topic Re: Why did my FICO score drop so unexpectedly?!? in Understanding FICO® Scoring

Why did my FICO score drop so unexpectedly?!?

Anonymous — Wed, 30 Jan 2019 21:16:01 GMT

I have ALWAYS stayed on top of my credit scores! Today I received a notice from My Fico that my FICO score had dropped 19 points ( from 795 to 776!!!).

I called FICO and was told that I needed to contact Equifax, the bureau through which my FICO score information is obtained.

Equifax said they see no reason for the drop with FICO. My score with Equifax remains where it has been, at 793!

Each bureau (Equifax and FICO) has told me that I need to contact the OTHER ONE to get answers!

FICO noted a DECREASE in my debt accompanying the 19 POINT DROP!!!

HELP!!!

Re: Why did my FICO score drop so unexpectedly?!?

Anonymous — Wed, 30 Jan 2019 21:47:06 GMT

The best thing you can do for yourself is to take a sedative. Something changed on your report which resulted in a score drop and it's very common for there to be ups and downs with any person's score.

We can't really make any reasonable guesses as to what made have caused it without having a copy of your report before the drop and then another copy afterward.

You mention that you had a decrease in your debt. If the decrease resulted in all cards reporting $0, this would cause a 15-20 point drop. That's about the best guess anyone could make given that we know almost nothing about what your reports look like.

Another thing you can do for yourself (after you are calmer) is invest a few weeks learning the fundamentals of credit reporting and scoring. Your post reveals that there are a lot of major things you don't understand. For example, you refer to FICO as a credit bureau. Equifax, TransUnion, and Experian are credit bureaus, but FICO is not. You also refer to a phone call you made to FICO. Almost certainly I would bet that you called myFICO, which is not the same thing as FICO. FICO makes the scoring algorithm, and myFICO makes the credit monitoring service (CMS) that you are probably a subscriber to) It's a bit like you calling the customer service line for your Chase Freedom and believing you called VISA (which is a different company altogether).

Re: Why did my FICO score drop so unexpectedly?!?

SouthJamaica — Wed, 30 Jan 2019 22:09:07 GMT

@Anonymous wrote:
I have ALWAYS stayed on top of my credit scores! Today I received a notice from My Fico that my FICO score had dropped 19 points ( from 795 to 776!!!).

I called FICO and was told that I needed to contact Equifax, the bureau through which my FICO score information is obtained.

Equifax said they see no reason for the drop with FICO. My score with Equifax remains where it has been, at 793!

Each bureau (Equifax and FICO) has told me that I need to contact the OTHER ONE to get answers!

FICO noted a DECREASE in my debt accompanying the 19 POINT DROP!!!

HELP!!!

In order to know why your EQ FICO 8 dropped we would need to know what was in the report the day before the drop, and what was in the report after the drop.

Re: Why did my FICO score drop so unexpectedly?!?

Anonymous — Wed, 30 Jan 2019 22:29:42 GMT

Ouch! I feel for you. You were probably looking forward to 800. You worked hard and watched your score climb. It's been a slow process, but it's getting there. You're at 795 and you can almost taste it. You pay down some more debt and wait for it to report. And... What!? 776?!

We've been there. It sucks.

But here's the thing. Although there is an objective reason, it may not be knowable to you or to me. The formula is complicated and it's a secret, and it's unlikely you have enough timely data to figure it out anyway. So when something like this happens, you're right to look at your reports closely to makes sure there's nothing going on that you need to address. But if there's nothing there, you just chalk it up to noise.

Unless you're planning to apply for something soon, it's just not worth it to sweat a few-point swing here or there. Even 19 points. Keep doing what you're doing, and in the long run, the noise will even out and you'll be where you need to be.

At least that's the approach I've adopted, and I'm a lot calmer about it than I used to be!

Re: Why did my FICO score drop so unexpectedly?!?

Anonymous — Wed, 30 Jan 2019 22:28:48 GMT

Thank you, first off, for taking the time to respond to my SOS.

However, I don’t like being patronized when it comes to understanding sometimg so ridiculously esoteric and undefined as the credit world.

Regardless of your implications, the “rules” binding the vagaries of this area that so CONTROLS our day-to-day lives (usually behind the scene) are sketchy and illogical at best.

I DID, in fact, speak to FICO, not “MyFico”, and I don’t think a drop of 19 POINTS (which I have never seen before) is anything to sneeze at.

In today’s world, there are cyber-predators around every turn.

I’m off to get my electroshock therapy now, just as ignorant (not stupid!) as I was before.....the real answer is (like so many things in American culture today).....there is no answer.

I apologize.....I’m angry and frightened, and truly do appreciate the time.

B

Re: Why did my FICO score drop so unexpectedly?!?

Anonymous — Wed, 30 Jan 2019 22:30:22 GMT

THANK YOU!! 🙂

Re: Why did my FICO score drop so unexpectedly?!?

Anonymous — Wed, 30 Jan 2019 22:47:48 GMT

@Anonymous wrote:
You mention that you had a decrease in your debt. If the decrease resulted in all cards reporting $0, this would cause a 15-20 point drop. That's about the best guess anyone could make given that we know almost nothing about what your reports look like.

