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TU Dropped?

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NJ_Patriot
New Contributor

TU Dropped?

So when I pulled my TU Fico a month ago, it was 606 (via Myfico.com AND my Barclay's MC). Since then, I had a Derogetory remark (Legal Item) removed from my TU report. No need collections or debts. No late payments. CC utilization maintained below 9%. I did open up 2 new Credit Cards. Barclay's MC and my Cap1 QS1 card. Today my Barclay's MC sent me notification that my score updated for August. It dropped to 594... Why would it drop 12 points with nothing to technically impact it in such a way? 

 

My Experien score went up to 601 from 582 (via Discover Scorecard) and that one had the same legal item removed from the EX report... doesn't make any sense.

 

My Equifax score has dropped. They maintained the legal item even after dispute (which drops from my report regardless In July 2017 [+180 days]). I only know my FAKO score for now for EQ. I expected it to drop as I got notification of a new collection that was reported out of NOWHERE from 2010 for Capital One. I didn't receive any notice in the mail for this one, but I know it is def. mine. Just not sure why now all of a sudden it shows up after 6 years.

 

Any info you can provide on why you believe my TU would drop when it should have actually improved would be great. I've been monitoring reports/factors via CK by the way.

TU FICO 8 as of 7/2016 = 606 | TU FICO 9 as of 7/2016 = 660 | TU FICO 4 as of 7/2016 = 657 | GOAL: 760+
9 REPLIES 9
Anonymous
Not applicable

Re: TU Dropped?

I can't say for certain, but I do know that the new FAKO scores put a LOT of emphasis on new accounts and how it impacts your Age of Accounts.  I would guess that is why you saw the drop.  It should bounce back up.

 

Message 2 of 10
Anonymous
Not applicable

Re: TU Dropped?


@NJ_Patriot wrote:

So when I pulled my TU Fico a month ago, it was 606 (via Myfico.com AND my Barclay's MC). Since then, I had a Derogetory remark (Legal Item) removed from my TU report. No need collections or debts. No late payments. CC utilization maintained below 9%. I did open up 2 new Credit Cards. Barclay's MC and my Cap1 QS1 card. Today my Barclay's MC sent me notification that my score updated for August. It dropped to 594... Why would it drop 12 points with nothing to technically impact it in such a way? 

 

My Experien score went up to 601 from 582 (via Discover Scorecard) and that one had the same legal item removed from the EX report... doesn't make any sense.

 

My Equifax score has dropped. They maintained the legal item even after dispute (which drops from my report regardless In July 2017 [+180 days]). I only know my FAKO score for now for EQ. I expected it to drop as I got notification of a new collection that was reported out of NOWHERE from 2010 for Capital One. I didn't receive any notice in the mail for this one, but I know it is def. mine. Just not sure why now all of a sudden it shows up after 6 years.

 

Any info you can provide on why you believe my TU would drop when it should have actually improved would be great. I've been monitoring reports/factors via CK by the way.


A 5 point drop is typical when a new credit card account is added (beyond the first three). And you added two at once. Did you already have three accounts before adding those?

Message 3 of 10
NJ_Patriot
New Contributor

Re: TU Dropped?


@Anonymous wrote:

I can't say for certain, but I do know that the new FAKO scores put a LOT of emphasis on new accounts and how it impacts your Age of Accounts.  I would guess that is why you saw the drop.  It should bounce back up.

 


 

Good Point MrBill. I didn't even think about that. Maybe that's why it would have dropped. The only thing is, CK never reported my Cap1 QS1 account. Only the increase in total revolving credit amount. I have a secured cap1 platinum card that I still have active and had when I opened my Cap1 QS1 account. It never came up with a new account for the 2nd cap1 card. It did however report my Barclay's MC. That puts me at a total of 10 (Closed & Open) accounts on my TU Report. CK looks for 11+ to be considered "Good" or Above average on total accounts. That's of course based on the Vanguard 3.0 model so idk how that affects myFICO score.

TU FICO 8 as of 7/2016 = 606 | TU FICO 9 as of 7/2016 = 660 | TU FICO 4 as of 7/2016 = 657 | GOAL: 760+
Message 4 of 10
NJ_Patriot
New Contributor

Re: TU Dropped?


NormanFH wrote:


NJ_Patriot wrote:

So when I pulled my TU Fico a month ago, it was 606 (via Myfico.com AND my Barclay's MC). Since then, I had a Derogetory remark (Legal Item) removed from my TU report. No need collections or debts. No late payments. CC utilization maintained below 9%. I did open up 2 new Credit Cards. Barclay's MC and my Cap1 QS1 card. Today my Barclay's MC sent me notification that my score updated for August. It dropped to 594... Why would it drop 12 points with nothing to technically impact it in such a way? 

