topic Re: 50 point drop today - nothing change on credit report in Understanding FICO® Scoring

50 point drop today - nothing change on credit report

willphule — Fri, 06 Jun 2008 16:35:41 GMT

Had an alert today to a 50 point drop from 743 to 691, the lowest it has been in over 2 years- requested my report, nothing appears to have changed at all. Is there a delay between score changes and something being reported? What else could cause this?

Re: 50 point drop today - nothing change on credit report

marty56 — Fri, 06 Jun 2008 16:40:16 GMT

There is no delay and as long as your score on the report is the same as in the alert, then it would be correct. Check the number of accounts and make sure that it is the same. Also check your util and balances. A 50 point drop could be a late so double check that as well.

Re: 50 point drop today - nothing change on credit report

willphule — Fri, 06 Jun 2008 17:26:55 GMT

Thanks - I checked again. No balance increases showing either. The only thing I see is one new inquiry - could that be the culprit?

-----------------------------------------------

From 3/08

Accounts 20 Accounts with balances 10 Accounts opened in past year 2 Recent inquiries 5 Collections 0 Public Records 0

Total Past Due No Accounts Past Due
Credit History 17 Years
Late Payments 0

From Today

Accounts 20 Accounts with balances 10 Accounts opened in past year 2 Recent inquiries 6 Collections 0 Public Records 0

Total Past Due No Accounts Past Due
Credit History 17 Years
Late Payments 0

Re: 50 point drop today - nothing change on credit report

Anonymous — Fri, 06 Jun 2008 17:37:53 GMT

Hmm, seems like EQ maybe doesn't like it when you have more than 5 inqs. I had a major score drop as well last month when I went from 5 inqs to 6 - but I had 3 new accounts recently that may have factored in as well.

Re: 50 point drop today - nothing change on credit report

haulingthescoreup — Fri, 06 Jun 2008 23:39:18 GMT

That's crazy. Maybe if your score had been 843, you would have gotten a 50-point drop for one additional inq, but at 743?

On the other hand, my EQ score is the slowest to rebound from getting a lot of new credit. With only 4 inqs showing, but 3 being cited, my "seeking new credit" is showing as "bad."

Hard to believe, though, that EQ is even tougher on new credit than EX is.

Re: 50 point drop today - nothing change on credit report

Anonymous — Sat, 07 Jun 2008 13:57:17 GMT

willphule,

You have no change in your % util over those 3 months? That or a rebucketing is the only thing that I could think would trigger that. I highly doubt your new credit category would drop you 50 points for an additional inq. The category itself is probably worth only 50 points of variation.

Re: 50 point drop today - nothing change on credit report

willphule — Mon, 09 Jun 2008 16:20:45 GMT

No, in fact small decreases across the board - I am running out of ideas.

Re: 50 point drop today - nothing change on credit report

llecs — Mon, 09 Jun 2008 17:01:39 GMT

Without fully reading others' comments and if I had a 50 point drop I would look for the following:

A new account or new CA account
New judgment
Utilization change greater than 40%
Loss of an account
Loss an account but addition of another (noticed you had 1 new inquiry - were you approved?)
An updated baddie
An addition of a late
Change in the "Worst Delinquency" box within each account
Change in the positive + negative factors on your EQ and TU FICO reports
Change to anything on the summary page
Change in any account status
Change in the listed CL for your accounts (some CCs don't report a CL - maybe a product change occured)
Change to any of the "FICO Score ingredients" found on first page
Change in the "update" date on each account
Change to any "Date opened" within each acct.
Did you dispute anything?

That's all I can think of now. Remember, if this came from a SW alert, then that alert will not tell you everything that happened on your CR. Other stuff could be happening and it won't tell you.

Re: 50 point drop today - nothing change on credit report

Junejer — Mon, 09 Jun 2008 17:37:12 GMT

Any old account fall off? Something that was closed around 10 years ago or so?

Re: 50 point drop today - nothing change on credit report

marty56 — Mon, 09 Jun 2008 18:05:33 GMT

Have you pulled EX and TU here. I also might be tempted to pull EQ again.