New Contributor
Posts: 61
Registered: ‎09-19-2010
Trying to understand Fico scoreing
[ Edited ]

Hello, to all,


New to this forum and would like help to understand why my scores dropped.


On June 17, 2009, I applied for a new home mortage loan. The loan officer pulled all three credit scores on that day, she said they were Fico scores.


Equifax score: 673    Experian score:  700   Trans Union Score: 707 as of June 17, 2009, the loan officer told me this on the phone.


25 year credit history, no inquires, no public records, last repored late payment was 2 years, 9 months, two delinquent accounts, one was 30 day, the other 60 day, both in 2006. I was renting for 2 1/2 years with no late payments. One credit card with a balance of $2650.00 and 13,000 credit limit and one department store revolving account with zero balance. That is it, as reported on above 3 credit reports.


As a result of my scores, my mortage loan was approved. My first payment on that loan was September 1, 2009.


Fast forward to September 17, 2010. I pulled my Equifax and Trans Union scores and credit reports.


Equifax score: 669   Trans Union score: 683   Experian score: Not pulled


There was absolutely no change, except my credit card balance is now $257.00 (continued to pay on time with over payments)  Now my credit history reads 26 years 3 months, last late payment, 3 years, 11 months and I now have a mortgage of $118,200.00 with 12 consecutive payments, all paid on time. No inquies listed.


I have now put an additional 15 months of time since my last late payment, WITHOUT a late payment, I have established credit by obtaining a mortgage (renting when last reports/scores pulled) and have paid it on time for 1 year.


Despite all of this, my Equifax score dropped 4 points and my Trans Union score dropped 23 points.


I have done what this forum has advised, pay down credit cards establish new credit to a limited degree and no new late payments and I have distanced my last late payment by  another 15 months. The forum says, over time scores will improve. I have done postive things, but my scores went negative instead of positive. I don't understand. The only thing I can surmize is that I'm being penalized for taking out a mortgage loan. Everyone wants there own home.


Can you help please?