topic Re: Score dropped 28 points! (here's why...but why did this happen??) in Understanding FICO® Scoring

Score dropped 28 points! (here's why...but why did this happen??)

Anonymous — Tue, 04 Jun 2019 16:47:51 GMT

I noticed that my score dropped yesterday 28 points on Transunion!!! (I have a subscription to MYFICO to keep up with it)
TU only, no other drops on the other two.

My scores are 814, 804 and now 790. (was 818)

28 points is crazy.

And out of the blue with no rhyme or reason that I could tell. So I looked a little deeper.

It appears that I had an old account with a credit union that has been paid off for quite a while but all 3 agencies were still reporting it.

Well, as of June's report, it is gone from TU. They dropped it or something. The other 2 are still showing it.
So now I know why my score dropped so much but wow.

Why would it suddenly drop off of my report from TU?? I didn't ask to have it removed.
We are starting the house buying process within weeks and now my score dropped 28 points for something like this??

What can I do? Anything?

Re: Score dropped 28 points! (here's why...but why did this happen??)

Jnbmom — Tue, 04 Jun 2019 17:03:19 GMT

How "old" was the account? Accounts can stay on reports up to 10 years, if that time has surpassed it might have just dropped off. Not much you can do though.

Re: Score dropped 28 points! (here's why...but why did this happen??)

Anonymous — Tue, 04 Jun 2019 17:23:34 GMT

The last report date was 2010 on that one. Bummer!

Does that rebound pretty quickly or do my other accounts just need to continue to age? (as in slowly but surely?)

Re: Score dropped 28 points! (here's why...but why did this happen??)

Anonymous — Tue, 04 Jun 2019 17:39:06 GMT

It's just a time issue to recover some points. If you have some balances somewhere you could prop it up a bit for vanity but, if you're looking to score a large Loan anything over 760 doesn't make much difference.

Re: Score dropped 28 points! (here's why...but why did this happen??)

Revelate — Tue, 04 Jun 2019 22:44:40 GMT

Hey Niela,

Would it be possible to post what your original vs. new oldest account is, and also what your original vs. new AAOA is too? 28 points seems like a lot to me too for one account wandering away but potentially with a major stat move in one or both of those two categories, well, maybe.

Re: Score dropped 28 points! (here's why...but why did this happen??)

Anonymous — Wed, 05 Jun 2019 13:54:27 GMT

@revelate

Our new oldest account for TU is 2011 (still open account). The one that fell off was closed and was from 2010 and it was the oldest showing on my report.

AAOA other than that...is around 2017. With one new account this year. Jan 2019.

Re: Score dropped 28 points! (here's why...but why did this happen??)

DollyLama — Wed, 05 Jun 2019 15:26:04 GMT

The account that aged off 2010 last date reported, when did it open compared to your next oldest account (revolving or loan)?.

If it happened to be an auto loan for example that opened in 2005 you had 14 years till it aged off from it being paid in full. Your now oldest one in 2011 is that the opening date, or like your other one, paid off, and last payment date?

That is why it is good on CCs, to keep your oldest revolver open, as it does not have a fixed term like installment loans.

Re: Score dropped 28 points! (here's why...but why did this happen??)

Revelate — Wed, 05 Jun 2019 19:29:56 GMT

@Anonymous wrote:
@revelate

Our new oldest account for TU is 2011 (still open account). The one that fell off was closed and was from 2010 and it was the oldest showing on my report.
AAOA other than that...is around 2017. With one new account this year. Jan 2019.

For an AAOA metric actually need the months, if you want to report the open month/year for all of your accounts open and closed including the one that fell off we can crunch the numbers for you or there's online AAOA calculators too like https://aaoa-calculator.org/

Maybe you stumbled over a AOOA metric, there specific month/year open date would also be helpful.

Re: Score dropped 28 points! (here's why...but why did this happen??)

Anonymous — Wed, 05 Jun 2019 20:58:35 GMT

That’s exactly what I’m thinking that’s way too big I smell re-bucketing.

