topic Re: Confused about score drop. in Understanding FICO® Scoring

Confused about score drop.

Anonymous — Sun, 02 Sep 2018 19:12:23 GMT

Okay my scores dropped in a week with the only changes on my reports is less usage.
Experian: 710 to 693
Transunion: 729 to 703
Equifax: 706 to 693

The reports from last week are from Aug 26, this recent report is from today Sep 2. The only changes I see are revolving Debt went from $129 to $72. Aug 26 Inq: 15/15/17. Sep 2: 15/15/18
6 accounts open(1 Auto loan, 5 Credit cards). 4 credit cards reporting small balances on both reports. Both at 1% Utiliziation .
Total Credit: $13,750. Both AAoA at 0.8 years.

Reports are from Creditchecktotal.

Re: Confused about score drop.

Anonymous — Sun, 02 Sep 2018 19:31:58 GMT

@Anonymous wrote:
Okay my scores dropped in a week with the only changes on my reports is less usage.
Experian: 710 to 693
Transunion: 729 to 703
Equifax: 706 to 693

The reports from last week are from Aug 26, this recent report is from today Sep 2. The only changes I see are revolving Debt went from $129 to $72. Aug 26 Inq: 15/15/17. Sep 2: 15/15/18
6 accounts open(1 Auto loan, 5 Credit cards). 4 credit cards reporting small balances on both reports. Both at 1% Utiliziation .
Total Credit: $13,750. Both AAoA at 0.8 years.

Reports are from Creditchecktotal.

The most likely cause of your scores dropping is because you have 4 or 80% of your credit cards reporting balances. To optimize your FICO scores, only one card should report with a small balance. The rule of thumb is that no more than one-third of your revolving accounts should report balances in any given month.

Re: Confused about score drop.

Anonymous — Sun, 02 Sep 2018 19:53:00 GMT

khmer07: Are you an authorized user on any of your credit cards? Any store cards? Could you list the balance and credit limit of each of your credit cards as it appears on your credit reports on 8/26 and on 9/2?

Re: Confused about score drop.

Anonymous — Sun, 02 Sep 2018 19:53:24 GMT

Also do you have any baddies on your report? Did any of them update on the 9/2 report?

Re: Confused about score drop.

Anonymous — Sun, 02 Sep 2018 22:09:52 GMT

@Anonymous
The most likely cause of your scores dropping is because you have 4 or 80% of your credit cards reporting balances.

M&B, I don't think this would be a factor for the OP because he said that on both reports he had 4 cards with balances reported. Since the number stayed the same, number of cards with balances reported shouldn't have impacted his scores in terms of before/after.

Which bureau did you take an inquiry on between the two reports?

Re: Confused about score drop.

Anonymous — Sun, 02 Sep 2018 22:36:57 GMT

Hi guys, I have no baddies st all. No lates, no derogs. 100% payment history. I went from 17 to 18 inquiries on Equifax. The biggest change in usage was a $61/$500 to $6/$500 change on an Amex BCE card. The other cards stayed about the same in usage.

Re: Confused about score drop.

Anonymous — Sun, 02 Sep 2018 22:43:26 GMT

What is the exact age of your oldest account?

Re: Confused about score drop.

DollyLama — Mon, 03 Sep 2018 01:39:38 GMT

Did you or any creditor close any of your revolving credit cards? 11 are showing in siggy, but you state 5 CCs, 4 with balance. Can you clarify?

Re: Confused about score drop.

Anonymous — Mon, 03 Sep 2018 01:52:02 GMT

@AnonymousHi guys, I have no baddies st all. No lates, no derogs. 100% payment history. I went from 17 to 18 inquiries on Equifax. The biggest change in usage was a $61/$500 to $6/$500 change on an Amex BCE card. The other cards stayed about the same in usage.

A reported balance change from $61 to $6 wouldn't have any impact at all on a FICO score.

As far as your inquiries go, how many are from just the last 365 days? Inquiries over 365 days in age aren't scoreable, so you really want to reduce the inquiry numbers that you provided down to the number per bureau inside the last year only.

Re: Confused about score drop.

Anonymous — Mon, 03 Sep 2018 08:25:07 GMT

All inquiries are within 365 days, 1 inquiry will be 1 year old this month. Some of the cards in my Sig are new within the last month or two and have not reported yet. Average age of oldest account on Aug 26 : 2yrs 9 months. Sep 2 : 3 years
AAoA at 8 months on both reports.

Re: Confused about score drop.

