topic FRUSTRATED! in Understanding FICO® Scoring

Why a 30 point drop?

Anonymous — Thu, 17 Jan 2013 21:43:45 GMT

I recently enrolled in an Identy Theft Protection Program and as part of their service, they will give you your TU score. Through my bank, I get the 3 bureau score monthly and on 1/7/13 my TU was 692. Today I got notice that my TU was 664 on 1/13/13. Also, my EXP dropped from 676 to 654. I have not missed any payments nor have there been any credit inquiries on my account. What could have caused this drop? I am below 35% utilization on all my cards and am strving to reach TU/EXP/EQ scores in the 720's by June.

Someone please give me a little insight into this. Thanks

Re: Why a 30 point drop?

llecs — Thu, 17 Jan 2013 21:52:54 GMT

None of the scores you are using are FICO scores and it is very likely you are comparing two different non-FICO scores, which accounts for the score difference. Your score probably didn't change at all.

Re: Why a 30 point drop?

Homeowner13 — Thu, 17 Jan 2013 22:12:58 GMT

Your credit score could have dropped because of a new balance on a credit card. Remember your score can change every time a cc reports. Normally that is once a month. When I was getting ready to buy my house I paid all my cc to zero just before they reported. A lot of cc companies report about the time your bill is due or at the beginning or middle of the month. After tracking a while I figured out when they report mine. Get your utilization down below 30% and you should also see an increase from that as well. Good luck with your home purchase.

Re: Why a 30 point drop?

Anonymous — Thu, 17 Jan 2013 23:20:25 GMT

Is there a source where a consumer can get their FICO score without going through a mortgage qualifying service so that a true FICO score can be seen?

As a matter of fact, all 3 scores were different using this service/source than the scores from my bank from a week prior.

Re: Why a 30 point drop?

llecs — Sat, 19 Jan 2013 00:59:24 GMT

@Anonymous wrote:
Is there a source where a consumer can get their FICO score without going through a mortgage qualifying service so that a true FICO score can be seen?
As a matter of fact, all 3 scores were different using this service/source than the scores from my bank from a week prior.

You're limited on the places to get your FICO score.

You can only buy your EQ FICO from myFICO, your lender, or from Equifax.com (buyer beware: the scores they push are a FAKO, but your EQ FICO can be purchased through EQ).

You can only buy your TU FICO from myFICO or your lender.

Finally, you can only buy your EX FICO from your lender. As of a few years ago, Experian blocked consumer access to your own EX FICO.

Aside from the above, you can also get your FICO scores for free or at a reduced price. Banks and CUs will offer it as a benefit. M&T Bank, Unitus Community Credit Union, and Digital Credit Union each offer an EQ FICO. You can get your TU FICO from Wal-Mart or Merrick Bank if you have CCs with them. And you can get your EX FICO from PA State Employees Credit Union (PSECU) if you have a checking account with them. There are other CUs out there that will offer a FICO if you ask them as part of a benefit for being a member.

FRUSTRATED!

Anonymous — Mon, 08 Apr 2013 00:16:25 GMT

OKAY

Back in February, I purchased my Experian and TU FICO scores from here. My TU was 694 and my EQ. Since then, I have eliminated all CC debt and got a total removal of the IRS Liens that were showing up in Public Records with TU and Experian (EQ is playing dumb, not wanting to remove totally but I am on them for this). My TU score has dropped to 670! A full 24 points! It was higher with the Tax Liens being reported as satisfied/paid. I have not increased my utilization nor have I had any HPs on my credit report, yet despite this, the score has dropped 24 points!

I had a friend tell me a few years ago that these scores are racially profiled and I told them that was ridiculous. Now I am beginning to believe this. I cannot think of any explanation as to why there should be a drop when there have been no additional lates and my utilization has decreased from 35% in February to 3% for April.

I need my scores in the 700's and I am beginning to feel that its a useless game I am playing here.

Re: FRUSTRATED!

Anonymous — Mon, 08 Apr 2013 00:21:08 GMT

@Anonymous wrote:
OKAY

Back in February, I purchased my Experian and TU FICO scores from here. My TU was 694 and my EQ. Since then, I have eliminated all CC debt and got a total removal of the IRS Liens that were showing up in Public Records with TU and Experian (EQ is playing dumb, not wanting to remove totally but I am on them for this). My TU score has dropped to 670! A full 24 points! It was higher with the Tax Liens being reported as satisfied/paid. I have not increased my utilization nor have I had any HPs on my credit report, yet despite this, the score has dropped 24 points!

I had a friend tell me a few years ago that these scores are racially profiled and I told them that was ridiculous. Now I am beginning to believe this. I cannot think of any explanation as to why there should be a drop when there have been no additional lates and my utilization has decreased from 35% in February to 3% for April.

I need my scores in the 700's and I am beginning to feel that its a useless game I am playing here.

I think if you can post the details from the two credit reports so people can examine them, we may be able to start guessing at what happened. Without that, we are all guessing.

Re: FRUSTRATED!

Booner72 — Mon, 08 Apr 2013 17:16:31 GMT

Did you pay your CC's so that none are reporting a balance? If so, this might be the culprit. FICO likes to see that you are using your credit wisely - so let one balance report, 5% of it's limit or something like that.

Re: FRUSTRATED!

Anonymous — Mon, 08 Apr 2013 18:29:42 GMT

@Booner72 wrote:
Did you pay your CC's so that none are reporting a balance? If so, this might be the culprit. FICO likes to see that you are using your credit wisely - so let one balance report, 5% of it's limit or something like that.

I had a small balance (maybe like 59.00 on one card)....the month prior there was still a high balance on my JCPenney cared (about 630 bal with a CL of 5K)