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fico dropped 36 points no reason please help

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Anonymous
Not applicable

fico dropped 36 points no reason please help

got my new score went from 744 to 708 eq, old report utlz. was 29% new lower report it is 28% nothing has changed on my report except some bal, have gone down

called my fico they cannot tell me why it has dropped , looked at both reports and said is no reason for such a drop, no lates or neg info on report aaoa is 8 years

56 accounts on report 1 inq

Message 1 of 4
3 REPLIES 3
vanillabean
Valued Contributor

Re: fico dropped 36 points no reason please help

I can think of only 2 reasons:

 

1) you hit an 8 year score bucket and got a temp drop

 

2) the highest single card util is not a low as before

 

 

Message 2 of 4
Anonymous
Not applicable

Re: fico dropped 36 points no reason please help

i believe you were re-bucketed as "my-own-fico" suggested.

Message 3 of 4
llecs
Moderator Emeritus

Re: fico dropped 36 points no reason please help

OP, one indicator that you changed buckets is to look at the 2nd and 3rd page which lists the things that help and hurt your score. If those are out of whack and out of order between pulls, then that can very likely be the culprit. For example, #3 is now #1, or vice versa, or there are new things added.

 

If not that then I'd look at these in the following order:

 

1) Look at util. Specifically, make sure individual CCs remained in check and that there's nothing with a higher balance, or even maxed out.

 

2) Look to see if there were any added TLs...or missing TLs. A new account can tank your scores. A dropped account can hurt if one of your oldest.

 

3) Compare each positive and negative factor in the before and after reports. Make sure there's nothing along the lines like a recent late mention, new accounts, added baddies, etc (via "time since late late" if showing).

 

4) Look at the total number of accounts on the "Credit At-A-Glance" page and make sure there were no added red flags (or missing as far as that goes). Make sure there were no added accounts in the past year (via comparing the numbers), no added inquiries, no added CAs, PRs, etc. Make sure that nothing is listed past due that wasn't there before. Make sure there aren't added accounts with derog references, etc.

 

5) Look at each individual TL. Look for the small differences, especially comments, "Worst Delinquency", balances, and especially CLs. For example, DSNB (Macys and Bloomies) removed their CLs and that impacted many of our scores. Look for other "upgraded" cards that maybe you really didn't want upgraded. Some CCs have been switching to signature cards and that can impact your score.

 

6) If you have any baddies, like a CO or CA, look to see if any updated between pulls. A change in date can drop your scores if old now new.

 

7) Finally, if all else fails, revert back to rebucketing.

Message 4 of 4
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