topic Re: SEVENTY POINT EQ DROP! in General Credit Topics

SEVENTY POINT EQ DROP!

Anonymous — Tue, 21 Jul 2020 21:18:09 GMT

Guys PLEASE help... this huge drop happened... these changes didn't drastically effect my utilization or anything, these are extremely mild changes. I called and the guy was an absolute cad. I'm crying telling him 77 points is literally life changing, years to fix... all he kept telling me to talk to a financial advisor and wouldn't tell me anything about how or why this happened. Asked for a supervisor, waited 10 minutes for him to come back and say none was available and they would call me back the next day. That was 3 weeks ago! What in the name of all things holy do I do with this steaming pile now?!?! Worth noting the total balance on the 2 cap one was less than $500 out of over 2 grand available. The Chrysler cap balance went up the cost of the interest on my deferred (NOT MISSED) payment.

Re: SEVENTY POINT EQ DROP!

lhcole77 — Tue, 21 Jul 2020 21:24:33 GMT

If this is a Credit Karma score, do not panic. They are not true FICOs and they frequently are out of step with FICO.

Do you have access to FICO scores via lenders?

Re: SEVENTY POINT EQ DROP!

RadioRob — Tue, 21 Jul 2020 21:25:34 GMT

A couple of notes... don't fret on this too much. Credit Karma scores can be ignored. They're not the same scores used by lenders.

CK provides Vantage scores while lenders use FICO scores. So in reality they don't mean much.

It looks like several cards reported higher balances. Even though dollar wise they are not really big, my guess is the cards have small limits. It's the percentage of utilization that I think might be hurting you (both overall and individual card utilization).

The good news is utilization has no memory. When you pay it off and it reports again the points return. For the biggest bang for the buck, you want only a single revolving card reporting a small balance and all others reporting no balance.

Re: SEVENTY POINT EQ DROP!

AllZero — Tue, 21 Jul 2020 21:31:27 GMT

$1 you can obtain your 3 bureau FICO 8 scores and reports at Experian or CreditCheckTotal (part of Experian). Cancel in 7 day or less to avoid the re-occurring monthly charge. Wash, Rinse, and Repeat as needed.

AnnualCreditReport. Free weekly 3 bureau online reports through April 2021.

Re: SEVENTY POINT EQ DROP!

Girlzilla88 — Tue, 21 Jul 2020 22:04:03 GMT

@Anonymous Some places may pull/use Vantage Scores but more use FICO don't panic and I would def check out your Annual Report and access FICO if possible.

Re: SEVENTY POINT EQ DROP!

Anonymous — Tue, 21 Jul 2020 22:05:48 GMT

Okay y'all so according to Experian's free trial, my EQ is 645? I always heard CK was inaccurate, but no idea it was that drastic!!! 😱

Re: SEVENTY POINT EQ DROP!

Anonymous — Tue, 21 Jul 2020 22:08:24 GMT

Even EQ website uses the Vantage 3.0 score and showed me 579. I mean why is it even allowed to be like this lol

Re: SEVENTY POINT EQ DROP!

RadioRob — Tue, 21 Jul 2020 22:13:48 GMT

What they offer is *A* score... it’s just not what the majority of lenders use. Even with a FICO score however.... there are over 30 versions of a score. There are older versions typically used by mortgage lenders, there are bank card scores, auto enhanced scores, etc.

There is no one standard score unfortunately and each lender decides which one they choose to use to evaluate customers and perspective risk.

I know... it sucks, but that’s how it is. Lol

Re: SEVENTY POINT EQ DROP!

AllZero — Tue, 21 Jul 2020 22:14:35 GMT

CreditKarma is great for following your reports. For scores, not so much.

EQ site too. That can be disregarded.

You want to follow the different versions of FICO scores, whichever they may be that pertain to your application.

Re: SEVENTY POINT EQ DROP!

Anonymous — Tue, 21 Jul 2020 22:48:49 GMT

Let me assure you that you should not worry about this even a little bit. Very, very few lenders actually even rely upon the vantage score that is provided by credit karma. It's a nice service to kind of keep an eye on any weekly changes to your credit report. But as a scoring system, it's worthless. Also, I had a 129 point drop in one day very similar to your 77 pointer. For mine, the reasons were even more mild than yours. Exactly one month later, I had a 132 point increase. In my opinion, CK should work their math out to cut this crap out. But, it is nothing to worry about.

Re: SEVENTY POINT EQ DROP!

KLEXH25 — Wed, 22 Jul 2020 02:41:26 GMT

@Anonymous wrote:
Okay y'all so according to Experian's free trial, my EQ is 645? I always heard CK was inaccurate, but no idea it was that drastic!!! 😱

CK scores are notoriously sensitive. The three credit agencies decided they wanted a piece of the action and created their own score system (Vantage). The problem is, it never really took off with lenders, but people sign up for them because they're free and don't know any better. Companies like CK make money by marketing credit products to consumers. So many people are shocked when they apply for something thinking they have a great score, but instead are denied because their Fico score is completely different. Now you know. 🤷🏻‍♀️

Re: SEVENTY POINT EQ DROP!

Anonymous — Wed, 22 Jul 2020 05:28:37 GMT

Actually I don’t know of a single lender that uses VS 3. And we know of what, one or two that use VS 4 maybe?