topic Re: Score Changed, Credit Didn't. in Understanding FICO® Scoring

Score Changed, Credit Didn't.

Anonymous — Tue, 13 May 2014 16:10:14 GMT

Sorry to be repetitive if this topic has already been covered. We've worked very hard to get our credit up these last few years & I noticed today that there was a 53 point decrease in the score, but nothing had changed on the actual credit report! The last score alert I received, not even 30 days ago, put us in a bracket we'd been aiming for. Why is it I log on today (with no alerts), & noticed the score has now gone down 53 points? How can my score change so dramatically when nothing has changed with the credit? B

Re: Score Changed, Credit Didn't.

DaveSignal — Tue, 13 May 2014 16:58:22 GMT

53 points is pretty significant. Do you have any collections on your report?

has anything really old fallen off and is no longer reporting?

Re: Score Changed, Credit Didn't.

Anonymous — Tue, 13 May 2014 17:00:29 GMT

Where are you getting your scores?

Can you be specific about which score (EX, EQ, TU) has changed?

Re: Score Changed, Credit Didn't.

Anonymous — Tue, 13 May 2014 18:03:04 GMT

When I first started monitoring, over a year ago, we'd already cleaned the reports up, paid off any due debts, collections or otherwise. We then added a credit card & have been using & monitoring closely. We haven't added anything, changed anything, or otherwise in at least 6+ months. We've been very careful about what we did, as we were preparing to buy a home in the near future & knew we'd need some time to clean up & build credit.
So basically nothing has changed on the credit reports in quite a while, & even tho past debts were paid nothing is scheduled to fall off until 2015.
I looked at the score history available in the member center & the score had been steadily going up for almost a year now, then all of a sudden dropped 53 points in the past few days with no explanation, no score alert, no credit changes, nothing. Just dropped.
The score I'm getting is thru the My Fico website & monitoring service, which says is an Equifax score. I do understand they can vary greatly amongst the different bureaus, however this is all from & thru My Fico.
Thanks so much, & sorry for the long explanation.

Re: Score Changed, Credit Didn't.

Anonymous — Tue, 13 May 2014 18:07:32 GMT

If it's an EQ score from this site, then the scoring models have changed recently (EQ 04 to EQ 08), and the changes are described here:

http://www.myfico.com/crediteducation/questions/fico8.aspx

Such a change will help some people and hurt others.

If you're looking for a mortgage, I would rely on the FICO score available at the Equifax site (EQ 04). The 04 scores tend to be standard in the mortgage industry.

Re: Score Changed, Credit Didn't.

DaveSignal — Tue, 13 May 2014 18:08:07 GMT

Is your credit card maxed out? Take a look at the balance reporting on your credit card from the report where your credit report had the higher score and compare it to the recent report.

A significant part of your FICO score is the amount utilized on credit cards.

Additionally, check to make sure that none of the existing collections have recently reported anything.

Re: Score Changed, Credit Didn't.

EW800 — Tue, 13 May 2014 18:13:54 GMT

> If you're looking for a mortgage, I would rely on the FICO score available at the Equifax site (EQ 04).

5387 -- Would you by chance know how to locate the true FICO 04 score at Equifax that they sell for $20? Pretty much everything that I see is for their "Credit Score" and "Equifax Complete" products, which I believe is what we should stay away from. I get the feeling they bury the true 04 area? Any pointers? Thanks!

Re: Score Changed, Credit Didn't.

DaveSignal — Tue, 13 May 2014 18:14:41 GMT

@Anonymous wrote:
If it's an EQ score from this site, then the scoring models have changed recently (EQ 04 to EQ 08), and the changes are described here:

http://www.myfico.com/crediteducation/questions/fico8.aspx

Such a change will help some people and hurt others.

If you're looking for a mortgage, I would rely on the FICO score available at the Equifax site (EQ 04). The 04 scores tend to be standard in the mortgage industry.

