Credit Score Sudden Drop

[ashkot]

Hi all, hope someone can help. My score was at 590 and then went to 630 in November 2011. Then all of a sudden in this month of Jan, the score dropped to 585 when I havent done anything radical. There were a few events last year, that i want to list.

Changed Employers - June 2011

Changed Address - Aug 2011

Opened Capital One Card - Oct 2011

Could any of these make my credit score go down and that too after so many months.

Thanks in advance.

Ashwin

[namvet]

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@ashkot wrote:

Hi all, hope someone can help. My score was at 590 and then went to 630 in November 2011. Then all of a sudden in this month of Jan, the score dropped to 585 when I havent done anything radical. There were a few events last year, that i want to list.

Changed Employers - June 2011

Changed Address - Aug 2011

Opened Capital One Card - Oct 2011

Could any of these make my credit score go down and that too after so many months.

Thanks in advance.

Ashwin

 Opening a new credit card is the only thing that would have caused a score drop.  Your score will rebound with on time payments and reasonable credit usuage.   We all have to change employers/addresses from time to time. 

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[ashkot]

thank you. do you think a drop of 45 points is justified?

ashwin

[MarineVietVet]

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@ashkot wrote:

Hi all, hope someone can help. My score was at 590 and then went to 630 in November 2011. Then all of a sudden in this month of Jan, the score dropped to 585 when I havent done anything radical. There were a few events last year, that i want to list.

Changed Employers - June 2011

Changed Address - Aug 2011

Opened Capital One Card - Oct 2011

Could any of these make my credit score go down and that too after so many months.

Thanks in advance.

Ashwin

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Hi there.

Changing employment or address would not have any effect on your score. 45 points for adding a new account does seem excessive.

 Did you have any other changes since the last score pull? Any negatives added or removed?

May I ask where you are getting your score?

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Revelate]

I dropped 40 points nearly overnight when opening up new accounts at roughly the same FICO as you (I suppose it might be a little more accurate to put my starting scores at the ~600 I had pre-application spree).

It all depends on what else is in your file, but to be blunt: don't worry about gains or losses over a short period of time when it comes to the FICO scoring model - what you're looking for is long-term trends upward, especially from where our scores are currently.

Beyond that, pull the actual report and go through it line by line in comparison to your old one if you really want to see; however, between possible rebucketing and the new account (and inquiry), having a substantial drop especially if your file is a little thing anyway isn't necessarily unusual.