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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!