topic Re: Huge 68 point drop! in Understanding FICO® Scoring

Huge 68 point drop!

bobvette — Sun, 11 Nov 2018 19:24:19 GMT

I just received a notification that my score dropped from an 808 to a 740, the alert stated that my Kohl’s account increased a 133% from $3.00 to $7.00? Are you freaking kidding me, could that really cause such a huge drop?

Re: Huge 68 point drop!

Anonymous — Sun, 11 Nov 2018 19:25:26 GMT

Where are you getting your credit score and notifications from?

Re: Huge 68 point drop!

bobvette — Sun, 11 Nov 2018 19:27:23 GMT

Right from this site, I have the monthly monitoring subscription.

Re: Huge 68 point drop!

Anonymous — Sun, 11 Nov 2018 19:30:44 GMT

Unless your CL on your Kohl's card is 8 dollars, something else is going on.

Re: Huge 68 point drop!

Anonymous — Sun, 11 Nov 2018 19:31:25 GMT

Which score dropped?

Re: Huge 68 point drop!

bobvette — Sun, 11 Nov 2018 19:35:53 GMT

FICO 8

Re: Huge 68 point drop!

Anonymous — Mon, 12 Nov 2018 03:36:07 GMT

I just received a notification that my score dropped from an 808 to a 740, the alert stated that my Kohl’s account increased a 133% from $3.00 to $7.00? Are you freaking kidding me, could that really cause such a huge drop?

Nope, that balance change had zero impact on your score. You simply received an alert and the new score you were provided with had nothing to do with the alert received.

I'd take a look at all of your reported balances before/after your 68 point change. Only a major utilization change or a change related to payment history (negative information) would result in a point change that high.

Re: Huge 68 point drop!

RonM21 — Mon, 12 Nov 2018 16:31:30 GMT

@Anonymous wrote:
I just received a notification that my score dropped from an 808 to a 740, the alert stated that my Kohl’s account increased a 133% from $3.00 to $7.00? Are you freaking kidding me, could that really cause such a huge drop?
Nope, that balance change had zero impact on your score. You simply received an alert and the new score you were provided with had nothing to do with the alert received.

I'd take a look at all of your reported balances before/after your 68 point change. Only a major utilization change or a change related to payment history (negative information) would result in a point change that high.

Exactly this above.

Something else is going on. That is a major drop. Usually something fairly significant would be the cause for this. I am curious to know if you have found anything since last night? From the scores that you had, my assumption is that you are on top of your credit, so there shouldn't have been any surprise or something you did not see coming. Maybe there is an error that popped up in the reporting, who knows. I hope you get it figured out though.

Re: Huge 68 point drop!

Anonymous — Wed, 14 Nov 2018 06:02:00 GMT

@bobvette wrote:
I just received a notification that my score dropped from an 808 to a 740, the alert stated that my Kohl’s account increased a 133% from $3.00 to $7.00? Are you freaking kidding me, could that really cause such a huge drop?

Go through your reports. See what is actually reporting. Was a negative added to the report? Like a late payment? Was there a significant boost in utilization?

Re: Huge 68 point drop!

bobvette — Wed, 14 Nov 2018 17:59:03 GMT

I spoke with Equifax and it has been determined that they placed a medical collection on my account in error, and are going to promptly remove it. I will say that it stuns me that a medical collection has that much impact, I thought recent changes by the bureaus reduced the impact of a medical collection? The good news is that I will be restored to the 800+ score I had prior to this incident. Thank you everyone for you feedback.

Re: Huge 68 point drop!

Anonymous — Wed, 14 Nov 2018 20:17:33 GMT

I believe that's only true of medical collections that are under $100.

A collection being added if you have no other major derogs in many cases would impact score around 100 points, so 68 IMO is actually on the light side.