topic Score dropped 15 points - no changes on report..?? in Understanding FICO® Scoring

Score dropped 15 points - no changes on report..??

Anonymous — Mon, 28 Jan 2013 17:35:24 GMT

Hi there My husband and I are in the process of having a home built, so needless to say I have been watching our FICO scores like a hawk and have subscribed to ScoreWatch for both of us.

Our LO had us pay down some credit cards to give him some points to balance out a late payment on his report. In late Dec he was at a 709 (which is the score he was approved with), but then as a few other cards posted he went up to a 726 a few weeks ago. We had sent a few GW letters to his student loan company hoping to get the lates removed but we were told no. ScoreWatch alerted me 2 weeks ago that the student loan company had added a "consumer disputes after resolution", even though we never ever said anything about disputing the late payment. I have been in contact with the student loan company and was told on Friday that the comments will be removed by the end of this month.

So yesterday I get a new alert that something had changed. I logged in and see that his score dropped to 711, but no explanation as to why. I compared the 2 reports and the balance amounts on the cards are the same, if not a little lower in the report I pulled today. No other new info reported. What could have caused his score to drop 15 points??

Re: Score dropped 15 points - no changes on report..??

Anonymous — Mon, 28 Jan 2013 17:43:17 GMT

The dispute if was removed could be why scores dropped.

Re: Score dropped 15 points - no changes on report..??

Anonymous — Mon, 28 Jan 2013 17:48:45 GMT

The dispute comment is still there though

ETA: and when the dispute comment was added the score did not change. So confusing. If it was like 5 points I wouldnt be so concerned, but that is a rather large drop!

Re: Score dropped 15 points - no changes on report..??

Anonymous — Tue, 29 Jan 2013 02:33:27 GMT

What type of loan program are you and your husband doing for home purchase (FHA, USDA, VA, Conventional, ARM, as examples)?

Re: Score dropped 15 points - no changes on report..??

Anonymous — Tue, 29 Jan 2013 19:39:31 GMT

Conventional

Re: Score dropped 15 points - no changes on report..??

Anonymous — Tue, 29 Jan 2013 20:43:22 GMT

On a Conventional loan score does matter for rates.

Lower score, higher rates.

Still very approvable, hopefully they wont do a rate change because of the drop in score. If it didnt impact his midscore then wont change anything at all.