Wouldn’t it make sense if it followed a series of AAoA awards?

Re: Score dropped 28 points! (here's why...but why did this happen??)

Anonymous — Wed, 05 Jun 2019 22:31:57 GMT

I did the calculator and it said the average age of my accounts was 7 years.
The one that dropped off was opened in 1996, last activity 2009, last update 2010.

Just to note, I utilize less than 5% of credit consistently. (payoff each month, only use 2 cards at a time, etc)
Nothing to note other than normal behavior as such. No new accounts, nothing changed...except that account falling off TU. (it only dropped from TU, still showing on the other 2 and the only score that dropped also )

What is rebucketing??

Re: Score dropped 28 points! (here's why...but why did this happen??)

Anonymous — Thu, 06 Jun 2019 01:23:34 GMT

Niela19 Is that your AAOA at TU for all accounts, open and closed? (Please give precise answers out to two decimals please.) What is your new AooA at TU? Where did you get your scores? Do you have access to anything other than classic eight? If so, did all scores change? Or did any others?

Rebucketing is when you are assigned to a new scoresheet and therefore compared against a different group of people. You’re score therefor changes.

Re: Score dropped 28 points! (here's why...but why did this happen??)

Anonymous — Wed, 05 Jun 2019 22:44:12 GMT

@DollyLama

It opened in 1996 (line of credit, closed) ... last activity 2009, last reported 2010
the next oldest 1999 (store card account I closed years ago)... last activity 2006, last reported 2017
next after that is 2009 (auto loan, paid) ... last activity 2009, last reported 2012

then 2011(store card, still open)
then 2017(credit card, open)
2017 (auto loan, open but almost paid off...going slowly now as I don't want it showing paid off yet)
and January of 2019(credit card, open)

Not all of these are reporting by all, it's hit or miss there. (the new ones are all reporting, but some of the old ones are only on TU or EX, etc)

Re: Score dropped 28 points! (here's why...but why did this happen??)

Anonymous — Wed, 05 Jun 2019 23:05:09 GMT

Birdman7,

I did it again with just TU....it says it's 3 years. (per the calculator linked above) 7 was for all accounts, including the one that dropped off of TU because it's still reporting on the other 2.

I know what AAOA stands for but don't know what AooA stands for? (and what do you mean "out to two decimals"..for what?)

Scores are from MYFICO. Yes, I have access to other than Score 8 but not sure if the others dropped also or not.

The only score that changed was TU, and it's also the only one that dropped the account. The other two (EQ and EX) are still reporting it.

One thing that TU is notating is that I have too many cards with balances. I actually don't (I only use 2 of my cards a month and rotate them that way, 2 different ones the next month, etc) BUT my husband and I are on a couple of each other's cards because I thought that was a good thing to do. So those are also showing on each of our reports. Now I'm wondering if we both use 2 different cards a month, if that shows as "too many cards with balances" since they are on each of our reports potentially??

"Rebucketing is when you are assigned to a new scoresheet and therefore compared against a different group of people. You’re score therefor changes."

So does that mean, in this scenario, I most likely went into a worse scoresheet (worse creditwise people)?? Or better (better creditwise people)? If better, will it rebound fairly quickly, do you know?
I'm so lost on all of this!

Re: Score dropped 28 points! (here's why...but why did this happen??)

Anonymous — Thu, 06 Jun 2019 01:31:07 GMT

OK so your average age of accounts was seven years before the account dropped and it is now three years, correct? The other acronym stands for age of oldest account. What is your oldest account on TU? (Open or closed) When I said out to two decimals I meant when you were doing the division for your average age of accounts.

I would like for you to check all of your scores from TU, please and let us know if they all changed, and if so by how much please.

As for the two many cards/accounts with a balance, that’s a ratio based on how many open accounts you have and it varies by algorithm and bureau. Which bureau is giving you that statement? It does give you a small penalty, but that’s a point in time penalty, and if you’re getting ready for an important application, you can lower the number of accounts with the balance to make that penalty go away, if you have enough accounts.

