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Why does my score keep dropping?

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Anonymous
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Why does my score keep dropping?

OK.  First, I realize I have little room to complain.  Second, the score that I'm using, as I understand it, is a "Credit FICO" from Washington Mutual.  I assume I would see something similar happening to my FICO score if I paid for it.

 

Here's my situation:

 

Month     Score

May         834

June        834 

July         824

August     823

September 817

October    808 

 

The only think that I have done any differently recently is open the WaMu card, which has given me the scores above.  I've never been late on a payment in my life, paid off card balances every month.  My spending patterns are the same as far as I can tell.  The only thing that's changing is my balances on home and auto loans are going down as I pay them off.

 

I've read a bit that credit scoring matches you against your peers, and that scores can jump dramatically when you move to a different category (ie you just opened a credit card, so you move into a category of others who recently opened an account).  This looks more like a slow and steady decline, though.  

 

Any ideas or education for me?  

 

Thank you in advance 

 

 

Message 1 of 4
3 REPLIES 3
Anonymous
Not applicable

Re: Why does my score keep dropping?

I am trying to remember when WAMU started using the 04 Version of PFICO- 

 

 

Message 2 of 4
Anonymous
Not applicable

Re: Why does my score keep dropping?

Very little room to complain, that is an extremely high score.  The new card can drop scores like a rock, but within a year or two of steady use, it will recover.

 

I am also dealing with a steady decline, but it's mostly due to focusing attention on one single cc with high util. 

 

Dan

 

Message 3 of 4
Established Contributor

Re: Why does my score keep dropping?


@Anonymous wrote:

 as I understand it, is a "Credit FICO" from Washington Mutual.  I assume I would see something similar happening to my FICO score if I paid for it.

 


 More specifically it is a "bankcard" Fico score and from TransUnion at that. I have found that TU FICOs don't behave in the same way as my EQ and Experian scores.  I would examine my revolving card usage such as utilization. My guess is that at the highest scores you might have had only one credit card report with a balance. Additional cards reporting a balance can cause 6-10 point dings. I have also discovered that having too small of a balance (below $150) on that one card will still cause a few points reduction.

 

 Don't assume that your other FICO scores behave the same. Don't even assume that your other FICO scores are that high. I would buy all three FICO scores from MyFico at least to determine how the regular consumer version of the TU score compares to Experian and Equifax.  

Message 4 of 4
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