Although the move from Beacon 5.0 to Beacon 9.0 is currently happening at myFICO, OP should still carefully look at her reports to determine where she is losing such a significant amount of points.

Re: Score Changed, Credit Didn't.

Anonymous — Tue, 13 May 2014 18:19:43 GMT

@EW800 wrote:
> If you're looking for a mortgage, I would rely on the FICO score available at the Equifax site (EQ 04).

5387 -- Would you by chance know how to locate the true FICO 04 score at Equifax that they sell for $20? Pretty much everything that I see is for their "Credit Score" and "Equifax Complete" products, which I believe is what we should stay away from. I get the feeling they bury the true 04 area? Any pointers? Thanks!

I believe it's the $19.95 "Score Power" product here:

http://www.equifax.com/credit-score

Re: Score Changed, Credit Didn't.

Anonymous — Tue, 13 May 2014 18:27:31 GMT

@DaveSignal wrote:
@Anonymous wrote:
If it's an EQ score from this site, then the scoring models have changed recently (EQ 04 to EQ 08), and the changes are described here:

http://www.myfico.com/crediteducation/questions/fico8.aspx

Such a change will help some people and hurt others.

If you're looking for a mortgage, I would rely on the FICO score available at the Equifax site (EQ 04). The 04 scores tend to be standard in the mortgage industry.

Although the move from Beacon 5.0 to Beacon 9.0 is currently happening at myFICO, OP should still carefully look at her reports to determine where she is losing such a significant amount of points.

Agreed. I was treating this as a "What suddenly changed?" issue, and the scoring model change is the obvious culprit.

However, beyond that, if EQ 08 causes a score to dive, then it's worth further investigation, for example looking at maxed out cards and AU issues.

Re: Score Changed, Credit Didn't.

Anonymous — Tue, 13 May 2014 18:23:51 GMT

Yes I do know how to find & obtain the info from Equifax directly, thank you. As for the credit card we use it for mainly for gas/groceries, basically items we buy anyways, & then we pay it off completely every single month. So no it's not maxed out, not even close, & there is never a balance even carried over.

Re: Score Changed, Credit Didn't.

Anonymous — Tue, 13 May 2014 18:29:37 GMT

I am going to investigate further, like was recommended. That significant of a drop just seems outrageous to me if the only reason is the model change. I am going to pull reports & review them for any new changes again just to make sure. I do keep a very close watch & highly doubt I'll find anything, but it is definitely worth an extra look just to make sure. But other than that the credit card is in excellent standing. Thanks again everyone!

Re: Score Changed, Credit Didn't.

Anonymous — Tue, 13 May 2014 18:38:07 GMT

There's one tricky issue with credit card utilization.

Suppose that I have a $1000 limit, and spend $975 a month, and after the statement date, pay it off.

In this scenario, I will pay no interest, and my CC company may think I'm a great customer.

But such a card will appear maxed out for scoring purposes. This is especially an issue for low-CL cards, for example using $240 of a $250 card.

I don't know if you're anywhere near having this issue, but thought I would mention it.

Re: Score Changed, Credit Didn't.

Anonymous — Tue, 13 May 2014 18:37:01 GMT

Oh yes thank you for the mention, definitely can't hurt. We don't utilize more than about 25% of the available credit limit. Basically with a $2,000 limit, we keep the balance at $500 or less.

Re: Score Changed, Credit Didn't.

EW800 — Tue, 13 May 2014 18:56:01 GMT

@Anonymous wrote:
@EW800 wrote:
> If you're looking for a mortgage, I would rely on the FICO score available at the Equifax site (EQ 04).

5387 -- Would you by chance know how to locate the true FICO 04 score at Equifax that they sell for $20? Pretty much everything that I see is for their "Credit Score" and "Equifax Complete" products, which I believe is what we should stay away from. I get the feeling they bury the true 04 area? Any pointers? Thanks!

I believe it's the $19.95 "Score Power" product here:

http://www.equifax.com/credit-score

Thank you!