Valued Contributor
Posts: 1,103
Registered: ‎02-15-2012
FICO dropped 30 pts! Not sure why...

OK- Scorewatch tells me I have an update.  FICO dropped 30 pts. UGH! Now what?

 

Although CreditKArma reflected the mortgage inquiry, Scorewatch did not show a new inquiry.  Not sure what could cause THAT BIG of a FICO drop.  My CC balances jump around a bit, but not enough to cause 30 points. Is it possible that it is a scorewatch glitch that could correct itself? 

 

733 was good for the rates and terms I need on this refi, but 703 is probably not. Now I am scared.  I thought the appraisal was going to be the only possible problem, but now this!

 

What will happen? Will they use the original FICO, or am I screwed?


Starting Score: 693 TU FICO, 679 EQ FICO
Current Score: FICO 8 = 821 EQ, 827 TU, 811 EX (7/15); mortgage FICO= 758 EQ5, 797 TU4, 748 EX2 (7/15)
Goal Score: 750+, but shooting for the 800's
Hyatt Visa Sig ($23K), Amex BCP (24.8K), BofA Travel Rew Sig (17.5K), B&N World MC (22.3K), Amex RP Gold (NPSL w/ S&T), Cash+ Sig (20K),United Mil+ExpSig (16.3K), FNBO Visa (13.1K), Hilton Surpass (10K), Freedom Visa Sig (8.6K), Disc It (10.4K), Citi Dia Pref MC (3.7K),Sam's MC (10K), Wally (7.5K), JCP(5.3K), Costco (2K)
Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
Re: FICO dropped 30 pts! Not sure why...

crunching_numbers wrote:

OK- Scorewatch tells me I have an update.  FICO dropped 30 pts. UGH! Now what?

 

Although CreditKArma reflected the mortgage inquiry, Scorewatch did not show a new inquiry.  Not sure what could cause THAT BIG of a FICO drop.  My CC balances jump around a bit, but not enough to cause 30 points. Is it possible that it is a scorewatch glitch that could correct itself? 

 

733 was good for the rates and terms I need on this refi, but 703 is probably not. Now I am scared.  I thought the appraisal was going to be the only possible problem, but now this!

 

What will happen? Will they use the original FICO, or am I screwed?


Some lenders even on refinance will pull another credit report and some will not (from my experience refinance is closed fairly quickly so another  credit report is usually not needed). You may be best to look at your credit report and find the reason for 30 point decrease?

 

I personally would not worry too much about the rate as in my opinion I do not see it changing by much if at all.

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