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Valued Contributor
crunching_numbers
Posts: 1,093
Registered: ‎02-15-2012
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FICO dropped 30 pts! Not sure why...

OK- Scorewatch tells me I have an update.  FICO dropped 30 pts. UGH! Now what?

 

Although CreditKArma reflected the mortgage inquiry, Scorewatch did not show a new inquiry.  Not sure what could cause THAT BIG of a FICO drop.  My CC balances jump around a bit, but not enough to cause 30 points. Is it possible that it is a scorewatch glitch that could correct itself? 

 

733 was good for the rates and terms I need on this refi, but 703 is probably not. Now I am scared.  I thought the appraisal was going to be the only possible problem, but now this!

 

What will happen? Will they use the original FICO, or am I screwed?


Starting Score: 693 TU FICO, 679 EQ FICO
Current Score: 748 TU(12/12), 783 TU98 , 813 TU08 FICO, 744 EQ FICO , 735 EX(9/12), 794 EX08 FICO, 809 EX08 bankcard FICO
Goal Score: 750+, but shooting for the 800's
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Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010
0

Re: FICO dropped 30 pts! Not sure why...


crunching_numbers wrote:

OK- Scorewatch tells me I have an update.  FICO dropped 30 pts. UGH! Now what?

 

Although CreditKArma reflected the mortgage inquiry, Scorewatch did not show a new inquiry.  Not sure what could cause THAT BIG of a FICO drop.  My CC balances jump around a bit, but not enough to cause 30 points. Is it possible that it is a scorewatch glitch that could correct itself? 

 

733 was good for the rates and terms I need on this refi, but 703 is probably not. Now I am scared.  I thought the appraisal was going to be the only possible problem, but now this!

 

What will happen? Will they use the original FICO, or am I screwed?


Some lenders even on refinance will pull another credit report and some will not (from my experience refinance is closed fairly quickly so another  credit report is usually not needed). You may be best to look at your credit report and find the reason for 30 point decrease?

 

I personally would not worry too much about the rate as in my opinion I do not see it changing by much if at all.

Good Luck
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