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What would cause a 60 point drop in 1 month?

Established Contributor

Re: What would cause a 60 point drop in 1 month?


BrutalBodyShots wrote:

stellar wrote:

Sometimes losing a bad account drops your AAoA.



While this is can definitely be true, there's no realistic way that an AAoA drop would result in a 60 point FICO score drop.


I never said it would drop his score 60 pts.

Message 11 of 43
Regular Contributor

Re: What would cause a 60 point drop in 1 month?

Credit Sesame shows my TU credit age at 3 years. Credit Karma shows both my TU and EQ as 3 years 1 month. MyFico shows TU at 6.1 years and EQ at 4.5.


FICO 08:Jan 18, 2017: EX 800 EQ 725 TU 799
FICO 08:Feb 10, 2017: EX 788 EQ 772 TU 791 (post New Year's app spree)
In the garden as of 1/4/2017. Will remain for all of 2017.
Message 12 of 43
Frequent Contributor

Re: What would cause a 60 point drop in 1 month?

Thanks to all for the insight. I know a lot about collections, FCRA and FDCPA but the inner workings of FICO and the other models are a mystery to me. It seems that Vantage is designed to provide the lowest possible score under all conditions. Pay off a loan satisfactorally and as soon as it is paid off <poof> it is forgpotten by Vantage 3. Miss one payment on that loan and it stays for the full 7.5 years. Vantage 3.0 also seems to ignore Date of Last Payment and Date of First Delinquency on TLs that report every month, like my two Charge Offs. Those two accounts are so old that they age off credit reporting in 4 months (out of the 90 - 7.5 years - that they can be there) but Vantage 3.0 is treating them as brand new because of the recurrent reporting.

 

As to why all of a sudden I lost the 60 points? That is the mystery. One Charge Off did age off the prior month but if the DOFD or DLP is used it would have had minimal effect because I have at least 5 other TL's just as old.

 

I am left to believe that credit scopres are simply a ruse perpetrated on us to keep us in line. The old adage of "one aw-sh*t wipes out all attaboys" has never been truer anywhere else but in credit scores. Points lost for any or no reason are not re-earned for many years.

 

Twenty years ago I had an Identity Theft derog TL put against me on one of the CRA's. As soon as I saw it I contacted the lender and proved that there was no possible way I could have authorized that account and that it was identity theft. The TL was promp[tly removed (under a very credible threat of a very significant lawsuit against the TL originator and the CRA). When the TL went on I lost 45 points. When it came off 3 weeks later I only got back 10 of them. The credit scores therefore work not only with TLs and data that we are allowed to see, but there is stuff in the calculation that is based on what we are NOT allowed to see.

FICO 8 Scores
2/14/17,EFX - 614, 4 Derogs,TU - 621, 6 Derogs, EXP - 603, 3 Derogs 3/7/17, EFX - 579, TU - 595, EXP - 588, same Derogs 4/8/2017 EFX - 683, TU - 791, EXP - 605 All Chargeoffs removed from TU 5/8/17 EFX 750, TU 796, EXP 625 All chargeoffs removed from EFX 5/15/17 EFX 743; TU 794; EXP 715 6/1/17 EFX 762; TU 794; EXP715 8/15/17 EFX 762; TU 777; EXP 760
img src="http://i.imgur.com/Gfc4B.png" border="0" title="Silver Garden Club Member" width="40" height="40" align="right">
Message 13 of 43
Super Contributor

Re: What would cause a 60 point drop in 1 month?


Flyingifr wrote:

The facts:

 

I have 3 derogs TL's (Charge Offs) all within 6 months of aging off. Aggregate balance approx $100K; I have two new positive TL's - a Secured credit card with a $200 line and 0% utilization and an auto loan that is on auto-pay so delinquency on either is not a factor. No credit use in between the crash 7 years ago and teh re-start 7 months ago.

 

In December 2016 one Charge Off aged off my credit file. The following month I lost 60 points.

 

Can anyone explain to me what happened? It seems whenever something that SHOULD improve my credit score happens, I lose points. When I paid off my mortgage in April 2016 I lost 40 points. At this rate in July I will have a credit file that shows 1 unused credit card with a low limit, 3 paid satis car loans, a paid satis mortgage, no derogatives and a score in the solid 400's. No mortgage, no debt, plenty of income, a 6-figure bank balance and I can't get credit to buy a pack of gum.


