Okay, in the past couple of weeks I have had a slight ding (10 points) because of a new inquiry and a new account being opened (trying to get more TL as that was a "negative" on my report). I subscribe to Score Watch and just received a notice that my score dropped another 20 points. I went in and checked what was going on... I had sent a dispute because a dept. store card was not showing the current balance and had my account listed as overdue. This was not the case. I sent in the dispute and about a week later the dept. store updated the info (so it then indicated $0 balance) and there was not a change in my score. Here is the info I received from Score Watch:
This decrease in your FICO® score happened on the same day as a change on your Equifax Credit Report™ which triggered an alert. Most likely, the decrease was caused by the credit report change, but this is not always the case. Your score may have dropped because of some change on the credit report that was not reported as an alert. Also, if multiple changes on the credit report happened on the same day, some may have helped the score while others hurt it.
Past due: $0
Status: Pays acct as agreed
Last activity: 1/1/07
High balance: $2697
Desc: Consumer disputes this account information. Closed or paid account/zero balance
After dispute (and drop of 20 points):
Past due: Not on record
Stauts: Pays account as agreed
Last activity: 2/1/07
High balance: $2696
Desc: Consumer disputes this account information. Account closed by credit grantor.
Can anyone shed any light on this... I went from 711 (after the 10 point ding) to 691.... OUCH!!!!
According to Score Watch, the drop was because of the new information, not an inquiry. I already had a 10 point ding for an inquiry last week (to build a TL). Would the changes in the info I provided constitute a 20 point drop in one day?
I am not sure, but according to the description after the dispute, this account was closed by the Credit Grantor. If the account was indeed closed, then you have less available credit which will drop your score ( by increasing your debt ratio).
I thought that while you are disputing an item it temp doesn't calculate it into the scores. That would affect possibly util and hx. Especially if it is closed then her util is still affected. Let me know if I am barking up the wrong tree here?