30 point drop!!!!!!

[cwwatts1202]

Ugh, after just getting a 54 pt increase on 3/30, just a SW alert and his score has dropped 30 pts!!!!!! Can an inquiry cause that much of a drop? Because he was just approved for a fingerhut acct, but it hasnt been opened/reported yet I wouldn't think cause we haven't made any purchases with the acct, so I wouldn't think it would affect his AAoA, and there was no credit report change alert, so I don't understand how he couldve gotten this much of a drop!!!!!

[guiness56]

I doubt it was due to an inquiry unless your scores are above 700.

If you can, I would get a report directly from the CRA and see if anything has changed on it.

[cwwatts1202]

2 things changed, the fingerhut inquiry was added, and the first premier cc we settled with had a balance of $368, settled for $272, and it updated to $96 instead of $0, and he got a 47 pt gain, and now its updated to $0 and settled in full. I didn't notice that before along with the SW alert... but would the fingerhut inquiry and card reporting to $0 really have caused a 30 pt drop!?

[guiness56]

Not in my opinion, no it wouldn't. 

[lg8302ch]

I also doubt this ...lost like 40 points for 4 new accounts two months ago without change if util or dti. my new citi card reported 0 balance 3 days after app and made me lose 10 points but this is not the end yet...next drop is guaranteed as my Fico punishes no so fast ..what is the reason indicated on SW alert for the change? my explanations are very clear and well explained.

[cwwatts1202]

I just bought his report, and the only 2 things that are different on it from when I looked at it 2 weeks ago is the fingerhut inquiry and the first premier now reporting $0 instead of $96. So that has to be what caused the drop. Ugh... so this means he's probably going to get another drop when his AAoA gets hit with the fingerhut acct reporting, and another hit to his AAoA when we pay the deposit to open the cap1 secured card. Awesome.

[blk8]

When a account newly reports as "settled in full", FICO treats it as a deragotory tradeline. The same as a charge off.

[cwwatts1202]

Ugh.. this is really discouraging. I'm canceling SW and just gonna garden the fingerhut card and cap1 card, pay off the 1 collection that's left on his report and hope they'll delete it and check back in a few months and see what his score looks like. We needed a 640 to qualify for the home loan we wanted to get, and were hoping to get it by october or november, the score is going in the wrong direction now. 

[blk8]

Are you sending and offering PFD letters to these CA you have been paying off?

[lesse]

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@blk8 wrote:

When a account newly reports as "settled in full", FICO treats it as a deragotory tradeline. The same as a charge off.

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WAIT what?! are you serious.. i paid my FPB c/o cc as well... it was killing my util ... i was really hoping to see a bump...