All 3 Credit scores dropped 50+ points with out any change what so ever!

[Revelate]

The description is a bit confused but for the sake of the discussion I'm going to assume that the Equifax score was from myFICO and what happened was the EQ '04 to EQ '08 transition in March.

FICO '08 appears to penalize thin files a lot more harshly: I really don't know why they made this change but it's notable and we've had a lot of thin files suggest they're dropping 50 or more points.

While I hate to suggest anyone open up credit they don't need, if you only have one tradeline reporting, go get a couple more.  Pick up a total of 3 credit cards and have an installment line somewhere even if it's just a $500 share secured tradeline from Alliant, and then let time work it's magic.  Unfortunately we really don't know where the breakpoint is (not nearly enough anecdotal data yet to really try to pin it down) but I think it's a reasonable guess that it's at 4 tradelines, since FICO's customers are the lenders, and 4 has been the magic number defining thin vs. thick files for decades there as I understand it.

[xynephadyn]

My jaw hit the floor when on May 14th my Equifax score went from 660 to 641 and it was 660 on May 2nd.  In two weeks my score dropped 19 points.  I worked my ass off for the past year getting my score to where i can buy a mortgage.  Does anyone know if this is just MyFico's scoring? Or is it the Mortgage scoring aswell?  I saw my credit counselor on May 3rd and It was the same as MyFico scoring which happens to be a point or two off of the mortgage scoring well be using to buy a house.  I was planning on using MyFico as tool to let me know when I should preapprove.  I was going to do that this week.  Now I have no idea whats going on.  My Equifax score did not change, no new reports added nothing.  My Equifax score did not drop but it did in myFico.  I am PISSED!!!

[user5387]

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@xynephadyn wrote:

My jaw hit the floor when on May 14th my Equifax score went from 660 to 641 and it was 660 on May 2nd.  In two weeks my score dropped 19 points.  I worked my ass off for the past year getting my score to where i can buy a mortgage.  Does anyone know if this is just MyFico's scoring? Or is it the Mortgage scoring aswell?  I saw my credit counselor on May 3rd and It was the same as MyFico scoring which happens to be a point or two off of the mortgage scoring well be using to buy a house.  I was planning on using MyFico as tool to let me know when I should preapprove.  I was going to do that this week.  Now I have no idea whats going on.  My Equifax score did not change, no new reports added nothing.  My Equifax score did not drop but it did in myFico.  I am PISSED!!!

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I would suggest getting the EQ "Score Power" FICO (EQ 04) product from the EQ web site.

Or in a longer-term context, the EQ 04 from DCU or the EX 04 from PSECU.

Any sort of FAKO score, or the scores sold here, are different from the ones found in the mortgage business.