Score dropped >100pts. Why?

[Anonymous]

First off, it is my score from Mint so I am well aware that is a FAKO.  Previously my Mint score was a 798 and now it is showing as a 697.  I can’t remember the last time I saw a score under 700 so FAKO or not, I am alarmed.  What’s even more confusing is that my profile has had little change in the past 3 months (time since last score update).  According to the very same Mint page, I have 0 missed payments, 0 derogs, 1 inquiry (had 2 with the 798) and no new accounts in the past 6 months (had 1 new account in the past 3 months at 798) My AAoA is obviously up.  I have $39,000 in total limits, which is up from the last update (SP CLI), but I rarely let more than $40 in total post.

So what gives?  Why does a better profile (inq fell off, AAoA increase) result in a score 100 points lower?  Can I chalk it up to the fact that it is a FAKO score?  My Credit Karma shows no change.

Ideas? Should I be alarmed?

[Anonymous]

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@Anonymous wrote:

First off, it is my score from Mint so I am well aware that is a FAKO.  Previously my Mint score was a 798 and now it is showing as a 697.  I can’t remember the last time I saw a score under 700 so FAKO or not, I am alarmed.  What’s even more confusing is that my profile has had little change in the past 3 months (time since last score update).  According to the very same Mint page, I have 0 missed payments, 0 derogs, 1 inquiry (had 2 with the 798) and no new accounts in the past 6 months (had 1 new account in the past 3 months at 798) My AAoA is obviously up.  I have $39,000 in total limits, which is up from the last update (SP CLI), but I rarely let more than $40 in total post.

So what gives?  Why does a better profile (inq fell off, AAoA increase) result in a score 100 points lower?  Can I chalk it up to the fact that it is a FAKO score?  My Credit Karma shows no change.

Ideas? Should I be alarmed?

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I wouldn't be alarmed just yet. First of all, there has to be a reason for the huge drop. You would be the best person to answer that.

Any collection that might have just showed up ? Any newly closed accounts ? Any newly opened accounts ? Any credit limit decreases ?

Something has to have triggered it. First thing I would do is pull of 3 of your bureaus and see what has changed. Only than you will be able to see what has transpired. Good luck and Keep us posted !!

[takeshi74]

For any scoring change you need to carefully review the reports from before and after the change to determine the cause(s).  We can't tell you as we don't have access to your reports.

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@Anonymous wrote:

Why does a better profile (inq fell off, AAoA increase) result in a score 100 points lower?

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It doesn't.  You're overlooking the cause.  Again, you need to go to the source (the CRA) and determine what changed on the report.

[Anonymous]

While I know it is alarming, before trying to determine the nature of the score drop and it would be good for you to be able to compare that score with your Fico score. I you do a score watch on Myfico.com, Creditchecktotal.com or Experian.com.

I know if I had a 100 point drop in my Fico score I too would be perplexed and looking for an answer. When I lost 28 points in June I was feverishly trying to determine the cause and a way to reverse it. So depending on your budget you can do the 1 week $1 deal with CCT or EX and then cancel before the week ends. Then you can get a discount. Once you sign up for some service, you will get access to an update credit report and any possible triggers.

Mint, CreditKarma, CreditSesame are all good, but since they are not true Fico scores, there will be a difference and sometimes a big one. Yet sometimes the scores are very close. My CreditKarma and real Fico score for Equifax are just 1 point apart. While the the TU is score difference is about 15 points.

Best of luck.