If you would like an answer to the question,

please advise:

 

1. what scores and what reports are you looking at and where are you getting them from

2. original amount and present balance of any open installment loans

3. credit limit and last reported balance of any open revolving accounts

4. all changes that occurred between last report and current report

 

With that information we can probably answer your question.

FICO8 EQ 721 TU 747 EX 732 Total revolving credit 454000
Message 14 of 43
Frequent Contributor

Re: What would cause a 60 point drop in 1 month?


SouthJamaica wrote:

Flyingifr wrote:

The facts:

 

I have 3 derogs TL's (Charge Offs) all within 6 months of aging off. Aggregate balance approx $100K; I have two new positive TL's - a Secured credit card with a $200 line and 0% utilization and an auto loan that is on auto-pay so delinquency on either is not a factor. No credit use in between the crash 7 years ago and teh re-start 7 months ago.

 

In December 2016 one Charge Off aged off my credit file. The following month I lost 60 points.

 

Can anyone explain to me what happened? It seems whenever something that SHOULD improve my credit score happens, I lose points. When I paid off my mortgage in April 2016 I lost 40 points. At this rate in July I will have a credit file that shows 1 unused credit card with a low limit, 3 paid satis car loans, a paid satis mortgage, no derogatives and a score in the solid 400's. No mortgage, no debt, plenty of income, a 6-figure bank balance and I can't get credit to buy a pack of gum.


If you would like an answer to the question,

please advise:

 

1. what scores and what reports are you looking at and where are you getting them from

 

Credit Karma TU - 10/31/16 - 639  11/30/16 - 639  12/31/16 - 581  1/31/2017 - 581

Capital One TU -    10/31/16 - 639  11/30/16 - 641  12/31/16 - 641  1/31/17 - 581

Credit Sesame TU - 10/31/16 - 639  11/30/16 - 639  12/31/16 - 581 1/31/17 - 641  2/1/17 - 582

TU Credit Monitoring - 1/31/17 - 581

 

2. original amount and present balance of any open installment loans

 

Only open Installment Loan opened 12/31/15 Start Balance $12,000 Approx Balance 8,700 no late payments

 

3. credit limit and last reported balance of any open revolving accounts

 

Only one - Crapital One Limit $240 Balance $0

 

4. all changes that occurred between last report and current report

 

None that I can see except a Discover Bank Charge Off aged off in December 2016. I paid off  my mortgage in April 2016 and took a 40 point hit for that sin.

 

With that information we can probably answer your question.


 

FICO 8 Scores
2/14/17,EFX - 614, 4 Derogs,TU - 621, 6 Derogs, EXP - 603, 3 Derogs 3/7/17, EFX - 579, TU - 595, EXP - 588, same Derogs 4/8/2017 EFX - 683, TU - 791, EXP - 605 All Chargeoffs removed from TU 5/8/17 EFX 750, TU 796, EXP 625 All chargeoffs removed from EFX 5/15/17 EFX 743; TU 794; EXP 715 6/1/17 EFX 762; TU 794; EXP715 8/15/17 EFX 762; TU 777; EXP 760
img src="http://i.imgur.com/Gfc4B.png" border="0" title="Silver Garden Club Member" width="40" height="40" align="right">
Message 15 of 43
Valued Contributor

Re: What would cause a 60 point drop in 1 month?

Please go to freecreditscore.com and open an account, you will get a free EX report/score (FICO) every 30 days.

 

Then you can see what changes drop/increase your EX FICO.

 

Don't let your only credit card report $0, let it report $3.

Message 16 of 43
Valued Contributor

Re: What would cause a 60 point drop in 1 month?


