cancel
Showing results for 
Search instead for 
Did you mean: 

I know it's only a FAKO but ...

tag
Gunnar419
Valued Contributor

I know it's only a FAKO but ...

I know it's only a FAKO and I shouldn't panic. But my Credit Sesame/Experian score plunged by 50 points today -- to the lowest it's ever been.

 

The only credit "news" I'm expecting should be good -- a nice, big, brand new CL that should substantially lower my utilization. That new card hasn't shown up yet at TU/CK or at Eq/MyFico.

 

CS gave NO reason for the sudden plunge. I wondered if the new card might have reported to Ex. and somehow be hurting me instead of helping

 

I tried to get my Experian report from AnnualCreditReport.com and was denied for reasons unknown (I have no freezes on the account; haven't gotten a free report in years, etc.). Rather than taking the weeks to try to get it by mail, I bit the bullet and bought the Experian report from CS. (Funny that they're willing to sell it to me but not give me my free copy.)

 

There is absolutely no recent change on the report except one inquiry (for which I was already dinged 10 points on CS and which all three CRAs have had for weeks). The new card hasn't reported yet. And my utilization hasn't substantially changed on existing accounts (except to improve a little). Nothing whatsoever to account for a plunging score.

 

Yes, I know it's FAKO. But if the same data is on the report two months running, why would any scoring model suddenly penalize somebody by 50 points? Does anybody have any insight? Does this indicate any sort of trouble?

 

Thank you.

Message 1 of 12
11 REPLIES 11
bobebob
Frequent Contributor

Re: I know it's only a FAKO but ...


@Gunnar419 wrote:

I know it's only a FAKO and I shouldn't panic. But my Credit Sesame/Experian score plunged by 50 points today -- to the lowest it's ever been.

 

The only credit "news" I'm expecting should be good -- a nice, big, brand new CL that should substantially lower my utilization. That new card hasn't shown up yet at TU/CK or at Eq/MyFico.

 

CS gave NO reason for the sudden plunge. I wondered if the new card might have reported to Ex. and somehow be hurting me instead of helping

 

I tried to get my Experian report from AnnualCreditReport.com and was denied for reasons unknown (I have no freezes on the account; haven't gotten a free report in years, etc.). Rather than taking the weeks to try to get it by mail, I bit the bullet and bought the Experian report from CS. (Funny that they're willing to sell it to me but not give me my free copy.)

 

There is absolutely no recent change on the report except one inquiry (for which I was already dinged 10 points on CS and which all three CRAs have had for weeks). The new card hasn't reported yet. And my utilization hasn't substantially changed on existing accounts (except to improve a little). Nothing whatsoever to account for a plunging score.

 

Yes, I know it's FAKO. But if the same data is on the report two months running, why would any scoring model suddenly penalize somebody by 50 points? Does anybody have any insight? Does this indicate any sort of trouble?

 

Thank you.


 

My bet would be on the new CL.  While the improved util will help you long-term, in the short-term the new account will bring you down more.

 

 

bobebob || Nov: My FICO SW EQ(Upgraded Version) = 822 ||Sept: Walmart TU Fico=838Goal = FICO's>800 || In my wallet: CostcoAmEx(20k), DCU Visa Platinum (10k), BoA Visa Signature (17.1k), Walmart Discover (7.5k), AmEx Corporate (5k). All PIF every month.
Message 2 of 12
Gunnar419
Valued Contributor

Re: I know it's only a FAKO but ...

Thanks for the response, bobebob. But the new credit card still isn't reporting. That's what I expected to find when I pulled the Experian report. But it's not there. It's not reporting yet so I don't see how it could be producing this crazy downfall.

 

I've examined that report practically with a microscope -- and not one thing on it has substantially changed from when my score was 50 points higher.

Message 3 of 12
Gunnar419
Valued Contributor

Re: I know it's only a FAKO but ...

bump.

 

Please forgive me. I don't mean to be a pest. But I've gone over and over and over that Experian report and there is absolutely nothing that wasn't on the record weeks ago. My credit picture is very simple: three accounts, zero baddies, one inquiry (with card not reporting yet). Basically no changes except slightly reduced utilization.

 

How can any scoring model, even a FAKO, suddenly decide I'm worth 50 points less when the data hasn't changed?