Anonymous — Mon, 03 Sep 2018 04:01:52 GMT

Commerce Bank, Amex Everday, Fidelity, Amex Cash Magnet, NFCU, and DCU have not reported yet. I am not an authorized user and have no authorized users.

Re: Confused about score drop.

Anonymous — Mon, 03 Sep 2018 04:01:28 GMT

How would your AoOA go from 2 years 9 months to 3 years in 1 week (crossing the 1st of a month only once)?

Re: Confused about score drop.

Anonymous — Mon, 03 Sep 2018 04:04:12 GMT

I have no idea, that's what it shows on CCTs reports lol. Gotta get back to work, on break lol. I'll give more detailed info later on. Keep the responses coming guys I appreciate it.

Re: Confused about score drop.

Anonymous — Mon, 03 Sep 2018 04:17:38 GMT

@AnonymousI have no idea, that's what it shows on CCTs reports lol.

Ah, CCT, I see where you're misinterpreting the summary of your report. CCT displays the age of accounts factors in terms of years with a decimal to the nearest tenth [of a year] and does not display it in months. CCT showed you 2.9 years as your AoOA, not 2 years 9 months. 2.9 years actually rounds to 2 years 11 months, so then that would make sense that crossing the first of the month would tick it to 3 years flat.

Re: Confused about score drop.

Anonymous — Mon, 03 Sep 2018 08:10:37 GMT

Ohhh I see lol. Yes, 2.9 years. And AAoA is 0.8 Years. I dont know where this point drop is coming from though, so weird.

Re: Confused about score drop.

Anonymous — Mon, 03 Sep 2018 13:26:40 GMT

The oldest account at 3 years is a closed paid off car loan. I just looked over at it again and nothing jumps out. Is it even possible going from $120 to $70 . I did have two credit card accounts closed within the last month, Chase FU and Capital one QSOne in good standing. They were shown closed on both reports though. Could there be a delayed update to score? Cap One at 7 months and Chase at 4 months. (Chase closed my account because of my aggressive credit seeking activities. QsOne was combined into my QS card.)

Also when looking into the Factors tab on CCT, there is a difference. On Aug 26 report all show factors that are hurting my score : Short Credit history. Seeking Credit. Installment balances..
On Sep 2 report : Short Credit history. Seeking credit. Short revolving History.
My car loan is at about $29900/$32000.

Re: Confused about score drop.

SouthJamaica — Mon, 03 Sep 2018 13:33:18 GMT

@Anonymous wrote:
Okay my scores dropped in a week with the only changes on my reports is less usage.
Experian: 710 to 693
Transunion: 729 to 703
Equifax: 706 to 693

The reports from last week are from Aug 26, this recent report is from today Sep 2. The only changes I see are revolving Debt went from $129 to $72. Aug 26 Inq: 15/15/17. Sep 2: 15/15/18
6 accounts open(1 Auto loan, 5 Credit cards). 4 credit cards reporting small balances on both reports. Both at 1% Utiliziation .
Total Credit: $13,750. Both AAoA at 0.8 years.

Reports are from Creditchecktotal.

If indeed the only changes were a drop in overall revolving utilization and the addition of a single EX inquiry, then the score drops are a mystery to me.

Re: Confused about score drop.

Thomas_Thumb — Mon, 03 Sep 2018 13:37:41 GMT

When was the new car loan opened? When was the other loan paid off? I assume both of these events happened at least three months ago since you don't mention them as a recent change.

Loan inquiries are buffered (meaning 30 day delay for impact on score). Fico does look at aggregate installment loan B/L ratio. So if the older loan were recently paid off and closed, your B/L will have gone up and that could drop score.

Re: Confused about score drop.

Anonymous — Mon, 03 Sep 2018 13:42:53 GMT

Yes it is! I have a paid subscription to Experian, and it alerts me about everything. This score drop came without anything big happening on my reports, no new accounts showing, no lates, no collections, NADA, nothing at all. Only thing I am wonder is if going to $70/$13750 balance made it seem like I didnt use anything at all? Causing the score drop, or maybe all the inquiries were delayed in updating the score? I felt before that I didnt really lose much points for all my inquiries.

I dont know what's going on, but I'd like to find out. Maybe I'll try increasing my balance, hopefully my report stays the same with no new accounts showing.

Re: Confused about score drop.

Anonymous — Mon, 03 Sep 2018 13:44:32 GMT

New car loan opened in Feb this year, and old car loan paid off at the same time.