Flyingifr wrote:

If you would like an answer to the question,

please advise:

 

1. what scores and what reports are you looking at and where are you getting them from

 

Credit Karma TU - 10/31/16 - 639  11/30/16 - 639  12/31/16 - 581  1/31/2017 - 581

Capital One TU -    10/31/16 - 639  11/30/16 - 641  12/31/16 - 641  1/31/17 - 581

Credit Sesame TU - 10/31/16 - 639  11/30/16 - 639  12/31/16 - 581 1/31/17 - 641  2/1/17 - 582

TU Credit Monitoring - 1/31/17 - 581

 

2. original amount and present balance of any open installment loans

 

Only open Installment Loan opened 12/31/15 Start Balance $12,000 Approx Balance 8,700 no late payments

 

3. credit limit and last reported balance of any open revolving accounts

 

Only one - Crapital One Limit $240 Balance $0

 

4. all changes that occurred between last report and current report

 

None that I can see except a Discover Bank Charge Off aged off in December 2016. I paid off  my mortgage in April 2016 and took a 40 point hit for that sin.

 

With that information we can probably answer your question.

 


 Do you know that you can go to CK every week and get an update? You can then select your old report TU/EQ and see what changes made your score go up/down.

 

You need reported data to make sense of your scores. That's why I ask you to open a FCS account to get EX report and score.

 

Go to CK 11/30/16 report and check all the differences with the 12/31/16 report.

Message 17 of 43
Frequent Contributor

Re: What would cause a 60 point drop in 1 month?

CK may not give me a full report but Crapital One, Credit Sesame and TU itself do. Except for the Discover Card Charge Off aging off and the balance owed on the installment loan decreasing, nothing changed. My other Charge Offs (Midland and Resort Recovery) keep reporting every month like they have done for years but the balance doesn't change.

FICO 8 Scores
2/14/17,EFX - 614, 4 Derogs,TU - 621, 6 Derogs, EXP - 603, 3 Derogs 3/7/17, EFX - 579, TU - 595, EXP - 588, same Derogs 4/8/2017 EFX - 683, TU - 791, EXP - 605 All Chargeoffs removed from TU 5/8/17 EFX 750, TU 796, EXP 625 All chargeoffs removed from EFX 5/15/17 EFX 743; TU 794; EXP 715 6/1/17 EFX 762; TU 794; EXP715 8/15/17 EFX 762; TU 777; EXP 760
img src="http://i.imgur.com/Gfc4B.png" border="0" title="Silver Garden Club Member" width="40" height="40" align="right">
Message 18 of 43
Established Contributor

Re: What would cause a 60 point drop in 1 month?

@ flyingifr, IMHO, investing $30 to pull your true Fico8 scores at MyFico may be money well invested in knowing what's factual regarding your scores and reports. You can always cancel it before it bills for the second month.

 

The Fakos for me are all a few points a part but some are a huge swing from my actual scores.  For example, my Credit Karma TU is showing 653 as of today and my actual TU score is 710. When rebuilding, I consider having real scores just the cost of doing business. I would be losing sleep without the ability to see my actual scores but that's just me. 

 

Congrats on paying off the MTG by the way...super nice!!

 

Smiley Happy

 

 

 

 

Chapter 7: Discharged November 2015
Total Revolving Credit Lines January 2016: $2600
Total Revolving Credit Lines January 2017: $148K
11/15 Fico 8: EQ-585, TU-550, EX- 551
01/17 Fico 8: EQ-695, TU-703, EX-673
Advantis CU Siggy Visa $25K, NFCU Cash Rewards Visa $4600> $22K, NFCU CLOC $15K, NFCU Go Rewards Visa $5,500, PenFed Promise Visa $10,500, PenFed Platinum Rewards Siggy Visa $5500, Redi+ Siggy Visa $5K, SPGVisa $4,500>$5250, Cap One Platinum $2K>$4K, Cap One Quicksilver $3K, Good Sam Visa $1800, Discover $1800>$2K>$2300, Lowe's $6K>$17K, Overstock $7K>$7300>$7700, Evine $1K>$5K, HSN $3750, PenFed Thrifty $500, That's right...Credit One Visa is G-O-N-E! 

Message 19 of 43
Senior Contributor

Re: What would cause a 60 point drop in 1 month?


stellar wrote:


I never said it would drop his score 60 pts.


You may not have said it, but it was implied.  OP writes why did my score drop 60 points and you respond with losing an account can drop your AAoA [which can drop your score].  To me, that suggest to the OP that you believe or would like him to believe that an AAoA change can result in a 60 point drop.  I'm simply letting the OP know that certainly is not the case.

Message 20 of 43