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Good Morning
I was having a great week than I wake up today to three alerts from myFico saying a change to my account has been found. I think its one of my CLI's being reported. No instead its EX reporting my installment loan and my score plummeted 27 points. Yeah 27 POINTS are you kidding me right now. So angry I swear, the only saving grace is they at least waited until I got my CLI's yesterday but still this is such crap. Why take so much for just reporting a new loan
@Anonymous wrote:Good Morning
I was having a great week than I wake up today to three alerts from myFico saying a change to my account has been found. I think its one of my CLI's being reported. No instead its EX reporting my installment loan and my score plummeted 27 points. Yeah 27 POINTS are you kidding me right now. So angry I swear, the only saving grace is they at least waited until I got my CLI's yesterday but still this is such crap. Why take so much for just reporting a new loan
Overall utilization might be part of the picture, too. What is your utilization on credit cards?
UTIL is 8%
Ex likes under 5%. Mine took a small tumble when overall at 7%, and one card at 18%. Another three months, the installment should provide a stabilizing effect to your reports, and those swings will be much smaller. Six months, and the scores rise above starting point (depending on how clean the reports are.)
I do hope so i mean 27 points is a heavy hit and for my CR the ony thing that I believe is hurting me is all the HP's there are a lot at least 11 per each CRA No Baddies No Lates and only 8% UTIL across all cards
@Anonymous wrote:Good Morning
I was having a great week than I wake up today to three alerts from myFico saying a change to my account has been found. I think its one of my CLI's being reported. No instead its EX reporting my installment loan and my score plummeted 27 points. Yeah 27 POINTS are you kidding me right now. So angry I swear, the only saving grace is they at least waited until I got my CLI's yesterday but still this is such crap. Why take so much for just reporting a new loan
Experienced the same thing and a 28 point drop ... dumfounded! It all recovers over time but what a hit. As has been mentioned the installment loan will help stabilize the credit report.
It's just a little upsetting because I am doing everything I can to keep things right with my credit. Paying 100% on time keeping UTIL around 8% never taking cash advances and monitoring everything and to watch your score plummet from 660 to 633 hurts very bad so I am hoping once the payments on the loan start reporting it will go back up the only positive thing I guess for now is on EQ is reporting the loan and I am not taking hits on the other two CRA's
A new loan has zero months age.
It is affecting your AAoA.
@Anonymous wrote:Good Morning
I was having a great week than I wake up today to three alerts from myFico saying a change to my account has been found. I think its one of my CLI's being reported. No instead its EX reporting my installment loan and my score plummeted 27 points. Yeah 27 POINTS are you kidding me right now. So angry I swear, the only saving grace is they at least waited until I got my CLI's yesterday but still this is such crap. Why take so much for just reporting a new loan
A 20 to 30 point drop associated with a new installment loan is standard and should be anticipated by those seeking such loans. However, YMMV according to credit profile history. Generally, scores rebound after 90 days.
If it is your only open installment loan, the loan may give you a higher long term score potential - particularly if you don't even have a closed installment/mortgage loan in your report history.