topic Re: EX score drop? in Credit Cards

EX score drop?

Deltadog03 — Thu, 12 Mar 2015 15:02:55 GMT

Good morning everyone. So I got an EX alert saying that a cap 1 loan was paid and 0 balance. I though ok, my wife and I just refi the car loan. However, there was a 34 point DROP in score down to 641. I was like **bleep**. I pulled a new report on there site and nothing new (bad) is on there and I just had 2 CCD accounts we closed out update as closed today. So we lost (1500) in CCD uti. But my new Discover and Arrival TL added on there a few days ago so that adds (2800 avail credit) so it shouldn't be Util AAoA doesn't matter open vs closed account right? I know it's gonna take a hit with those 2 new accounts plus 2 more TL yet to report. So if it was because the new accounts and the AaoA hit, shouldn't that have updated a few days ago? Just trying to figure out why I took a 34 point hit. The new accounts that much?

Re: EX score drop?

coffeegal — Thu, 12 Mar 2015 16:53:58 GMT

I just paid off my auto loan last month and the same thing happened. I saw drops between 22-36 points on each CB. Total bummer. this was my only auto loan, though I do have student loans I'm paying so not my only installment loan. Additionally, I closed my crappy First Premier card and lost 7 points there too. I know my scores will climb up there again, but it's disappointing to see such a big drop!

Re: EX score drop?

Deltadog03 — Thu, 12 Mar 2015 17:32:21 GMT

Ok, thank you! I was like what....what just happened? LOL EQ has the new stuff on there as well, and no score drop, yet....TU is slow as always but does have the Discover on there, but not the new Arrival card. The other 2 accounts that show closed on EX are not closed on TU and 1 of them on EQ (from what I can tell from CK) *updated as closed. TU doesn't have the new Arrival on there yet either. Im really puzzled why that big drop on EX happen...There is nothing else new...no baddies...only a 1% diff in CCD Util....

Re: EX score drop?

Anonymous — Thu, 12 Mar 2015 17:41:17 GMT

Yep my score drop Tuesday 14 points on Ex after I paid off my auto loan.

Re: EX score drop?

Deltadog03 — Thu, 12 Mar 2015 17:50:57 GMT

Funny thing is, my auto loan is still showing open. It will close at some point this month since we refi but the new one will show up as well. Only 2 ccd closed, not much change at all in Util either. 2 new tradelines are on there. Is it possible FICO mid coded it? Cuz it said cap 1 paid loan $0

Re: EX score drop?

coffeegal — Thu, 12 Mar 2015 17:57:22 GMT

@Deltadog03 wrote:
Ok, thank you! I was like what....what just happened? LOL EQ has the new stuff on there as well, and no score drop, yet....TU is slow as always but does have the Discover on there, but not the new Arrival card. The other 2 accounts that show closed on EX are not closed on TU and 1 of them on EQ (from what I can tell from CK) *updated as closed. TU doesn't have the new Arrival on there yet either. Im really puzzled why that big drop on EX happen...There is nothing else new...no baddies...only a 1% diff in CCD Util....

Yes --- I have a fairly thin file, so closing those accounts made a big impact, but had to be done. Others on the forum have reassured me that the drop is temporary and will recover as time goes on. When I opened my auto loan, my scores were at an all time high of 710-718, so I went on a mini spree, and did open 2 AMEX (1 SP, backdated to 2003), and a VISA with my CU (same HP as my auto loan). That activity barely cost me a few points on each.

Good luck to you!

Re: EX score drop?

Deltadog03 — Thu, 12 Mar 2015 18:26:19 GMT

Thank you!! You as well. I have a thick file, I think...Here is what is reporting on here...for the reason for the drop, and the report from EX saying my Auto loan is still open....I guess it could be from the small cap 1 card closing and the Merrick Bank closing, but 34 points doesn't make sense.

Re: EX score drop?

coffeegal — Thu, 12 Mar 2015 18:36:06 GMT

@Deltadog03 wrote:
Thank you!! You as well. I have a thick file, I think...Here is what is reporting on here...for the reason for the drop, and the report from EX saying my Auto loan is still open....I guess it could be from the small cap 1 card closing and the Merrick Bank closing, but 34 points doesn't make sense.

Yes, it could certainly be a combination of things coming and going. You could try asking this same question in another part of the fourm. Maybe 'Understanding FICO Scoring"?

Re: EX score drop?

taxi818 — Thu, 12 Mar 2015 18:38:50 GMT

this is not new. of course it will drop if you don't have any other installment loans. as your account mix is not just revolving. even though you paid it off. it is no longer open. which is sad. as i also paid loan off last year. but fico says no open installment loans. so it just does not count them unless they are open. too bad.

Re: EX score drop?

Deltadog03 — Thu, 12 Mar 2015 18:49:03 GMT

I agree with you...but you can see the EX report...its still OPEN...plus even if it closed *the NEW lender (Mid-South FCU) *who we refi'd the car with* will report soon as well. There may be a little gap in btwn, but I have 9 other Installment loans. (All Student loans that total more than the Car) So....I wouldn't imagine its because of that. Thank you for your response..I appreciate it...Could FICO just have scored this wrong? again, the Cap1 little card did close, but not the auto loan.....

Re: EX score drop?

Deltadog03 — Thu, 12 Mar 2015 21:04:38 GMT

I guess FICO didn't like me closing that account out. Whats weird is, EQ has 1 of the 2 closed and no drop like that...hmmm I asked EX if it got coded wrong, but they said no...the CR is not wrong, so it didn't code wrong. oh well, I guess....