Oh IF you changed scorecards, you would now be compared to people with younger credit histories because your oldest account is now younger.

Re: Score dropped 28 points! (here's why...but why did this happen??)

Anonymous — Thu, 06 Jun 2019 15:27:22 GMT

Thank you for the clarification Birdman!

Yes, that is correct, was 7, now 3.

Okay, so the oldest now on TU is from 2009, last reported 2012

I have looked all over inside MYFICO, my scores, alerts, etc. I can only see what all the other TU scores are now. I don't know what they were before as I don't look at those every month. Am I missing somewhere in there that will show me what the Score 4, 9, bankcard, auto scores, etc., were previously??

Re: Score dropped 28 points! (here's why...but why did this happen??)

Anonymous — Fri, 07 Jun 2019 01:02:31 GMT

I apologize I didn’t receive a notification or I missed the notification about your response.

I don’t know what level of service you have but what is the last credit report you have access to from TU? When you pull a 1B or 3B it gives all those scores. Or you may receive it quarterly or monthly. Or if you have access to other services I don’t know what you have. Where do you normally get your scores from? Do you have a continuing CMS? If you don’t have your scores from before this change then its impossible to hypothesize whether you were re-bucketed.

Re: Score dropped 28 points! (here's why...but why did this happen??)

Anonymous — Fri, 07 Jun 2019 02:08:24 GMT

Hey! No need to apologize!

And wow, I feel dumb! I have never clicked "score" before in the report area. Only "items to review", etc. I always just keep an eye on the dashboard and check scores there.

Okay, here are my scores from April's 3B (4/30)report for TU and June's (6/1)
(I'm a monthly member here at MYFICO)

April and June

Overall - 820 ...... and now 790

Mortgage - 778 ..... and now 741

Auto - 798 ..... and now 759

Score 8 auto - 841 ..... and now 810

Score 9 - 852 ..... and now 811

Credit Card - 845 ..... and now 811

Credit card 5, 4 & 2 - 806 ..... and now 767

Score 9 - 849 ..... 807

Other - 840 ..... 799

Wow, that's depressing! Big drops on all. :/

Re: Score dropped 28 points! (here's why...but why did this happen??)

Anonymous — Fri, 07 Jun 2019 02:21:05 GMT

OK thats drastically different on everything. But that’s also a months time difference. So we need to know what else has changed. What were the number of accounts with a balance on each report? what was your percentage utilization in the aggregate on both reports? Any individual utilization changes across breakpoints? Do your scores normally stay the same or do they normally change?

Because things like that can also drastically change score. have you applied for credit? have you had any HPs in the intervening time? Any new accounts hit the CR?

Re: Score dropped 28 points! (here's why...but why did this happen??)

Anonymous — Fri, 07 Jun 2019 02:22:52 GMT

And by the way scores are not the only additional thing is provided, you know where to find the negative reason codes right?

Re: Score dropped 28 points! (here's why...but why did this happen??)

Anonymous — Fri, 07 Jun 2019 04:30:46 GMT

Hmm, I do now notice my cc utilization changed. But I do pay these off monthly, or mostly as I try not to take them all down to complete 0 because I thought that was not a good thing to do. So most get paid to 0, some get paid to 200 etc.

Balances and utilizations in April and then June were:

222 - 1% .... and now 1,742 - 7% (I actually paid this before then end of May but it showed this on June's report)

0 ...and now 376 - 5%

18 - 1% ... and now 0

2,944 car loan ... and now 2453

0 ... 0

88 - 1% ... and now 55 - 1%

0 ... and now 55 - 18% (store card)

Total utilization for April was 1%
Total utilization for June was 5%

Is that what hurt my score more, the larger balances??
And yes, scores pretty much always stay the same. Up and down in small amounts when I pay a card off, add to a card, etc.

And your other question....is that the analysis and "factors" your are speaking of?