topic Freefalling scores in Understanding FICO® Scoring

Freefalling scores

Foodie2018 — Fri, 08 Jun 2018 15:37:45 GMT

Hey all,

I'm getting antsy. I previously posted a few weeks ago about my new accounts that I opened and that my score was tanking. Maaaaaaaaannn, now I'm in full fledge free fall. Its like I'm hemmoraghing and I need to apply pressure. My scores went from a 700 to now I'm hovering at a 668 according to Experian.

I closed my Credit One and secured Cap One a month and then added new accounts.

My new accounts are 2 Amex cards, WS Visa, Overstock,TJ Maxx , Old Navy, JCP. The Old Navy card never came in the mail, so I called to have them reissue another card about a week ago. Today, I got an alert from CK that my score dropped another 19 points due to a remark added " Card lost/stolen". I'm guessing the combination of my new accounts, inquiries, and closing of accounts has really screwed with my scores. I'm pissed! I did too much to fast.....

Do I need to contact Synchrony to have them remove the mark? Is that considered a derogatory remark?

My AAOA is jacked, my inquiries went up, I closed/opened accounts all in one month. I guess I've made everything go haywire with my scores. I'm panicking yall!

I guess all I can do at this point is just wait it out.

Re: Freefalling scores

SouthJamaica — Fri, 08 Jun 2018 16:02:18 GMT

@Foodie2018 wrote:
Hey all,
I'm getting antsy. I previously posted a few weeks ago about my new accounts that I opened and that my score was tanking. Maaaaaaaaannn, now I'm in full fledge free fall. Its like I'm hemmoraghing and I need to apply pressure. My scores went from a 700 to now I'm hovering at a 668 according to Experian.

I closed my Credit One and secured Cap One a month and then added new accounts.

My new accounts are 2 Amex cards, WS Visa, Overstock,TJ Maxx , Old Navy, JCP. The Old Navy card never came in the mail, so I called to have them reissue another card about a week ago. Today, I got an alert from CK that my score dropped another 19 points due to a remark added " Card lost/stolen". I'm guessing the combination of my new accounts, inquiries, and closing of accounts has really screwed with my scores. I'm pissed! I did too much to fast.....
Do I need to contact Synchrony to have them remove the mark? Is that considered a derogatory remark?
My AAOA is jacked, my inquiries went up, I closed/opened accounts all in one month. I guess I've made everything go haywire with my scores. I'm panicking yall!

I guess all I can do at this point is just wait it out.

1. You are not in "freefall".

2. 32 points is not that big a deal and will come back soon if you do the right thing.

3. The right thing is to stop applying for new credit, for a good long while.

4. No the lost card thing is not a derogatory.

5. Please ignore Credit Karma. It is good for one thing and only one thing: giving you free credit report data. Other than that, it seems to specialize in giving out misleading 'scores', 'alerts', clues, hints, advice, and recommendations... all geared to one thing, making them money by getting you to click on their affiliate advertiser links.

Re: Freefalling scores

Foodie2018 — Fri, 08 Jun 2018 16:08:57 GMT

Point takened, I will take heed. Its still unnerving to see my scores drop.

I'm chillin on all new accounts. I'm good.

Re: Freefalling scores

Trudy — Fri, 08 Jun 2018 16:12:52 GMT

As SouthJamaica stated, CK is only good for one thing and that one thing is very useful. I received a 37 point drop for TU and EQ due to them rounding down my outstanding balance to 0% - $149/78K. But my FICO score has not changed. Actually went up a point with TU.

Re: Freefalling scores

Anonymous — Fri, 08 Jun 2018 17:02:24 GMT

@TrudyAs SouthJamaica stated, CK is only good for one thing and that one thing is very useful. I received a 37 point drop for TU and EQ due to them rounding down my outstanding balance to 0% - $149/78K. But my FICO score has not changed. Actually went up a point with TU.

When you say "them" if you mean CK, they don't "round down" anything. Their fluff software may show you at 0% utilization, but if you have $149 in reported balance(s) regardless of your limits you'll be viewed/scored as having at least 1% utilization. Any score drop you receive is not due to utilization. If you're speaking of CK (VS 3.0) scores, though, they are meaningless and should be ignored. Your FICO scores will not drop due to what you stated above.

Re: Freefalling scores

Anonymous — Fri, 08 Jun 2018 17:04:01 GMT

@Foodie2018Today, I got an alert from CK that my score dropped another 19 points due to a remark added " Card lost/stolen".

The score drop has nothing to do with the remark. The remark caused an alert and a new score is provided at the time of the alert. The score drop came at about the same time, which is why it's leading you to believe it was due to the remark. It wasn't. It was more than likely due to something related to your new accounts, be it inquiries, age of accounts changes, etc.

Re: Freefalling scores

Trudy — Fri, 08 Jun 2018 17:46:41 GMT

Yes, I am talking about CK. Although it shows the balance outstanding on the one account the graphic shows 0%. So, not sure why the Vantage score dropped but I don't worry about those scores anyway. I just got my new FICO report and everything went up. So for the OP, just don't want them worrying about CK scores. Thanks.

Re: Freefalling scores

Foodie2018 — Fri, 08 Jun 2018 17:55:57 GMT

Thank you for your response...

I'm just going to do as others have stated which is...not apply for anything else, garden what I have and watch my utilization. I hope to have a positive update 6 months from now.