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Major score drop from new CC or Deleted Account

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Anonymous
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Major score drop from new CC or Deleted Account

Hi there-

 

This past week my CK scores dropped about 50-60 points (from low 700's to mid 600's). MyFICO dropped about 20-30 points.

 

There were four changes reported to my credit record at the same time of the drop, so I don't know what caused it:

1- A new FNBO AmEx with a 3k credit line was reported

2- Two cards were reported as a zero balance (previously about $200 balance and my total Util now is about 17%)

3- I had an account that was open from 2000-2012 with Discover deleted from CR. It had 2 baddies on it in late 2008/2009 (a 60 day and 90 day late)

4- I had a CLI on CapOne QS from $1k-$3k

 

I don't know if the account being deleted caused such a major drop. I can't imagine opening a new card would drop my score that much (granted my oldest card now is 2 years, with all the other ones less than a year).

 

What do you think caused this major drop?

 

Message 1 of 10
9 REPLIES 9
Anonymous
Not applicable

Re: Major score drop from new CC or Deleted Account


@Anonymous wrote:

Hi there-

 

This past week my CK scores dropped about 50-60 points (from low 700's to mid 600's). MyFICO dropped about 20-30 points.

 

There were four changes reported to my credit record at the same time of the drop, so I don't know what caused it:

1- A new FNBO AmEx with a 3k credit line was reported

2- Two cards were reported as a zero balance (previously about $200 balance and my total Util now is about 17%)

3- I had an account that was open from 2000-2012 with Discover deleted from CR. It had 2 baddies on it in late 2008/2009 (a 60 day and 90 day late)

4- I had a CLI on CapOne QS from $1k-$3k

 

I don't know if the account being deleted caused such a major drop. I can't imagine opening a new card would drop my score that much (granted my oldest card now is 2 years, with all the other ones less than a year).

 

What do you think caused this major drop? New inquiry and probably drop of AAoA

 


 

Message 2 of 10
datrucking210
Established Contributor

Re: Major score drop from new CC or Deleted Account

What's weird my EX score went up 15 points with a new inquiry today. In my case inquiries have had little effect on my score all three bureaus have gone up, although they have affected when actually applying and being denied. I wonder how much my score is going to dip once some of my new acounts report and bring my aaoa down a bit. I still think it wont drop much since my util is going to be around 5% once they report

 

 photo ex score 1020_zpsrjasvx2h.png

Mid 500's Spring 2014 As of 06/07/16 EQ-700^ TU-738^ EX-697v In the Garden 5/28/16! Goals 750 across the board end of 2016
AU:
Message 3 of 10
Anonymous
Not applicable

Re: Major score drop from new CC or Deleted Account

If those Discover lates were your only derogs then you've been rebucketed.
Message 4 of 10
Anonymous
Not applicable

Re: Major score drop from new CC or Deleted Account

Sadly, they weren't my only derogs. I still have:

 

-1 unpaid CO that drops off March 2016

-2 paid CO's that drops off July 2016

-1 paid collection that drops off July 2016

-1 paid CO that drops off in 2019

-8x 30 day lates between 1-2.5 years ago

-2x 120 day lates 2 years ago

 

So, I still have quite a few hits on my CR. I wonder given that if I could still be rebucketed?

 

That was such a huge drop when I finally hit the 700 mark Smiley Sad

 

Message 5 of 10
Bankrupt2019
Established Contributor

Re: Major score drop from new CC or Deleted Account

I wouldnt have had that account deleted with only those derogs in it, the age and positive payments were proabably helping your score.









Message 6 of 10
Anonymous
Not applicable

Re: Major score drop from new CC or Deleted Account

fixingmycredit1234

 

From the four items you listed in your first post, all except the third one would be positive.

 

What was the CL on the Discover that was deleted?  If that was high compared to the others and now its gone, that would effect your UTI and it could be higher now.  You did get a 3k CC added though.

 

Just adding an INQ or two shouldnt make that big of a negative difference.

 

I am curious what caused the score drop also.

 

 

 

 

 

 

 

Message 7 of 10
Anonymous
Not applicable

Re: Major score drop from new CC or Deleted Account -UPDATE-

So, my scores never really bounced back from the deletion of the Discover account.

 

I should note, I requested that account to be deleted since it had baddies from 2008/2009 (a 60 and 90 day late). I should have just let them age off (since it was only a few months away from aging off) and then let the card continue to report "OK". It reported until the card was closed in 2012 (which would have kept it on my record until 2022 as a positive tradeline). The card was by far my oldest card as it was opened in 2001.

 

It was a very, very bad idea of me to request the account be deleted, which Discover honored.

 

After I realized what I did (when I saw my scores plummet) I reached out to the EO to get it added back and was initially informed that wasn't possible. After re-trying, I just received notice that Discover is now going to start reporting it again so I should have the AAOA + baddies dropped off!

 

We'll see if my scores pop back up!

 

 

Message 8 of 10
Anonymous
Not applicable

Re: Major score drop from new CC or Deleted Account


@Anonymous wrote:

Sadly, they weren't my only derogs. I still have:

 

-1 unpaid CO that drops off March 2016

-2 paid CO's that drops off July 2016

-1 paid collection that drops off July 2016

-1 paid CO that drops off in 2019

-8x 30 day lates between 1-2.5 years ago

-2x 120 day lates 2 years ago

 

So, I still have quite a few hits on my CR. I wonder given that if I could still be rebucketed?

 

That was such a huge drop when I finally hit the 700 mark Smiley Sad

 


Just realized those were CK FAKO scores. CK tends to be a drama queen. Your real FICO's were probably not affected nearly as much.

Message 9 of 10
Anonymous
Not applicable

Re: Major score drop from new CC or Deleted Account

Yeah, MyFico scores dropped 20-30 points.

Message 10 of 10
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