topic Re: SCORE DROP in Understanding FICO® Scoring

SCORE DROP

jawbrkr — Mon, 14 Sep 2015 18:11:55 GMT

Son of a b*tch!!! I screwed up and let all my cards report zero bal and lost 23 pts from equifax and 16 pts from Transunion. Just waiting for the Experian drop.....*sigh*.

Re: SCORE DROP

Anonymous — Mon, 14 Sep 2015 20:00:50 GMT

Fortunately, it's just a temporary drop.

Re: SCORE DROP

Anonymous — Mon, 14 Sep 2015 20:05:41 GMT

No big deal unless you planned on applying for an auto loan, mortgage, other in the next 30 days or so. However, I would be frustrated too.

Re: SCORE DROP

jawbrkr — Tue, 15 Sep 2015 00:32:07 GMT

Nah. Was gardening for a while but still. I was over 700 on all three. That 699 is bugging the hell out of me. It sticks out like a sore thumb.

Re: SCORE DROP

Anonymous — Thu, 17 Sep 2015 01:18:46 GMT

@jawbrkr wrote:
Son of a b*tch!!! I screwed up and let all my cards report zero bal and lost 23 pts from equifax and 16 pts from Transunion. Just waiting for the Experian drop.....*sigh*.

Sorry, I'm relatively new to credit gardening.

Can you explain more? Why does having your cards at zero balance make the bureaus report negatives?

Re: SCORE DROP

Revelate — Thu, 17 Sep 2015 04:56:49 GMT

@Anonymous wrote:
@jawbrkr wrote:
Son of a b*tch!!! I screwed up and let all my cards report zero bal and lost 23 pts from equifax and 16 pts from Transunion. Just waiting for the Experian drop.....*sigh*.
Sorry, I'm relatively new to credit gardening.

Can you explain more? Why does having your cards at zero balance make the bureaus report negatives?

Artifact of the reporting systems; $0 on all revolving tradelines was the same as no use historically which in FICO's data set indicated a higher likelihood for deliquency and default. As a result it's a straight negative in the algorithm and you always want to have at least one card reporting a balance.

Re: SCORE DROP

yoyo — Thu, 17 Sep 2015 15:37:58 GMT

Alert from my Fico today: 23 point drop

New out of BK 1 year...was doing so well...all because I'm trying to pay down my balance and got an CLI on my Cap1 card

FICO® SCORE CHANGE 663-640

640

View score history

Details

CompanyCAPITAL ONE

Utilization Percentage
26% 9%

Balance Amount
$289.00 $204.00

Re: SCORE DROP

jawbrkr — Fri, 18 Sep 2015 23:28:03 GMT

Wait, you paid down your balance to 9% and got a 23pt drop? You sure nothing else caused that? I just cant see that causing a drop.

Re: SCORE DROP

elim — Fri, 18 Sep 2015 23:36:10 GMT

Don't sweat it... Go buy a Heineken and let it report ;] you'll be good to go in a month

Re: SCORE DROP

yoyo — Sat, 19 Sep 2015 03:42:16 GMT

Found out buy buying experian for 1 dollar my old merrick count went to "charge off" to" included in BK"... and a current negative...this did not show on my Fico monitoring ... why am im paying $24.99 a month??? This re-aged my account... believe me im going to call Experian in the morning.

Re: SCORE DROP

EW800 — Sun, 20 Sep 2015 16:11:18 GMT

Thankfully, you will get all the points back when one account reports. I accidently allowed all accounts to report $0 a few months ago and really got spanked by FICO, but each and every point came back as soon as one the accounts reported a $5 or so balance.

Re: SCORE DROP

jawbrkr — Sun, 20 Sep 2015 20:25:42 GMT

@EW800 wrote:
Thankfully, you will get all the points back when one account reports. I accidently allowed all accounts to report $0 a few months ago and really got spanked by FICO, but each and every point came back as soon as one the accounts reported a $5 or so balance.

I sure hope to get those points back but I am betting it takes me 3 months to get the 23 pts i lost from TU and 16pts I lost from EQ. Its insane how you can lose the many point in a month but it takes a few months to get it all back.