Reply
Established Member
Chavela
Posts: 22
Registered: ‎08-16-2012
0

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?

 

 

 

Established Contributor
sphinx313
Posts: 567
Registered: ‎02-12-2011
0

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: 532/564 10/21/12
Current Score: TU: 594 EQ: 628 EX: 617 BoA Credit Pull Denial Letter 2/20/2013
Goal Score: 700


Take the FICO Fitness Challenge
Established Member
Chavela
Posts: 22
Registered: ‎08-16-2012
0

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
Jutz
Posts: 1,216
Registered: ‎05-10-2012
0

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

New phone account? Explain?

  • Current: EQ FICO 694, TU FICO 695, EX FICO 698 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $29,500
  • Inquiries (12 Months): EQ 6 TU 3 EX 6 | Most Recent: 1/21/2014
Chase Freedom $5000
DCU Visa $10000
Capital One QS $2000
AMEX BCE $1000
Lowe's CC $8500
WalMart CC $2400
BOA Platinum $600
AMEX Gold NPSL
Valued Contributor
beb86
Posts: 1,117
Registered: ‎10-31-2011
0

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
Jutz
Posts: 1,216
Registered: ‎05-10-2012
0

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 694, TU FICO 695, EX FICO 698 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $29,500
  • Inquiries (12 Months): EQ 6 TU 3 EX 6 | Most Recent: 1/21/2014
Chase Freedom $5000
DCU Visa $10000
Capital One QS $2000
AMEX BCE $1000
Lowe's CC $8500
WalMart CC $2400
BOA Platinum $600
AMEX Gold NPSL
Blogger
HiLine
Posts: 2,870
Registered: ‎10-19-2012
0

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

[ Edited ]

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.

 

Frequent Contributor
tattooedhusker
Posts: 499
Registered: ‎10-25-2012
0

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 $9.5k | Lowes $17k | Sportsmanss guide $5.5k | Chase Freedom $1k | Discover IT $1.4k |
Walmart $8k | Gordman's $1750 |
Scores: EQ: 676 EX: 714 TU: 720 Goal: 750 across the board
Frequent Contributor
scarrollprint
Posts: 382
Registered: ‎06-26-2012
0

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
DrivenDoctoress
Posts: 45
Registered: ‎07-24-2012
0

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 Score: 7/24/12 EQ FICO 645, TU FICO 636, EXP (CCT) 638
July 2013 Scores: EQ FICO 700, TU FICO 730, EX 749
Dec 2013 Scores: EQ FICO 725, TU FICO 728, EX 739
Goal Score: All scores over 725 by Dec. 2013


Take the FICO Fitness Challenge

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+