Score Drop

[gamecockmd]

MyFICO Scorewatch notified me of a 23 point drop in Equifax score today. My score had been rather steady for the better part of the last year (minus some small up and down fluctuation. Have been watching my score for the last approximately 4yrs. Had a few late payments at that time and started out with a 597. My score had increased to 756 were I seemed to hit a ceiling. As previously, stated my score kind of stabilized there until today. 23 point drop with no new accounts, inquiries or negatives on credit report. Has the FICO 2008 scoring begun or is this just a matter of being changed from one scorecard (or bucket, if you prefer that term)?

[Anonymous]

doesn"t the alert list possible reason(s)?

[gamecockmd]

This is what it says:

"This score decrease may be caused by these 2 new reasons: * You have multiple accounts showing missed payments or derogatory descriptions. * You have a consumer finance account on your credit report."

As mentioned previously there are no new lates and no new accounts which leads me to believe that that either I've been changed to a new scorecard or that FICO '08 has been started.

Message Edited by gamecockmd on 08-09-2008 06:21 AM

[haulingthescoreup]

I think it's a new bucket, where they're now counting a CFL, or you're now getting dinged more for multiple accounts with lates.

Did your oldest account just have a "birthday", or did your average age go up by a year?

The EX version of FICO 08 is reportedly being used by a very, very few lenders, but NONE of the FICO 08 scores are being used or sold here at this site.

Message Edited by haulingthescoreup on 08-09-2008 06:33 AM

[gamecockmd]

Yeah, now that I look for that information my oldest account did have it's 18th B-day. *SIGH* Do the right things for 4 yrs and get dinged for my account aging. And would you believe the alert came less than an hour after I called a realtor and told him there was a house I wanted to tour? (For the first time in over 2 years...)


And thanks so much for your reply!

Message Edited by gamecockmd on 08-09-2008 06:39 AM

[gamecockmd]

and what is a CFL? That's the first time they've mentioned that term. I just assumed it meant any form of loan since I have no new accounts.the only accounts I have that are open are 2 credit cards with nearly 0% util and a mortgage...

[haulingthescoreup]

Ouch, welcome to the 18+ bucket, where we are competing with people like that accursed MidnightVoice. Once you have 18+ years, it is assumed that you're supposed to know better and not have baddies. Oh, well.

I was doubly penalized by also getting a lot of new credit right before I hit 18 years, so I'm moping, too. Scores are starting to recover, though.

[haulingthescoreup]

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@gamecockmd wrote:
and what is a CFL? That's the first time they've mentioned that term. I just assumed it meant any form of loan since I have no new accounts.the only accounts I have that are open are 2 credit cards with nearly 0% util and a mortgage...

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A CFL is a consumer finance loan. They are typically higher APR's and easier to get. They often come from "store-front" lenders, including Citifinancial, Wells Fargo Financial, and so forth. They can also be in-store financing, although many of those are now being coded as revolving instead.

It's more likely that it's the multiple-accounts-with-derogs that's hurting you in your new bucket. I have a closed CFL, but it's not mentioned as a negative. I get multiple accounts, a serious derog (a 90-day), short average history, and new accounts. As these fade away, I suppose they'll drag up the CFL.

FWIW, a CFL has a minimal ding. It's more that you don't get as many points for one as you would for a regular loan. Exasperating, but really pretty minor in the big scheme of things.