 

My Experien score went up to 601 from 582 (via Discover Scorecard) and that one had the same legal item removed from the EX report... doesn't make any sense.

 

My Equifax score has dropped. They maintained the legal item even after dispute (which drops from my report regardless In July 2017 [+180 days]). I only know my FAKO score for now for EQ. I expected it to drop as I got notification of a new collection that was reported out of NOWHERE from 2010 for Capital One. I didn't receive any notice in the mail for this one, but I know it is def. mine. Just not sure why now all of a sudden it shows up after 6 years.

 

Any info you can provide on why you believe my TU would drop when it should have actually improved would be great. I've been monitoring reports/factors via CK by the way.


A 5 point drop is typical when a new credit card account is added (beyond the first three). And you added two at once. Did you already have three accounts before adding those?



and Barclay's I had 1 auto loan and 2 credit cards (Cap1 Secure Platinum & Littman Jewelers CC). Now I have 4 total accounts. 1 auto 3 CC's. For some reason QS1 is not being counted as a seperate CC account I guess that's normal

TU FICO 8 as of 7/2016 = 606 | TU FICO 9 as of 7/2016 = 660 | TU FICO 4 as of 7/2016 = 657 | GOAL: 760+
Message 5 of 10
Anonymous
Not applicable

Re: TU Dropped?

One thing I have learned is that while rebuilding your scores will fluctuate wildly. (Is anyone a Smiths fan?  Oscillate Wildly?)  Things that wouldn't matter to a stable score can have big effects in either direction.  I pretty much ignore any changes 10-15 points either way right now.  Trying to isolate reasons is futile sometimes.

Message 6 of 10
NJ_Patriot
New Contributor

Re: TU Dropped?

That's a good point! I'm kind of rushing the process a bit aren't I? I've been rebuilding for a little over a month lol Maybe I just want to make sure i'm staying on course.
TU FICO 8 as of 7/2016 = 606 | TU FICO 9 as of 7/2016 = 660 | TU FICO 4 as of 7/2016 = 657 | GOAL: 760+
Message 7 of 10
Anonymous
Not applicable

Re: TU Dropped?

Yeah, it will be fine.  With credit it isn't location, location, location.  It is age, age, age.  They will eventually go up.

Message 8 of 10
NJ_Patriot
New Contributor

Re: TU Dropped?

PHEW! thanks for setting that straight lol I'm just anxious to finally get back to good standing in my life from the credit aspect.
TU FICO 8 as of 7/2016 = 606 | TU FICO 9 as of 7/2016 = 660 | TU FICO 4 as of 7/2016 = 657 | GOAL: 760+
Message 9 of 10
Anonymous
Not applicable

Re: TU Dropped?


@NJ_Patriot wrote:

@Anonymous wrote:


@NJ_Patriot wrote:

So when I pulled my TU Fico a month ago, it was 606 (via Myfico.com AND my Barclay's MC). Since then, I had a Derogetory remark (Legal Item) removed from my TU report. No need collections or debts. No late payments. CC utilization maintained below 9%. I did open up 2 new Credit Cards. Barclay's MC and my Cap1 QS1 card. Today my Barclay's MC sent me notification that my score updated for August. It dropped to 594... Why would it drop 12 points with nothing to technically impact it in such a way? 

 

My Experien score went up to 601 from 582 (via Discover Scorecard) and that one had the same legal item removed from the EX report... doesn't make any sense.

 

My Equifax score has dropped. They maintained the legal item even after dispute (which drops from my report regardless In July 2017 [+180 days]). I only know my FAKO score for now for EQ. I expected it to drop as I got notification of a new collection that was reported out of NOWHERE from 2010 for Capital One. I didn't receive any notice in the mail for this one, but I know it is def. mine. Just not sure why now all of a sudden it shows up after 6 years.

 

Any info you can provide on why you believe my TU would drop when it should have actually improved would be great. I've been monitoring reports/factors via CK by the way.


A 5 point drop is typical when a new credit card account is added (beyond the first three). And you added two at once. Did you already have three accounts before adding those?



and Barclay's I had 1 auto loan and 2 credit cards (Cap1 Secure Platinum & Littman Jewelers CC). Now I have 4 total accounts. 1 auto 3 CC's. For some reason QS1 is not being counted as a seperate CC account I guess that's normal


It will, just give it some time. Often Cap One cards won't show up until two-three months after opening.

Message 10 of 10
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