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Confused about massive point drop

New Contributor

Confused about massive point drop

Yesterday, my EX was 635...this morning I checked, and it had dropped 45 points to 590. What in the world?? I reviewed the report and didn't see any new negatives. I know I have probably made more inquiries than necessary lately, and I plan to garden for a while, but would that really result in a 45 point drop? I'm not going to get discouraged, because I know I've been taking the right steps, etc., but a drop of this magnitude has taken me aback. Any ideas?
Today's spearhead is tomorrow's rear flank.
Message 1 of 10
9 REPLIES
Frequent Contributor

Re: Confused about massive point drop

How many inquiries are you talking? Under 5? the answer would be no. Massive amounts, a possibility. From the apps, how many were approved, as this would decrease your AAoA substantially if you were approved for quite a few. Also are all your cards carrying a balance except one? Or is a card(s) carrying a higher balance this month vs last month? If so you may have crossed a higher utilization threshold and could have added to the higher decrease in score. 

 

Where are you obtaining your score(s)?

Starting Score: 2/23/2017 Score 8 EQ 651 TU 659 EX 679
Current Score:11/23/2017 Score 8 EQ 744 TU 743 EX 743
Mortgage Scores 11/23/2017 EQ 756 TU 771 EX 754
Goal Score: 760+ ATB FICO 8, Middle Mortgage Score 760
Message 2 of 10
New Contributor

Re: Confused about massive point drop

Probably more than 10 (I got carried away but I'm strictly gardening for now), none approved My balances have gone down from last month. I have one paid "baddie" that is still showing unpaid, but that one was there when I was at 635. I'm confident that the creditor (a local CU) will report it as paid once they go through their process.
Today's spearhead is tomorrow's rear flank.
Message 3 of 10
New Contributor

Re: Confused about massive point drop

I forgot to mention in my last post...I obtained my scores from Experian's website (the "FICO 8" scores)
Today's spearhead is tomorrow's rear flank.
Message 4 of 10
Frequent Contributor

Re: Confused about massive point drop

Yeah, over 10 can dinged you pretty bad. I definitely would garden and pay down on debts, your utilization may or may not be high for it to have sunk to 590. But the inquires will not be scoreable in one years on FICO 8, I would let them age off then since there are pretty many on there. Keep utilization low. So when your scores raise, you will be able to obtain decent cards, not sub prime, with high APR, or Annual Fees. Keep the payments timely, and your scores will rise. Just work on ridding any baddies that you can, either if paid off, using goodwill letters pleading for removal, and any open offering any pay for deletes. With credit, it is definitely not a sprint, but you will reap the rewards before the marathon is over. 

Starting Score: 2/23/2017 Score 8 EQ 651 TU 659 EX 679
Current Score:11/23/2017 Score 8 EQ 744 TU 743 EX 743
Mortgage Scores 11/23/2017 EQ 756 TU 771 EX 754
Goal Score: 760+ ATB FICO 8, Middle Mortgage Score 760
Message 5 of 10
Community Leader
Valued Contributor

Re: Confused about massive point drop

Did the baddie update? Especially if it hadn't updated I a while?
Message 6 of 10
Valued Contributor

Re: Confused about massive point drop

Did I hear right, that none of your 10+ INQ were approvals?

Amex Green • Amex BCP • Amex HH (Surpass®) • Barclay Rewards • Chase World of Hyatt • Capital One Quicksilver • Discover it • PENFED Platinum Rewards • Marvel MC • Amazon Store • Kohls Store • CL $92,130 • Car Loan (PENFED) 1.99%

FICO® 8 Scores 790+
Message 7 of 10
Senior Contributor

Re: Confused about massive point drop

Regarding the inquiries, the OP says he probably took around 10.  Are you talking 10 total across all 3B, or are you talking 10 specifically on EX?  If it's 10 across all 3B, we can venture to guess that maybe 3-4 of them landed on EX.  Also what's important to know is how many inquiries you had on EX prior and how many you had post-spree, as that can help determine how many points you may have lost from the inquiries. 

Message 8 of 10
Highlighted
New Contributor

Re: Confused about massive point drop

Good morning, everyone, and thank you all for your responses. I took the weekend "off" from credit maintenance so I'm just getting a chance to respond. Not of the 10+ apps I submitted were approved. I still don't see any new info of my reports, so I'm guessing it is the app spree that dinged me so badly (I noticed that EQ and TU haven't changed, just that EX has come down to about where they are) So my plan going forward is this: 1. No new apps at all for at least a couple months 2. Operation Good Will Scorched Earth (writing to request goodwill deletions since everything is now paid) 3. I'm not going to look at my scores for at least a couple weeks...not that I'm sticking my head in the sand...I will still review any "alerts" that I receive and of course I will continue making payments and staying on top of balances...I'm just going to avoid checking and re-checking that 3 digit number multiple times a day because it can take over a person's life if proper perspective isn't maintained Even with this drop, I'm still way ahead of where I was a couple months ago...and miles ahead of where I was a year ago
Today's spearhead is tomorrow's rear flank.
Message 9 of 10
Super Contributor

Re: Confused about massive point drop


EpicSwoleness1 wrote:
Yesterday, my EX was 635...this morning I checked, and it had dropped 45 points to 590. What in the world?? I reviewed the report and didn't see any new negatives. I know I have probably made more inquiries than necessary lately, and I plan to garden for a while, but would that really result in a 45 point drop? I'm not going to get discouraged, because I know I've been taking the right steps, etc., but a drop of this magnitude has taken me aback. Any ideas?

To know what caused the score drop you'd need to review your EX report from before the score drop and your report after the score drop.

 

FICO8 EQ 721 TU 772 EX 777 Total revolving credit 500k
Message 10 of 10