Reply
Established Member
liz20
Posts: 40
Registered: ‎03-21-2008

My FICO score just dropped 7 pts out of nowhere

[ Edited ]

My score just dropped 7 pts out of nowhere...with no changes or anything...lower balance actually on my cards.  This is FICO being mean I guess.  I had an inquiry a few days back and got a new credit card since my report stated NO NEW ACCOUNTS as "NEGATIVE"  .  Actually the inquiry wasn't even on EQ, it was on EX from Amex and on TU from Citi. I got 2 new credit cards that I applied about 11 days ago. Will this be the reason for 7pts lost. My EX just went down 1 pt.

----------------------------------------------------------------

Alert: Your FICO® score has dropped
Score Watch alert/Changes to your FICO® Score  
Your FICO® score decreased to 743 on March 28, 2008.
Changes to your credit report  
Your FICO® score went down on a day when there were no credit alerts on your Equifax Credit Report™. This can happen if:
  • There was a change on your credit report that lowered your score but did not trigger an alert. For example, the balance on an account might have increased enough to lower your score, but not enough to trigger a balance increase alert.
  • You moved from one category of credit users to another as time passed. For example, you may have transitioned from the category "consumers with a new credit history" to the category "consumers with a two- to five-year credit history". As a result, your credit report is evaluated differently, causing a slight change in your score. The good news is that moving between categories like this usually offers you the potential to reach a higher FICO® score in the future.


Message Edited by liz20 on 03-31-2008 02:25 PM

Message Edited by liz20 on 03-31-2008 02:25 PM
Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007

Re: My FICO score just dropped 7 pts out of nowhere

Welcome to your new scoring bucket!
 
As the message says, your drop is temporary as long as you keep doing what you're doing, and it opens up the door to higher scores in the future.
 
Think of it as three steps forward, one step back.
 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007

Re: My FICO score just dropped 7 pts out of nowhere

Don't feel bad. SW over the weekend said that my EQ score dropped 32 points over the weekend. I sure wish it was a bucket or I would have kicked the bucket....er..um.. that didn't come out right.
Established Member
liz20
Posts: 40
Registered: ‎03-21-2008

Re: My FICO score just dropped 7 pts out of nowhere

I hope it was a bucket for me too. I guess it was since I'm doing everything right. Thanks guys.
Valued Member
jeffy5869
Posts: 31
Registered: ‎01-13-2008

Re: My FICO score just dropped 7 pts out of nowhere

I had an alert this weekend that one of my credit card balances increased by $20, and that my score increased by 3 points.  Last month I have a credit card increase of about $28, and my score dropped 2 points.  I gave up on trying to figure out the math behind all of this!!! 
Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007

Re: My FICO score just dropped 7 pts out of nowhere



liz20 wrote:
I hope it was a bucket for me too. I guess it was since I'm doing everything right. Thanks guys.

You can TRY to figure it out if you look at your most recent report and see what might be different between that one and the one before it.
 
Did you lose any baddies?  Has your file crossed over a significant age threshold?  Not that we know what those are exactly, but if your oldest account just turned an exact number of years old, then that's a good indicator.
 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
Established Member
liz20
Posts: 40
Registered: ‎03-21-2008

Re: My FICO score just dropped 7 pts out of nowhere

 
Can I see unlimited credit reports with ScoreWatch 'cause I read on the website it says only 2 power report per year. I am on the 30 day trial now and was thinking on waiting to print my 2nd report on April 16. Just in case I end up cancelling the service. I am also on Experian credit monitoring from freecreditreport.com and they provide unlimited credit report and score. What product you guys recommend for looking at my *current* report and score anytime I want to.  Thanks.
Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007

Re: My FICO score just dropped 7 pts out of nowhere



liz20 wrote:
 
Can I see unlimited credit reports with ScoreWatch 'cause I read on the website it says only 2 power report per year. I am on the 30 day trial now and was thinking on waiting to print my 2nd report on April 16. Just in case I end up cancelling the service. I am also on Experian credit monitoring from freecreditreport.com and they provide unlimited credit report and score. What product you guys recommend for looking at my *current* report and score anytime I want to.  Thanks.


 

The scores you get through freecreditreport.com are not real FICO scores, and they are essentially worthless.  See the first post in the Credit Scoring 101 link in my siggy for an explanation of FICO and other credit scores and which kind you should care about.

If you want a product to monitor all your FICO and to pull your current myFICO report any time you want to, unfortunately there is no product for that, although many of us have been wishing for one for a long time.  If you don't have any power reports left and want to see your score and report, you have to buy it through FICO Standard or FICO Credit Complete.
 
I don't blame you for wanting to save the one power report you have left.  It's probably not THAT important to answer the rebucketing question to use your last power report.
 
Services like TrueCredit and other daily report pullers are good for monitoring your reports on a daily basis.  If you get a service like that, though, just make sure to only use the service to see your 3-in-1 reports.  Just ignore the scores that come with them.
 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
Established Member
liz20
Posts: 40
Registered: ‎03-21-2008

Re: My FICO score just dropped 7 pts out of nowhere

Thanks a lot for the info. So I guess it will be fine just to keep ScoreWatch service active and cancel the other services since I just wanted to see my CR. I guess I'll call and ask about the 25% off promotion available now. That will make it a better deal.

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+