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Score dropped 15 points - no changes on report..??

Regular Contributor

Score dropped 15 points - no changes on report..??

Hi there Smiley Happy  My husband and I are in the process of having a home built, so needless to say I have been watching our FICO scores like a hawk and have subscribed to ScoreWatch for both of us.

 

Our LO had us pay down some credit cards to give him some points to balance out a late payment on his report.  In late Dec he was at a 709 (which is the score he was approved with), but then as a few other cards posted he went up to a 726 a few weeks ago.  We had sent a few GW letters to his student loan company hoping to get the lates removed but we were told no.  ScoreWatch alerted me 2 weeks ago that the student loan company had added a "consumer disputes after resolution", even though we never ever said anything about disputing the late payment.  I have been in contact with the student loan company and was told on Friday that the comments will be removed by the end of this month.

 

So yesterday I get a new alert that something had changed.  I logged in and see that his score dropped to 711, but no explanation as to why.  I compared the 2 reports and the balance amounts on the cards are the same, if not a little lower in the report I pulled today.  No other new info reported.  What could have caused his score to drop 15 points??

Message 1 of 6
5 REPLIES
Valued Contributor

Re: Score dropped 15 points - no changes on report..??

The dispute if was removed could be why scores dropped.
Good Luck
May all your dreams and wishes become a reality!
Message 2 of 6
Regular Contributor

Re: Score dropped 15 points - no changes on report..??

The dispute comment is still there though

ETA: and when the dispute comment was added the score did not change.  So confusing.  If it was like 5 points I wouldnt be so concerned, but that is a rather large drop!

Message 3 of 6
Valued Contributor

Re: Score dropped 15 points - no changes on report..??

What type of loan program are you and your husband doing for home purchase (FHA, USDA, VA, Conventional, ARM, as examples)?

Good Luck
May all your dreams and wishes become a reality!
Message 4 of 6
Regular Contributor

Re: Score dropped 15 points - no changes on report..??

Conventional

Message 5 of 6
Highlighted
Valued Contributor

Re: Score dropped 15 points - no changes on report..??

On a Conventional loan score does matter for rates.

Lower score, higher rates.

Still very approvable, hopefully they wont do a rate change because of the drop in score. If it didnt impact his midscore then wont change anything at all.

Good Luck
May all your dreams and wishes become a reality!
Message 6 of 6