topic Re: Score dropped 11 points TU in Understanding FICO® Scoring

Score dropped 11 points TU

Anonymous — Wed, 07 Aug 2019 21:06:35 GMT

I received an alert from myFICO saying my score dropped 11 points. I logged in to see why and I was given no reason for it. No lates, 18% utilization, 4 open CC accounts with none of them being new. Ever since I started my rebuild in 2016 during chapter 13 and got my discharge last month I have been seeing my scores go up, until today. What could cause an 11 point decrease out of nowhere like that without any negs?

Re: Score dropped 11 points TU

Anonymous — Wed, 07 Aug 2019 21:59:49 GMT

You're never given a "reason" for a score drop tied to an alert. An alert simply means that something changed on your credit report. What did the alert say changed on your CR? Whatever that thing is may or may not have played a role in your score shift.

An 11 point change isn't major and wouldn't have to do with negative items or anything. 9 times out of 10 I would say the drop is likely due to reported balance changes, which is something that you'd be able to see if looking at your before/after reports.

Re: Score dropped 11 points TU

Anonymous — Wed, 07 Aug 2019 22:17:55 GMT

It didn’t tell me anything specific on what changed. I got a notification saying my score changed, I figured it went up because my utilization went from 34% to 18% but I logged in and it went down. No reason was given.

Re: Score dropped 11 points TU

Trudy — Wed, 07 Aug 2019 22:59:07 GMT

When I receive an alert specific to a score change it provides score factors. Not always, but sometimes the changes in the before factors and after factors can help you figure out what the likely reason is. And of course a thorough review of your before and after reports.

Re: Score dropped 11 points TU

Anonymous — Thu, 08 Aug 2019 01:32:32 GMT

@Anonymous wrote:
It didn’t tell me anything specific on what changed. I got a notification saying my score changed... No reason was given.

I know nothing about MF other than what I've read on here having never used the product personally. From my understanding however, alerts are provided due to credit report changes. I have not heard of alerts for a score change. Many times a score change will go hand in hand with a credit report change, which is why many people wrongly assume they must always be related.

Some that has used the MF service, please correct me if I'm wrong. Can you in fact receive an alert of a "score change" or are all alerts for credit report changes (that simply come with a fresh score at the time)?

Re: Score dropped 11 points TU

Trudy — Thu, 08 Aug 2019 02:28:10 GMT

I've used and I'm using MF services. Yes, you can get an alert for a score change only. This is what I'm referring to in my previous post. It's the only time I'm aware of when they provide score factors.

Re: Score dropped 11 points TU

Anonymous — Thu, 08 Aug 2019 02:26:15 GMT

I got a “balance on account decreased by $80” a few days ago and today I got the notification my score dropped. I don’t know if they are related but I didn’t get a message besides “credit score change”

Re: Score dropped 11 points TU

Anonymous — Thu, 08 Aug 2019 03:03:54 GMT

@Anonymous wrote:
I got a “balance on account decreased by $80” a few days ago and today I got the notification my score dropped. I don’t know if they are related but I didn’t get a message besides “credit score change”

No, they aren't related, as a balance decrease isn't going to cause a score drop unless you paid off your only reported [non-zero] balance.

Re: Score dropped 11 points TU

Anonymous — Thu, 08 Aug 2019 03:05:50 GMT

My utilization went from 33% to 18% a few days ago. I dont know why I would get a score drop from that. That’s the only change in credit I can think of

Re: Score dropped 11 points TU

Anonymous — Thu, 08 Aug 2019 04:38:01 GMT

@Anonymous wrote:
My utilization went from 33% to 18% a few days ago. I dont know why I would get a score drop from that.

You wouldn't (and didn't).

Re: Score dropped 11 points TU

Anonymous — Thu, 08 Aug 2019 09:59:56 GMT

@Anonymous wrote:
@Anonymous wrote:
It didn’t tell me anything specific on what changed. I got a notification saying my score changed... No reason was given.
I know nothing about MF other than what I've read on here having never used the product personally. From my understanding however, alerts are provided due to credit report changes. I have not heard of alerts for a score change. Many times a score change will go hand in hand with a credit report change, which is why many people wrongly assume they must always be related.

Some that has used the MF service, please correct me if I'm wrong. Can you in fact receive an alert of a "score change" or are all alerts for credit report changes (that simply come with a fresh score at the time)?

