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Equifax score on Myfico site dropped 25 points

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Anonymous
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Equifax score on Myfico site dropped 25 points

Equifax Fico score 8 only .... on May 25th 2017 score dropped 25 points. A collection I paid on April 3rd 2017 in full and was deleted from Equifax as reported by another fako reporting site...but re appeared as Paid in full and reported again on Myfico....received the alert on May 25 th and that my score dropped 25 points..... however I called Equifax credit bureau on 5-26-27 and they advised me that this collection is no longer on my report. Is there a delay in info reporting on Myfico that could cause this? Maybe a temporary drop?? Such a huge drop.....and everything else has not changed on my report accept timely credit card payments paid in full monthly with 4% utilization. Your thoughts anyone?

Message 1 of 17
16 REPLIES 16
Anonymous
Not applicable

Re: Equifax score on Myfico site dropped 25 points


@Anonymous wrote:

Equifax Fico score 8 only .... on May 25th 2017 score dropped 25 points. A collection I paid on April 3rd 2017 in full and was deleted from Equifax as reported by another fako reporting site...but re appeared as Paid in full and reported again on Myfico....received the alert on May 25 th and that my score dropped 25 points..... however I called Equifax credit bureau on 5-26-27 and they advised me that this collection is no longer on my report. Is there a delay in info reporting on Myfico that could cause this? Maybe a temporary drop?? Such a huge drop.....and everything else has not changed on my report accept timely credit card payments paid in full monthly with 4% utilization. Your thoughts anyone?


Sometimes, it is hard to pinpoint a drop in score.  I don't subscribe to myFico, so others can chime in on updating history.  I use CCT for EX and monthly EQ score and Discover, Walmart, Barclays and BoA for free TU.  I will purchase my 3B reports quarterly for the mortgage scores.  Unless you're planning to apply for something, I wouldn't worry about it.  FICO doesn't have a memory; it's only a snapshot in time.  In time, when all the collections and lates are gone, then micromanaging your UTI will assist in you receiving scoring boosts assuming that you're not tanking your AAoA from applying for additional credit.  A stronger AAoA will minimize drops in score when you do decide to apply for something. 

 

Message 2 of 17
Anonymous
Not applicable

Re: Equifax score on Myfico site dropped 25 points

Thank you again KayKay65....the 25 points dropped after reporting the alert of this paid and removed Collection.  However since I applied and got approved for Home Depot consumer account about 3 days ago It very well could be a hit from the hard inquery as Home depot used Equifax to determine my eligibility in addition to the paid collection re appearing on Equifax Fico8..... just not sure.

 

Are the Myfico scores that are appearing in my 3B subscription taken from the bureaus at a specific reporting/ given time....or are they considered estimates? Fako? .... I know there are many many models.....just wondering about their authenticies... knowing that they are snapshots at a given time......

 

Having watched my Fako scores at other various free sites, they have been rising over a year .... but myfico scores are 30-40 points higher in some cases on the various models. your thoughts?

 

Message 3 of 17
Anonymous
Not applicable

Re: Equifax score on Myfico site dropped 25 points

FICOs are always the real deal and are based on what is reporting at the time you apply for something or pull your scores. My Fico 5 and 3 have always been the lowest, especially with lates and a CO reporting. Everyone has their own method of tracking scores and baddies, so whatever works for you is cool; just remember to not get upset about swing in score from Fakos as lenders are always concerned about tour Ficos.
Message 4 of 17
Anonymous
Not applicable

Re: Equifax score on Myfico site dropped 25 points

Thank you KayKay65 ...appreciate your feedback and wish you success!
Message 5 of 17
Anonymous
Not applicable

Re: Equifax score on Myfico site dropped 25 points

Thanks. Good luck to you too.
Message 6 of 17
joltdude
Senior Contributor

Re: Equifax score on Myfico site dropped 25 points

Since your rebuilding and your score isnt strong.. its very easy to take a good hit for opening a new tradeline/card .. And as you said you opened a Home Depot card...

 

Easily 25 pts.. But as it ages and your other accounts age... it will subside... youll get most of them back in 6+ months... if its due to the new account... 

(presuming your doing other things as well and your slowly moving upward anyways)

 

-J

 

Message 7 of 17
Anonymous
Not applicable

Re: Equifax score on Myfico site dropped 25 points

Credit scores are strange creatures, but in your case it seems a change may have caused the drop. Hang on and keep working hard and it will improve.

Message 8 of 17
medicgrrl
Valued Contributor

Re: Equifax score on Myfico site dropped 25 points

You're not going to lose 25 points for an inquiry. CA will sometimes update to $0 before deleting. I would give it a couple of days and see what happens to your score. MyFico does not do the alerts in real time. There's often a lag of several days for them to update and send new alerts.


EQ 778 EXP 782 TU 729
Message 9 of 17
Revelate
Moderator Emeritus

Re: Equifax score on Myfico site dropped 25 points


@medicgrrl wrote:
You're not going to lose 25 points for an inquiry. CA will sometimes update to $0 before deleting. I would give it a couple of days and see what happens to your score. MyFico does not do the alerts in real time. There's often a lag of several days for them to update and send new alerts.

Well maybe, Vantage and FICO 9 notwithstanding in some dirty scorecards but in general I agree, inquiries aren't ever worth that much in FICO 8.

 

Something about the EQ Scorewatch monitoring (which we basically still use here at MF): it will catch tradeline updates, it does not catch tradeline deletions.

 

So what likely happened is the tradeline did get updated, that was flagged in the monitoring system as a change which triggered a score alert, and then the subsequent deletion was not tracked.  Most likely you'll see the points on your next balance update, if you don't, go look to see what Equifax has for you directly from the bureau as that's the source of truth, but I haven't heard of "caching" issues with the EQ product ever TBH, so I suggest it was a legit score at the time and it just didn't catch the deletion as it wasn't a trigger for an update.




        
Message 10 of 17
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