topic Re: What the heck is going on😢 in Credit Cards

What the heck is going on😢

Anonymous — Sat, 15 Aug 2015 13:20:51 GMT

In June of this year I started building my credit, it seemed like a lot of easy changes after joining the forums cause I didn't abuse my credit just ignored it. I called requested pfds for accounts that were paid long ago and paid off some cards. Went from 589 to 670-688 end of last month. I recently increased limits on cards and opened two new Amex cards none of which posted yet. No I'm back in the 630's 😢 is this a normal fluctuation? & will it go back up? There isn't anything new on my report except 2 inquiries and 1 closed account. This is what I did:

Walmart- 750 to 3500
Lowes- 500 to 6000
Capital one- combined limits and closed one leaving one at 1250
Amex BCE-3500
Amex everyday-1000
(None of these changes have reported)
HELPPPP 😢

Re: What the heck is going on😢

takeshi74 — Sat, 15 Aug 2015 13:26:22 GMT

Impossible to say for certain. It isn't just a matter of the inquiries but your entire credit profile. To determine the cause(s) of any scoring change you have to carefully review reports from before and after the change.

One possibility that the closed account reported but the account that the available credit was transferred to has not reported the change in CL, impacting your revolving utilization. Again, you need to carefully review to verify.

Re: What the heck is going on😢

OmarGB9 — Sat, 15 Aug 2015 13:28:15 GMT

Could also be your new accounts, as new inquiries and new accounts ding score unless you have a very thick profile.

Re: What the heck is going on😢

Anonymous — Sat, 15 Aug 2015 13:31:27 GMT

That's what worries me, since they haven't posted to my credit yet are you saying it went down 40 points for two inquiries? And it'll go down again when the new cards show up

Re: What the heck is going on😢

OmarGB9 — Sat, 15 Aug 2015 13:33:04 GMT

The point drop could be due to a multitude of factors, not necessarily one thing alone. Hard to say. Regardless, I'm sure your scores will recover provided you keep up good payment habits and whatnot.

Re: What the heck is going on😢

kdm31091 — Sat, 15 Aug 2015 13:33:53 GMT

There are many factors that go into scoring, and really, although the details are released publicly, only the people calculating the scores know 100% of what goes into it.

I would say you will take a small hit when the new accounts report, but you said that hasn't happened yet. It could be the inquiries though

Re: What the heck is going on😢

Anonymous — Sat, 15 Aug 2015 13:38:42 GMT

lets not forget that somtimes myfico FREAKS OUT and knocks your score down 40-50 points, only for it to go back up 25-30 points in a week or two.

Double check your utilization and what not. With those new limits, once they report, you should see your score pop right back up. People always harp on inquiries and AAoA but they are the smallest parts of the score, and the easiest to recover from with more time. Continued payments and utilization with no derogs are the biggest goals, the rest just figures itself out with patience.

Re: What the heck is going on😢

Anonymous — Sat, 15 Aug 2015 13:47:17 GMT

Could you say the same about credit check total?

Re: What the heck is going on😢

Anonymous — Sat, 15 Aug 2015 13:49:54 GMT

OP, where are your scores coming from, myfico? Have you checked on Amex etc?

Scores get like that somtimes. It sucks. Then you will be paying things down and bam, no change, wont budge. Then all the sudden presto chango.

Re: What the heck is going on😢

NichelleN — Sat, 15 Aug 2015 13:59:15 GMT

I'm not sure how myFICO could be a factor when they are just reporting the Fico 8 scores generated by the CRA's.

When I applied for new cards in May, my scores dropped due to the inquiries and reduction of the average age of accounts. They have since rebounded and increased by quite a bit. Since your new cards have not reported, I truly don't have a suggestion other than the inquiries. Sometimes, to me, the fluctuations are a mystery. Two weeks ago, my scores across all 3 of the bureaus went up by 30 points or more. I was thrilled but can't specifically tell you what caused the increase. All of my new accounts were just passing the 2 month mark. And more time has passed since the late payment on a loan. Maybe that was it. Not sure.

Re: What the heck is going on😢

taxi818 — Sat, 15 Aug 2015 13:56:36 GMT

Just look steveryaspect before and after change. It's not I doubt inquiries will do that. Something else going on

Re: What the heck is going on😢

Anonymous — Sat, 15 Aug 2015 13:58:54 GMT

Credit check total & experian credit tracker( I only have both cause I love the app, they gave me a good deal). & yes Amex but it shows "as of August 8th 678". THAT MAKES IT WORSE. 7 days ago

Re: What the heck is going on😢

TiggerDat — Sat, 15 Aug 2015 15:26:46 GMT

Is Experian giving you a FICO score or an Experian score? I have noticed that my FICO score dropped 1 point last month, but my FAKO scores dropped farther....

I have Credit Karma, Credit.com, Quizzle, and Credit Sesame, oh a I think two more that I can't recall at the moment. (Yeah, I like to see the differences in the FAKO scores with each of the companies that provide them! There is a 40 point difference even in them!)

I used to have an Experian score program and it only gave me Experian Scores, not FICO scores. I get my FICO scores from my credit cards and each of them is almost exactly the same. The small (1-3 points) difference can be attributed to when the score was pulled and utilization. I basically have a flat FICO score right now with inquiries and new accounts being added. These factors seem to offset the payment history portion.

Re: What the heck is going on😢

Anonymous — Sat, 15 Aug 2015 15:58:06 GMT

Yea they are both fico now everyone on the forum actually cancelled their myfico account to go to credit check total or cct u can look up the board. But yes I also have credit karma to watch my report don't pay much attention to the scores tho