topic Re: Equifax Fico 8 score drop in Understanding FICO® Scoring

Equifax Fico 8 score drop

joeyv1985 — Mon, 10 Aug 2020 15:09:02 GMT

All,

I'm trying to make sense of this. My Citi DC, reported that my balance went from $6(yes $6) to zero dollars. However, my Equifax score dropped 4 points. Why is that? I have open 4 credit cards and 2 show no balance. The overall utilization across all cards is about 10%. Please advise. Thanks.

Re: Equifax Fico 8 score drop

Anonymous — Mon, 10 Aug 2020 19:46:39 GMT

Quite simply that wasn’t the cause of the drop.

Re: Equifax Fico 8 score drop

joeyv1985 — Mon, 10 Aug 2020 19:53:25 GMT

I thought the same thing, but I can't find anything. I requested a CLI from CITI on both my cards, but those should have been soft pulls. I was approved on one of them. The was the only thing I could find on myFico was a Equifax notice saying that the balance of my accounts decreased by $6.

Re: Equifax Fico 8 score drop

Anonymous — Mon, 10 Aug 2020 20:35:25 GMT

Keep in mind the substance of the alert has nothing to do with any point changes appended to it. What happens is you have certain things that trigger an alert and if there is also a score change that is tacked on with it.

You would need to compare reports before and after line by line. Did you approve a hard pull?

Re: Equifax Fico 8 score drop

joeyv1985 — Mon, 10 Aug 2020 20:47:11 GMT

@Anonymous wrote:
Keep in mind the substance of the alert has nothing to do with any point changes appended to it. What happens is you have certain things that trigger an alert and if there is also a score change that is tacked on with it.

You would need to compare reports before and after line by line. Did you approve a hard pull?

Hello Birdman, as far as I know, no HP's were approved. If a HP was done, I should've been alerted right away and I haven't been. I'll have to dig deeper into what triggered this point drop. Maybe in the next couple of days, something will pop up.

Re: Equifax Fico 8 score drop

joeyv1985 — Mon, 10 Aug 2020 21:26:12 GMT

@joeyv1985 wrote:
@Anonymous wrote:
Keep in mind the substance of the alert has nothing to do with any point changes appended to it. What happens is you have certain things that trigger an alert and if there is also a score change that is tacked on with it.

You would need to compare reports before and after line by line. Did you approve a hard pull?
Hello Birdman, as far as I know, no HP's were approved. If a HP was done, I should've been alerted right away and I haven't been. I'll have to dig deeper into what triggered this point drop. Maybe in the next couple of days, something will pop up.

Birdman, Citi did a hard pull for my Citi AAD. Looks like they did it because it was before the 6 month time period/anniversary. I swear the language on the app said otherwise. A letter in the account said too many inquiries or something to that effect.

Re: Equifax Fico 8 score drop

Anonymous — Mon, 10 Aug 2020 22:09:27 GMT

Sorry to hear that but I’m glad you discovered the source of the mystery.

Re: Equifax Fico 8 score drop

Anonymous — Mon, 10 Aug 2020 22:10:02 GMT

Have you resolved why you were not alerted right away?

Re: Equifax Fico 8 score drop

joeyv1985 — Mon, 10 Aug 2020 22:15:14 GMT

@Anonymous wrote:
Sorry to hear that but I’m glad you discovered the source of the mystery.

Thanks. I did request a CLI for my Citi DC and got it bumped up from $11K to $12.5K. So all was not lost. I just have to wait 6 months, and request another CLI and I'll be fine. Besides, per my calculations, I should have 2 or 3 inquires falling off my record within the next 12 months, and 6 total by the end of 2021.

Re: Equifax Fico 8 score drop

joeyv1985 — Mon, 10 Aug 2020 22:17:33 GMT

I haven't. Per CS rep, they did pull a HP, however I wasn't notified right away. Credit Karma, myFico, nothing. No immediate notifications. I had to wait for today to see that it did happen. Unless HP's report a little differently than actually applying for credit.

Re: Equifax Fico 8 score drop

Anonymous — Mon, 10 Aug 2020 22:22:36 GMT

Absolutely not! A hard inquiry is a hard inquiry when I get one my phone lights up from everywhere.

Re: Equifax Fico 8 score drop

joeyv1985 — Mon, 10 Aug 2020 22:23:51 GMT

I thought so too, but mine didn't. Very frustrating.

Re: Equifax Fico 8 score drop

Anonymous — Mon, 10 Aug 2020 22:24:04 GMT

CK is typically first. MF not so much maybe the next day.

Re: Equifax Fico 8 score drop

joeyv1985 — Mon, 10 Aug 2020 22:25:22 GMT

Nothing on CK. One of the reasons why I signed up, was to be alerted ASAP.

Re: Equifax Fico 8 score drop

Anonymous — Mon, 10 Aug 2020 22:26:27 GMT

You might want to check and make sure your mobile number is registered correctly and make contact with customer service because I’ve never missed one.

Re: Equifax Fico 8 score drop

Anonymous — Mon, 10 Aug 2020 22:28:13 GMT

Even credit journey typically lets me know.

I actually meant to go turn off a lot of the services that I have on through credit cards like that. They are redundant. But then again after your situation maybe not

Re: Equifax Fico 8 score drop

joeyv1985 — Mon, 10 Aug 2020 22:33:59 GMT

Even if I log into Credit Karma, it shows no inquiry. In myFico, I actually logged in and saw the credit score drop which prompted me to do a little research.

Re: Equifax Fico 8 score drop

Anonymous — Mon, 10 Aug 2020 23:13:54 GMT

@joeyv1985 Well CK only updates every seven days but when it gets an inquiry it’s supposed to notify you immediately and I think it also updates typically at that time as well but I won’t swear to it.

what is the date updated on CK?

Re: Equifax Fico 8 score drop

joeyv1985 — Mon, 10 Aug 2020 23:19:20 GMT

@Anonymous wrote:
@joeyv1985 Well CK only updates every seven days but when it gets an inquiry it’s supposed to notify you immediately and I think it also updates typically at that time as well but I won’t swear to it.

what is the date updated on CK?

Per the App, in 2 days is when it's supposed to update. Funny thing is, when I applied for my Citi DC and Citi AAd, I got an immediate response

Re: Equifax Fico 8 score drop

Anonymous — Mon, 10 Aug 2020 23:30:01 GMT

Something screwed up you should’ve got an alert from CK you might wanna check your settings