With FICO Premier (monthly 3B) I get score change alerts like this: (The alert says 5/31, but I always get them the next afternoon around 1:30 PM EDT.)

Trudy posted an image of what it looks like before you click the '+' to see more.

Re: Score dropped 11 points TU

Anonymous — Thu, 08 Aug 2019 14:06:40 GMT

When I clicked on the "+" this is what I got:

1. I do have a discharged chapter 13 bankruptcy in my file, when it was discharged last month I received a score increase of 6 points so I doubt me being discharged would cause a drop of 11 points 1 month later.

2. I have and have had 100% payment history now and even before I filed ch13 in 2016. And nothing on my credit report shows being late on any payments.

3. AAoA I can understand because mine is at about 3.5 years, BUT I dont see how that would cause an 11 point drop seeing as how my credit file has aged another month.

4. Lack of recent installment loan would definitely keep my scores from rising, but I dont see how it would cause me to receive an 11 point drop seeing as how I havent had an installment loan in 3 years.

This is frustrating because I have been working hard to rebuild my credit the right way and I am even one week from closing on my first home, and after I close I will be adding a car loan to take care of the installment loan for my credit file. And an 11 point decrease on my already subpar scores I feel will make things that much harder. Especially when I havent really been given a legitimate reason.

Re: Score dropped 11 points TU

Anonymous — Thu, 08 Aug 2019 14:13:22 GMT

@Anonymous wrote:

This is frustrating because I have been working hard to rebuild my credit the right way and I am even one week from closing on my first home, and after I close I will be adding a car loan to take care of the installment loan for my credit file.

An inquiry during a mortgage application would do it.

Re: Score dropped 11 points TU

Anonymous — Thu, 08 Aug 2019 14:15:49 GMT

Perhaps an old account fell off your CR.

Re: Score dropped 11 points TU

Anonymous — Thu, 08 Aug 2019 14:23:20 GMT

one inquiry from July 8th would knock me 11 points even though I was already hit for 3 points a couple days after it happened?

Re: Score dropped 11 points TU

Anonymous — Thu, 08 Aug 2019 14:24:25 GMT

@Anonymous wrote:
Perhaps an old account fell off your CR.

possibly. I wish it would tell me that instead of just saying my score dropped 11 points

Re: Score dropped 11 points TU

Anonymous — Thu, 08 Aug 2019 14:33:02 GMT

@Anonymous wrote:
one inquiry from July 8th would knock me 11 points even though I was already hit for 3 points a couple days after it happened?

Oh you already took the hit, ok. Unless someone involved with the mortgage process checked your credit again for some unknown reason.

I guess check all your aging metrics (oldest, average, youngest) from July compared to today.

Re: Score dropped 11 points TU

Anonymous — Thu, 08 Aug 2019 14:39:01 GMT

@Anonymous wrote:
@Anonymous wrote:
one inquiry from July 8th would knock me 11 points even though I was already hit for 3 points a couple days after it happened?
Oh you already took the hit, ok. Unless someone involved with the mortgage process checked your credit again for some unknown reason.

I guess check all your aging metrics (oldest, average, youngest) from July compared to today.

I haven't received any notifications about another hard inquiry and its still sitting at 5, which is what it was at after I applied for a mortgage. So no changes there that I can see. As far as my aging metrics, everything is the same. Just really confused right now.

Re: Score dropped 11 points TU

Anonymous — Thu, 08 Aug 2019 14:58:45 GMT

@Anonymous wrote:
I haven't received any notifications about another hard inquiry and its still sitting at 5, which is what it was at after I applied for a mortgage. So no changes there that I can see. As far as my aging metrics, everything is the same. Just really confused right now.

How long is it until you can get another report from your myFICO subscription? The report won't update with the alerts - you have to wait until another one is available.

I know there can be another inquiry prior to closing, but I can't see how that would be 11 points, even if it did happen.

Re: Score dropped 11 points TU

Trudy — Thu, 08 Aug 2019 20:06:31 GMT

@Anonymous wrote:

2. I have and have had 100% payment history now and even before I filed ch13 in 2016. And nothing on my credit report shows being late on any payments.

If this is true you need to identify the accounts and dispute. I have a 30 day from 12/2012 that still generates a score factor in the top 4.

Do you have a previous score change where we can compare the score factors and sequence to this one? Not always but sometimes you can see a change in the top 4 or resequencing of the top 4 which can sometimes help you narrow down the issue.