topic Re: All 3 Scores Drop by 11-14 points. in Understanding FICO® Scoring

All 3 Scores Drop by 11-14 points.

Anonymous — Mon, 10 May 2021 22:07:10 GMT

I am in the process of rebuilding in prep. for buying a new house. I settled on my old house on 4/27 and the closed account has been reported. All 3 scores dropped between 11 and 14 points. I still have 2 installment loans open and current. Is this drop permanent? There is no other reason for a drop. I was actually on the rise due to the moves I have been making since joining myFico. Thanks.

Re: All 3 Scores Drop by 11-14 points.

SouthJamaica — Tue, 11 May 2021 01:20:03 GMT

@Anonymous wrote:
I am in the process of rebuilding in prep. for buying a new house. I settled on my old house on 4/27 and the closed account has been reported. All 3 scores dropped between 11 and 14 points. I still have 2 installment loans open and current. Is this drop permanent? There is no other reason for a drop. I was actually on the rise due to the moves I have been making since joining myFico. Thanks.

Your mortgage scores dropped 11 to 14 points? If so, that would be unusual.

Re: All 3 Scores Drop by 11-14 points.

Anonymous — Tue, 11 May 2021 02:51:59 GMT

Not my mortgage scores. Just my other 3 scores.

Re: All 3 Scores Drop by 11-14 points.

SouthJamaica — Tue, 11 May 2021 17:33:25 GMT

@Anonymous wrote:
Not my mortgage scores. Just my other 3 scores.

Oh well that probably explains it.

Your FICO 8's are very sensitive to aggregate installment utilization percentage. So when you close out a mostly-paid-off loan, you drive that percentage up.

It usually has little or no effect on your mortgage scores.

Since it's your mortgage scores you're interested in, you need to concentrate on them. They behave totally differently than the FICO 8's.

Re: All 3 Scores Drop by 11-14 points.

Anonymous — Tue, 11 May 2021 17:41:25 GMT

Thank you. I am new and I gather that the mortgage scores are adjusted each month when I get my monthly update. If my assumption is correct I will have to wait until June 5.

Re: All 3 Scores Drop by 11-14 points.

SouthJamaica — Tue, 11 May 2021 19:14:07 GMT

@Anonymous wrote:
Thank you. I am new and I gather that the mortgage scores are adjusted each month when I get my monthly update. If my assumption is correct I will have to wait until June 5.

The mortgage scores are in fact adjusting every day. But the only way you can get access to them is to pay MyFICO the big bucks and pull them.

Re: All 3 Scores Drop by 11-14 points.

Anonymous — Tue, 11 May 2021 19:33:48 GMT

Good to know. I will be patient and wait. Thanks for the help!

Re: All 3 Scores Drop by 11-14 points.

Anonymous — Tue, 11 May 2021 20:49:27 GMT

@AllZero has a macro with links to a mortgage score source IIRC.

Re: All 3 Scores Drop by 11-14 points.

AllZero — Tue, 11 May 2021 20:55:30 GMT

@Anonymous wrote:
@AllZero has a macro with links to a mortgage score source IIRC.

👍

Free mortgage scores

EX2 + 3 Bureau FICO 8 scores and reports for free or $1 at Experian or CreditCheckTotal (part of Experian). Cancel in 7 days or less to avoid the reoccurring charge.

TU4 WyHy quarterly score. Not sure on membership requirement.

EQ5 Get a savings account with DCU. Soft pull EQ to be a member. Free monthly score.

You can also obtain your 3 bureau mortgage scores at . Cancel plan after you obtain your scores and reports to avoid re-occurring monthly charge.

Re: All 3 Scores Drop by 11-14 points.

Anonymous — Tue, 11 May 2021 21:07:16 GMT

Thanks @AllZero - you're never far away are you?

Re: All 3 Scores Drop by 11-14 points.

AllZero — Sat, 15 May 2021 22:44:08 GMT

@Anonymous wrote:
Thanks @AllZero - you're never far away are you?

@Anonymous The @ tags help when I'm unable to follow the forum topics.

Re: All 3 Scores Drop by 11-14 points.

babygirl1256 — Tue, 18 May 2021 02:12:31 GMT

@Anonymous So sorry that your scores dropped 11-14 points . . . I am seeing score-dropping posts more frequently and I am really going to have to watch that as I approach pay-off for my SUV. Thanks for posting -and- hopefully your point recovery will be soon!!!