topic Re: 27 point drop on Equifax???? in Rebuilding Your Credit

27 point drop on Equifax????

Anonymous — Mon, 08 Apr 2013 18:41:13 GMT

Please help me understand how this happened--on Feb 23, 2013 a mortgage broker pulled my credit and I had a 726 FICO from Equifax. The only thing that has happened since then is that that I've paid down about $700 on a credit line. The lender pull in Feb is the only hard pull I've got--and today I check my Equifax FICO and it dropped to 699!

What happened? Did they change the formula?

Re: 27 point drop on Equifax????

DiabolicallyRandom — Mon, 08 Apr 2013 18:47:21 GMT

Where did you check your FICO at today?

Re: 27 point drop on Equifax????

Anonymous — Mon, 08 Apr 2013 18:54:06 GMT

on MyFICO -- I had checked on MyFico back in Feb before I called the mortgage broker and it was 726--just like when the broker pulled it.

The only new feedback I'm getting is that the balances on my installment loans are too high (student loans from law school). but nothing has changed about my situation since February. I'm shocked...

Re: 27 point drop on Equifax????

DiabolicallyRandom — Mon, 08 Apr 2013 18:59:23 GMT

That is odd. They always have some sort of feedback, and at times its senseless. Have any accounts aged off? Maybe reporting new balances on something?

Re: 27 point drop on Equifax????

koky — Mon, 08 Apr 2013 19:14:56 GMT

IMO it could be rebucketting... Did your last baddie fall off???

Re: 27 point drop on Equifax????

Anonymous — Mon, 08 Apr 2013 19:15:56 GMT

It doesn't look like any accounts have aged off...could it be the one hard pull?

I understand the criticism that my student loans have very high balances--a lot of them were for, say, $5000 originally but are now $6000 because they accrued interest that I wasn't paying while I was in school. What I don't understand is, why now? This was true 2 months ago too and they had the info then! It's also a bummer because it's going to take a very long time to correct that problem. I can pay down a credit line pretty easily in just a few months, but getting all of my 11 student loan balances lower...it's going to take at least a year to make an impact.

Re: 27 point drop on Equifax????

Anonymous — Mon, 08 Apr 2013 19:21:24 GMT

"rebucketing"? I don't know the term.

My Equifax FICO never had a baddie on it...it was my one really healthy looking report! I just triple checked--none of the account info changed from my Feb report to this one, only change is the balance dropping on my credit line.

Re: 27 point drop on Equifax????

koky — Mon, 08 Apr 2013 19:26:19 GMT

Possible, from what I have read in this forum, the higher your score is the bigger a hard pull affects you...

Re: 27 point drop on Equifax????

Anonymous — Mon, 08 Apr 2013 19:38:58 GMT

just found a thread with another person having a bizarre drop from Equifax recently.

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Recovering-from-a-Hard-pull/td-p/1951231