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Help! Fico score dropped by 15 pts..why?

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Established Member

Help! Fico score dropped by 15 pts..why?

 

 

I'm rebuilding my credit lIke many of you..I am just baffled at the lost of 15 pts loss over a new phone account...( went from a 677 o 662)

let me mentioned that My husband and I just refinanced innOctober...

 

however, the refinance did not hurt my score..instead it boosted my score initially bc old loans dropped.

 

has this happened to anyone?

 

 

 

12 REPLIES
Established Contributor

Re: Help! Fico score dropped by 15 pts..why?

Sometimes new accounts affect your score a little negatively at first, but it will only get better in the long run. Having a good mix of credit will help you, but introducing new accounts to your credit report can have an affect on your AAoA (Average age of accounts). Your AAoA, along with the inquiry from the creditor to begin with will negatively affect your score at first. You will see it go back to your original score and then some as it ages. This is normal.



Starting Score: EQ: 383 2/2011
Current Score: TU: 644 EQ: 648 EX: 6?? 2/2015
Goal Score: 700


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Established Member

Re: Help! Fico score dropped by 15 pts..why?

Thanks for responding...I hope it bounces back soon, since I worked very hard at rebuilding my credit 

Valued Contributor

Re: Help! Fico score dropped by 15 pts..why?

New phone account? Explain?

  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
Lowe's CC $8500
WalMart CC $3100
BOA Platinum $600
AMEX Gold NPSL
Valued Contributor

Re: Help! Fico score dropped by 15 pts..why?


Jutz wrote:

New phone account? Explain?


Im guessing its from the INQ, the score drop I mean

ccpics2.jpg
Valued Contributor

Re: Help! Fico score dropped by 15 pts..why?


beb86 wrote:

Jutz wrote:

New phone account? Explain?


Im guessing its from the INQ, the score drop I mean


Landline or Wireless, phone companies are soft pulls

  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
Lowe's CC $8500
WalMart CC $3100
BOA Platinum $600
AMEX Gold NPSL
Blogger

Re: Help! Fico score dropped by 15 pts..why?


Jutz wrote:

beb86 wrote:

Jutz wrote:

New phone account? Explain?


Im guessing its from the INQ, the score drop I mean


Landline or Wireless, phone companies are soft pulls


Comcast pulled it hard on me. Not a phone company per se, but they do provide phone services.

 

Established Contributor

Re: Help! Fico score dropped by 15 pts..why?


HiLine wrote:

Jutz wrote:

beb86 wrote:

Jutz wrote:

New phone account? Explain?


Im guessing its from the INQ, the score drop I mean


Landline or Wireless, phone companies are soft pulls


Comcast pulled it hard on me. Not a phone company per se, but they do provide phone services.

 


Verizon HP me, so did Cox Communications...both were for phone services

NFCU CashRewards $13.5k | AMEX BCE $15k | Lowes $17k | Sportsmanss guide $7.6k | Chase Freedom $1k | Discover IT $4.4k |
Walmart $8k | Gordman's $2950
Frequent Contributor

Re: Help! Fico score dropped by 15 pts..why?


tattooedhusker wrote:


 


Verizon HP me, so did Cox Communications...both were for phone services


Verizon HP'd me 3 times (on the same report)

 



Current: Eq- 624 Ex - 631 (lender pulled) TU - 661 (lender pulled)
Goal 700+ across all three
Valued Member

ATT hp'd me as well. I guess not all phone companies got...

ATT hp'd me as well. I guess not all phone companies got the memo. :-/


Starting Scores July 2012: EQ FICO 645, TU FICO 636, EXP (CCT) 638
Feb 2015 Scores: EQ FICO 758, TU FICO 753, EX 749