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@jpalikij wrote:Hi all,
First time posting. I just started monitoring my credit score a month ago. I've been trying to get my credit improved and ready for a new car purchase in the spring. However... while it was steady around 700 (697-705), I applied for a new card featured on this site a month ago (declined due to balances and high util), and now a housing rental company did a hard pull and my score dropped 26 pts. Previous myFico scorewatch reported 702 on Friday, now 674 on Tuesday... So, two hard pulls in 40 days (one for Chase Sapphire and one for rental house application)
Thoughts?
OP, you are using myFICO ScoreWatch. The alerts via SW provide a NET score change and they'll throw out a potential reason behind that score change (e.g. a balance increase or an added inquiry in your case). Unfortunately this doesn't tell the entire picture of your EQ report. There could be other changes on your EQ report that could have resulted in a 26 pt change. There are some changes that won't lead to an alert like a dropped account, an updating baddie, a newly inactive acct (e.g. unused CCs that haven't reported in over a year will be removed from utilization and that can cause a drop in some cases), etc.
For example, I once got a SW alert for +20 because I added an inquiry. Inquiries don't cause FICO increases. It was a baddie dropping that SW doesn't alert to that caused the increase. In your case, I suggest pulling your EQ report from somewhere and look for any dropped accounts, or old closed accounts. They don't report forever and I've personally have lost that much and more when my oldest accounts have dropped.
@Alberio wrote:Mine dropped 25 points (Experian) for 1 hard pull - a loan officer for a mortgage. That wasn't even my second pull - it was my first in over a year. I had also simultaneously paid off a credit card, reduced my total utilization and paid off two student loans. Yet, still, the drop. Sucks.
You might be comparing two different FICO versions. The one from here may not be the same as the one used by your lender, or the one from LenderA might not match LenderB because of the versions used.
Unfortunately they were both myFICO scores and reports taken a month apart. I combed through the second report to see what had changed from the first and it was 1. paid off (except a few dollars - damn interest) one CC, 2. decreased utilization by 9% overall, 3. Paid off two student loans, and 4. had a hard pull from my lender. The last is the only one that I can account for a negative on my credit score. My Equifax score watch did not change however, so it just must have been particularly sensitive for Experian for some reason.
@guiness56 wrote:It is possible the inquiry and the high utilization were reported at the same time, as suggested. For what it is worth, I have never had a utility company pull my credit from any of the 3 CRAs. They used National Consumer Telecom and Utilities Exchange which is run by EQ but is a utility, cell phone, cable type of accounts. And I realize I am one of hundreds of thousands but I have read several posts of others also getting their scores pulled from there.
Good info to know. I'm going to call and order a disclosure report from them. May as well know what they have on me.
Mine has occasionally dipped 5-7 points but never anything that drastic.