topic Major credit score drop in Understanding FICO® Scoring

Major credit score drop

fedxboy — Sat, 01 Apr 2017 20:56:19 GMT

Okay, long story short........

Just last week, app'd for BofA Spirit Airlines World MC and instantly approved. I thought, Great!!

Although, I didn't realize until 2 days later that BofA, took 5.7k from my Alaska Airlines Visa Sig's 12k limit and left me with a 6.3k credit limit.

Not so great is: I already had a major balance on a 0% BT, so my utility SPIKED from the borrowed funds to open a new card and it's already reported to EX and EQ. I went from 44% utility (I was fine with that) to 84% and my score dropped from 721 to 632, which I'm not happy with at all!! My overall utility is fine, but this one card.

The damage is unreal and 632 is not a good score. Obviously, you don't get the cards I have with a 632 score. I'm thinking the next 30 days are going to be hell with a couple of account closures, since BofA says they don't do mid-cycle updates. I've already brought the utility down to 19%, but that does no good if I have to wait till next months reporting.

What can I do? Plead to have them re-update my statement balance???

Sitting and Fretting

Re: Major credit score drop

K-in-Boston — Sat, 01 Apr 2017 21:01:05 GMT

Are those FICO or FAKO scores?! I've had dips of 15-20 points from BT timing when I had several cards over 80%, but never 89 points!!! Is the new card already reporting? A new account could contribute some points downward and depending on your profile so could the HP.

Re: Major credit score drop

fedxboy — Sat, 01 Apr 2017 21:17:03 GMT

@K-in-Boston wrote:
Are those FICO or FAKO scores?! I've had dips of 15-20 points from BT timing when I had several cards over 80%, but never 89 points!!! Is the new card already reporting? A new account could contribute some points downward and depending on your profile so could the HP.

I realize my scores are from USAA and are 3.0 vantage scores, so moreoreless Fako, but they are relatively comparable to my actualy Ficos as of late. I subscribe to USAA's daily pulls and get to watch the dmg unfold.. The new account (Spirit) or shall I say (mini-spree) hasn't reported yet. The drop is from Alaska's update, higher utility and lowered CL, reporting on May 30

Re: Major credit score drop

CreditCuriosity — Sat, 01 Apr 2017 21:09:46 GMT

Pull your real fico's gurantee the damage isnt as bad.. Anyways FICO has no memory and your scores will be close to what they were prior to this mishap next month and doubt you will get any AA until it reports next with a lower utilizastion. Best of luck!

Re: Major credit score drop

K-in-Boston — Sat, 01 Apr 2017 21:11:34 GMT

Okay breathe. Vantage 3.0 is FAR more sensitive to things like this. My TU 3.0 is 100 points lower than my TU FICO 08! Nobody uses Vantage 3.0 so you should be fine. If in doubt, there are many places to grab updated FICO 08s.

Re: Major credit score drop

Aduke1122 — Sat, 01 Apr 2017 21:21:42 GMT

Take a deep breath , Fako has a huge hit for UTi and when mine gets hit with them 30 pts drops I check my fico and realize it has hardly changed at all

Re: Major credit score drop

Anonymous — Sat, 01 Apr 2017 21:21:54 GMT

@fedxboy wrote:
Okay, long story short........

Just last week, app'd for BofA Spirit Airlines World MC and instantly approved. I thought, Great!!

Although, I didn't realize until 2 days later that BofA, took 5.7k from my Alaska Airlines Visa Sig's 12k limit and left me with a 6.3k credit limit.

Not so great is: I already had a major balance on a 0% BT, so my utility SPIKED from the borrowed funds to open a new card and it's already reported to EX and EQ. I went from 44% utility (I was fine with that) to 84% and my score dropped from 721 to 632, which I'm not happy with at all!! My overall utility is fine, but this one card.

The damage is unreal and 632 is not a good score. Obviously, you don't get the cards I have with a 632 score. I'm thinking the next 30 days are going to be hell with a couple of account closures, since BofA says they don't do mid-cycle updates. I've already brought the utility down to 19%, but that does no good if I have to wait till next months reporting.

What can I do? Plead to have them re-update my statement balance???

Sitting and Fretting

Your not going to lose 89 FICO points.

Re: Major credit score drop

Aduke1122 — Sat, 01 Apr 2017 21:24:23 GMT

Go to Credit Check total if you don't have it already and get the 1 dollar one week trial , with that you get all 3b reports and fico 08 scores . If you wish to cancel bf your trial is up then call Customer service and let them know and they will offer you a 50% discount on their service for a year making it 14.99 a mth . I find total peace knowing I can see my real fico and anything I get them crazy updates from my Usaa service or CK I know it's total Bs

Re: Major credit score drop

Meanmchine — Sun, 02 Apr 2017 00:42:38 GMT

My Fako TU was 772. It dropped 19 points today and all that happened was an old $0 account posted a balance of $35 and a small CLI of $300. FICO didnt budge an inch Go figure

Re: Major credit score drop

AverageJoesCredit — Sun, 02 Apr 2017 00:56:05 GMT

No MM, Go FAKO

Re: Major credit score drop

Anonymous — Wed, 05 Apr 2017 14:06:52 GMT

I have lost 85 points on my
Vantage scores and only 5 on my FICOs. Vantage is super sensitive to Utilization. Don't worry. Breathe. Pull CCT for $1. (You can call an automated line to cancel)
Promise it won't be that bad.

Re: Major credit score drop

Anonymous — Wed, 05 Apr 2017 17:12:03 GMT

CCT dollar trials are awesome. Don't know what I'd do without them.

Re: Major credit score drop

fedxboy — Wed, 05 Apr 2017 18:19:21 GMT

Well they say "Hindsight is 20/20" and that serves to be correct!!! I wish I never app'd for that Spirit Airlines World MC and everything would of been hunky dory. My Alaska Air Visa would still be at 12k and I wouldn't have lost 2 Comenity cards I just picked up -- they were shut down. BJ's MC 5k and Marathon Visa 2.5k

Re: Major credit score drop

Aduke1122 — Wed, 05 Apr 2017 18:32:30 GMT

Man so sorry to hear this Fedex but with Comenity being that way I wouldn't want them in my wallet anyways

Re: Major credit score drop

Anonymous — Thu, 06 Apr 2017 10:32:40 GMT

Sorry @Fedex.

It's sucks. I had barclays CLD me a few months back. I told them to close my card.

It actually felt good (after some time passed) knowing I didn't have a Barclays Card anymore after reading all the closure and CLD posts on here.... but even so... it sucked at the time and I was really upset. Took me a bit to get some rational thoughts about it and change my opinion on the situation.

When you try hard to improve and you work at repairing and rebuilding only to get penalized for your efforts it is hard to handle-so again, even though you are probably better without them as @Aduke said... I know it still sucks and I am sorry.

Did you ever pull CCT for the $1 trial? I hope you did just to give you some peace of mind that your true FICO most likely did not go down much. Usually.... as everything in this crazy Credit world...... FICO doesn't drop unless you cross over the 10%/30%/50% markers. Even then it won't drop as much as a Vantage Score from my experience. Vantage is much bigger on Utilization.

Let us know if you did and what the results are when you can.
Again, sorry for the CLD and Closures.