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Frequent Contributor
Catacam
Posts: 491
Registered: ‎02-06-2012
0

Credit Score Drop

So I am confused. My score just dropped 26 points because balance on one of my cards decreased?? Nothing else, no inquiry, nothing... WTH?

CLOSED ON OUR FIRST HOME MAY 30TH!!!


Starting Score: TU 589 EQ 526 EX603
Current Score: TU 635 EQ 603 EX ??
Goal Score: 750


Take the FICO Fitness Challenge

Administrator Emeritus
Barry
Posts: 4,390
Registered: ‎03-01-2007
0

Re: Credit Score Drop


Catacam wrote:

So I am confused. My score just dropped 26 points because balance on one of my cards decreased?? Nothing else, no inquiry, nothing... WTH?


What changes, if any, were there in the reason codes you received with those scores?

 

In a past life I served as FICO consumer affairs manager and myFICO Forums community manager from 2007 to 2012. I'm now freelance writing for CreditCards.com and blogging at SpeakingOfCredit.com.
Frequent Contributor
Catacam
Posts: 491
Registered: ‎02-06-2012
0

Re: Credit Score Drop

HI Barry,

 

There was no code. It was a score watch alert on equifax. All it says is that my balance decreased by 3%. I'm so confused. Any thoughts?

CLOSED ON OUR FIRST HOME MAY 30TH!!!


Starting Score: TU 589 EQ 526 EX603
Current Score: TU 635 EQ 603 EX ??
Goal Score: 750


Take the FICO Fitness Challenge

Senior Contributor
DaBears
Posts: 3,930
Registered: ‎10-26-2012
0

Re: Credit Score Drop

Are you sure nothing else has happen on your EQ report? What is your current UTIL%

Frequent Contributor
Catacam
Posts: 491
Registered: ‎02-06-2012
0

Re: Credit Score Drop

If anything else has changed, is isn't showing. This is from scorewatch, and it is my only alert.

 

The only thing that I can even begin to think is that some of my recent credit cards just turned 1 year old. I have heard of re-bucketing, but this wouldn't be that, would it?

CLOSED ON OUR FIRST HOME MAY 30TH!!!


Starting Score: TU 589 EQ 526 EX603
Current Score: TU 635 EQ 603 EX ??
Goal Score: 750


Take the FICO Fitness Challenge

Senior Contributor
DaBears
Posts: 3,930
Registered: ‎10-26-2012
0

Re: Credit Score Drop

Did you recently got rid of all baddies? If so, it is possible that you were rebucketted which will allow you to get even higher scores now!!!!!

Valued Contributor
Gunnar419
Posts: 1,158
Registered: ‎01-23-2013
0

Re: Credit Score Drop


Catacam wrote:

If anything else has changed, is isn't showing. This is from scorewatch, and it is my only alert.

 

The only thing that I can even begin to think is that some of my recent credit cards just turned 1 year old. I have heard of re-bucketing, but this wouldn't be that, would it?


Agree with DaBears. It could be rebucketing. But you can't rely on SW alone to know. SW may give you one alert when two or three different things are actually going on. The only way you can tell is to look at your credit report. Even then, if you don't see anything else going on, you may be left wondering. But you may see something. Could a credit line have decreased or an old, closed positive tradeline have dropped off or something like that?

 

Frequent Contributor
Catacam
Posts: 491
Registered: ‎02-06-2012
0

Re: Credit Score Drop

[ Edited ]

Sorry so slow to respond. Yes, it is strange and I did have a 7 year old baddie fall off. I wouldn't think it would matter that much. It is so strange. My TU is 646, EX is 666, and EQ is 585???  EQ was 611. So confused. Oh well, I have my home and need no more toy limits, which is all I get when I apply, so I guess I will just garden away!

CLOSED ON OUR FIRST HOME MAY 30TH!!!


Starting Score: TU 589 EQ 526 EX603
Current Score: TU 635 EQ 603 EX ??
Goal Score: 750


Take the FICO Fitness Challenge

Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: Credit Score Drop

Sounds like a good plan!


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

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Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Administrator Emeritus
Barry
Posts: 4,390
Registered: ‎03-01-2007
0

Re: Credit Score Drop

[ Edited ]

Catacam wrote:

Sorry so slow to respond. Yes, it is strange and I did have a 7 year old baddie fall off. I wouldn't think it would matter that much. It is so strange. My TU is 646, EX is 666, and EQ is 585???  EQ was 611. So confused. Oh well, I have my home and need no more toy limits, which is all I get when I apply, so I guess I will just garden away!


I wouldn't doubt some rebucketing could be going on, but that 26 point drop seems too much to only be due to landing in a new bucket.  Any other baddies remaining? How old is your newest account?  At least your balances are showing a decrease, which is always good.  I agree with the recommendation to pull your EQ report, if you haven't done so recently - and if you do, let us know what you find or don't find.
-Barry

 

In a past life I served as FICO consumer affairs manager and myFICO Forums community manager from 2007 to 2012. I'm now freelance writing for CreditCards.com and blogging at SpeakingOfCredit.com.

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