As CreditGuy suggested, there are a couple of scenerios where paying down a debt could cause a decrease in your score. One is if you didn't have any credit cards report a balance. FICO doesn't like that. Another is if you actually paid off an installment loan (like a car loan) and you didn't have any other installment loans. That would mean you don't have as good of a credit mix.

It's completely counter-intuitive that paying down debt would result in an (at least short-term) decrease, but it can.

I don't know if either of those situations apply to you, but it they do, that would explain it, and there's something you can do. If your credit cards reported 0 balances, make sure one reports at least a small balances (but less than 8.9%), and you should get all of your points back the next month. If you paid off your only installment loan, and you really want the point, apply for a small loan. You'll actually lose points for the credit check and the new credit, but in the long run having the loan open will give you more points than it costs you.

Re: Why did my FICO score drop so unexpectedly?!?

dynamicvb — Thu, 31 Jan 2019 01:05:54 GMT

Wow people really are touchy around here today.

Re: Why did my FICO score drop so unexpectedly?!?

Anonymous — Thu, 31 Jan 2019 01:51:10 GMT

yep....people who have all of the answers usually don’t really have ANY answers.....I came on here with an open, innocent questionabd was almost IMMEDIATELY pounced upon by a know-it-all....I hate these forums....will go back to my policy of not being on them.....

Re: Why did my FICO score drop so unexpectedly?!?

SouthJamaica — Thu, 31 Jan 2019 02:05:55 GMT

I would love it if a moderator closed this thread, before someone says something they might regret.

Re: Why did my FICO score drop so unexpectedly?!?

Anonymous — Thu, 31 Jan 2019 02:25:48 GMT

I can give CGID a recommended list of sedatives

Re: Why did my FICO score drop so unexpectedly?!?

Anonymous — Thu, 31 Jan 2019 02:28:29 GMT

@Anonymous wrote:
I can give CGID a recommended list of sedatives

Of course you can, OverMedicated! Who better?

Re: Why did my FICO score drop so unexpectedly?!?

Anonymous — Thu, 31 Jan 2019 02:34:55 GMT

OP, the people that responded in this thread are trying to help you. Without you providing before/after credit report data, there's no way anyone can begin to guess what caused your score change. The members of this forum if you provide the the right [credit report] information will be able to help you quite easily, far better than a call to a CMS or credit bureau could ever do for you.

Re: Why did my FICO score drop so unexpectedly?!?

Anonymous — Thu, 31 Jan 2019 02:36:00 GMT

....so only “yes men” are welcome here?

Re: Why did my FICO score drop so unexpectedly?!?

Anonymous — Thu, 31 Jan 2019 02:42:23 GMT

....if you want to see how I believe a cogent, helpful response should read....go to “Plip”’s post in this thread.....nothing imperious or overbearing.....or patronizing.....

Re: Why did my FICO score drop so unexpectedly?!?

Anonymous — Thu, 31 Jan 2019 02:43:33 GMT

Not sure what you mean above. Everyone is welcome here. I'm getting the impression though that you don't really want to be helped. Multiple people have asked for you to provide before/after credit report data and you seem to be ignoring those requests. By not providing the requested information, you're essentially saying that you don't care to know why your score changed. If you want an answer, in your next reply to this thread please list out all of your accounts with their balances/limits before/after your score change for starters. From there other avenues can be looked down as well.

Re: Why did my FICO score drop so unexpectedly?!?

DU556 — Thu, 31 Jan 2019 02:50:01 GMT

They second person will replied on this thread had a lot of good information. Not once did i think, dang he/she is letting OP have it. I think OP is being too sensitive right now. Even i want to know what the OP recently paid or changed in order to see a drop like that.

OP, nobody is trying to bully you. Just gives us the info we need to see why your points dropped.

Re: Why did my FICO score drop so unexpectedly?!?

Anonymous — Thu, 31 Jan 2019 02:50:28 GMT

....seriously?....I wouldn’t post any of my account information in a public forum under pain of torture!

I’m not looking for anything that analytical or specfic.....the problem (in my opinion) is that there ARE no rules that apply to a compendium of consumers......if I speak futher this will become a POLITICAL forum relatibg to the murky machinations of a manipulated system....thank you all for your “help”.....I bid all farewell.....done....

Re: Why did my FICO score drop so unexpectedly?!?

Anonymous — Thu, 31 Jan 2019 03:09:57 GMT

If by account information you mean account numbers, that's not what anyone is after. Balance info can not be incriminating in any way...

CC 1 - Balance = $354, limit = $4000.

CC2 - Balance = $5, limit = $1000.

etc.

Anyway, your continued attempts to not provide any further information here only solidify my stance that you never really wanted to know "why" or get help in the first place. I agree with the suggestion on the previous page that the mods should lock this one up at this point.

Re: Why did my FICO score drop so unexpectedly?!?

Anonymous — Thu, 31 Jan 2019 03:13:08 GMT

Nobody's asking you to post information like account numbers, which would indeed be imprudent to post in a public place. But it's very common here for someone to post his credit card info like this, for example:

Card 1. Balance = ____ Limit = ____

Card 2. Balance = ____ Limit = ____

Card 3. Balance = ____ Limit = ____

etc.

People do this a lot here when they are trying to get help understanding why their score changed in an unexpected way.

You see that the cardholder's first name, last name, birthdate, state of residence, card issuer, account number, etc. are all omitted.