your credit score. And that your score would not drop for no reason. What is the point of us working to raise our scores if it will only cause it to drop?

[gamecockmd]

Google "FICO scorecards".... multiple references out there. The wikipedia discussion is just one:

http://en.wikipedia.org/wiki/Credit_score_(United_States)

(Look under section 2, "Score facts" )...

Sorry but currently I am unable to devote more time to find a more comprehensive discussion but truthfully this may be as much information that is out there. Apparently Fair Isaac is pretty tight-lipped on this topic. Hopefully this will point you in the right direction.

Good Luck!

Message Edited by gamecockmd on 09-16-2007 09:14 AM