 

Very frustrating not to be able to see and solve the problem.

 

I know some of you must think I'm overlooking something on the report or misrepresenting something. But I swear I'm not.

 

 

Message 4 of 12
foofighter74
Established Contributor

Re: I know it's only a FAKO but ...

Those sites are not perfect, and the data they pull of your actual credit report is sometimes not correct.  They design their system to pull from buckets off a specific CRA's report, and the data isn't always perfect.  Look closely and make sure that your monthly payments are correct where it lists your balances.  I know that some people wind up with monthly payments reporting even though their card balance is zero.  This creates more monthly debt and can reduce your score, and unless you're looking at your financial info, you wouldn't necessarily notice it on the main screen.  And there may actually be some sort of change on your actual credit report that is being reflected in your number but isn't necessarily being reported as a "change".  I find those sites essentially worthless because of the issues i've seen.

Message 5 of 12
Gunnar419
Valued Contributor

Re: I know it's only a FAKO but ...

Thanks for the insights, foofighter.

 

I agree (and hope) that the FAKO sites and scores leave a lot to be desired. I actually get a lot out of CK as far as tracking my progress and guarding against identify theft, but am wondering how CS even justifies its existence (other than as one of the few ways to get even a phony Experian score without apping.

 

But what you say here is interesting: "And there may actually be some sort of change on your actual credit report that is being reflected in your number but isn't necessarily being reported as a "change". "

 

Yeah, I'm beginning to wonder about that. FWIW, the data on both CS and the Ex. report I bought from them are correct, and the report contains an estimated score just one point higher than the one CS gives. The new card is NOT reporting yet. But is it even within the realm of possibility that the scoring could reflect the new credit even before the new credit actually shows on the report?

 

Message 6 of 12
bobebob
Frequent Contributor

Re: I know it's only a FAKO but ...


@Gunnar419 wrote:

bump.

 

Please forgive me. I don't mean to be a pest. But I've gone over and over and over that Experian report and there is absolutely nothing that wasn't on the record weeks ago. My credit picture is very simple: three accounts, zero baddies, one inquiry (with card not reporting yet). Basically no changes except slightly reduced utilization.

 

How can any scoring model, even a FAKO, suddenly decide I'm worth 50 points less when the data hasn't changed?

 

Very frustrating not to be able to see and solve the problem.

 

I know some of you must think I'm overlooking something on the report or misrepresenting something. But I swear I'm not.

 

 


As the man in the black mask said to Inigo, "Get used to disappointment."

Truely, you will drive yourself bat-$#!] crazy if you try to figure out how the scoring system works.

bobebob || Nov: My FICO SW EQ(Upgraded Version) = 822 ||Sept: Walmart TU Fico=838Goal = FICO's>800 || In my wallet: CostcoAmEx(20k), DCU Visa Platinum (10k), BoA Visa Signature (17.1k), Walmart Discover (7.5k), AmEx Corporate (5k). All PIF every month.
Message 7 of 12
starry1
Valued Contributor

Re: I know it's only a FAKO but ...

Any chance it was a rebucket?

Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
Current Score: 1/22/15 TU 645; EQ 605; EX 633 New goal 675
Cap1 sec $1k (SD) / Fingerhut $2k / Flagship $12k / cashRewards $12k / NavChek $15k / Amazon $2k / Von Maur $1k / Firestone $2.2k / BCU $3k / NFL $1k / QS1 $750 / Target $400 / PPSC $800 / Conoco $700 (last app 09/29/14)
Message 8 of 12
Gunnar419
Valued Contributor

Re: I know it's only a FAKO but ...

Rebucket. Hm. Hadn't thought of that. I always thought rebucketing was only for people who had baddies falling off their accounts. Nothing fell off or went on my account at all. But then, what I don't know about rebucketing would ... fill buckets. Smiley LOL

Message 9 of 12
Gunnar419
Valued Contributor

Re: I know it's only a FAKO but ...


As the man in the black mask said to Inigo, "Get used to disappointment."

Truely, you will drive yourself bat-$#!] crazy if you try to figure out how the scoring system works.


Smiley LOL  I hear ya there, bobebob!

 

But that just makes me want to go, "Hello. My name is Gunnar Montoya. You &^%$ed my credit. Prepare to die!"

 

Message 10 of 12
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.