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BofA Cash Rewards Special Offer

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Anonymous
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Re: BofA Cash Rewards Special Offer

So the BofA inquiry dropped my FICO8 (Experian) score 56 pts! Is there anything I can do about this?

Message 21 of 34
Anonymous
Not applicable

Re: BofA Cash Rewards Special Offer


@Anonymous wrote:

So the BofA inquiry dropped my FICO8 (Experian) score 56 pts! Is there anything I can do about this?


No it didn't.

 

You got an alert.  That alert was because of an inquiry.

 

Whenever you get an alert, the monitoring service will also pull a fresh credit score based on your profile that day.  The score drop may have nothing to do with the alert reason.  Two separate things.

 

Something else happened to your report since your last score pull.  Something very derogatory -- a late payment?  Public record show up?  Massively high utilization posted on multiple cards?

Message 22 of 34
simplynoir
Community Leader
Mega Contributor

Re: BofA Cash Rewards Special Offer


@Anonymous wrote:

So the BofA inquiry dropped my FICO8 (Experian) score 56 pts! Is there anything I can do about this?


There is NO way a HP should drop your score that much. Anything else on your report that would have brought it down like an updated balance, late payment, or something because I've never heard of something like that before.

Message 23 of 34
Anonymous
Not applicable

Re: BofA Cash Rewards Special Offer

There is NOTHING else listed, so I am calling Experian for an explanation. That's an insane drop... on the bright side when I logged into BofA this morning, another offer! I'm all about dropping another 56 pts lol

 

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  • Redeem your cash rewards for cash back or deposit them into a Bank of America savings or checking account
Message 24 of 34
Anonymous
Not applicable

Re: BofA Cash Rewards Special Offer

Experian won't know why your score dropped, they don't do the calculation. They just pull the score from one of FICO's API services.

 

You definitely need to pull your 1B from EX -- does your monitoring service also provide a 1B with every alert?  If not, just pay $1 for the CCT trial to pull all 3Bs and cancel the trial ASAP and go through it with a fine toothed comb.

Message 25 of 34
Anonymous
Not applicable

Re: BofA Cash Rewards Special Offer

I have the 3B from here, but I'll try your idea. Just sad, I was so happy I was above 700. That's really the only thing I've done in months as far as credit, other than a new AMEX card. I don't see how a new card and an inquiry would drop it 56 pts. 

can I contact FICO? WOuld they know why or is at all by automation and no one knows why?

Message 26 of 34
Anonymous
Not applicable

Re: BofA Cash Rewards Special Offer

FICO by policy really won't give you any advice on their scoring because it's proprietary.  The best they would do is refer you to a FICO simulator and reason codes, which can be useless.

 

If your 3B is older than this alert, it's useful for figuring out what happened.  There ARE some free Experian credit report websites, I believe Credit.com lets you pull a 1B monthly for free and provides a useless FAKO score.  Try that first?

Message 27 of 34
Anonymous
Not applicable

Re: BofA Cash Rewards Special Offer

OK, and thanks for the suggestion. I got the free Experian just now. Couple items for consideration? EX dropped score by 3, yet FICO by 56

First is Experian itself which reported this before the credit report

Credit Score Decrease
Bank/Credit Card Inquiry - Your FICO Score has decreased by 3 points. - Oct 31, 2017

BANK OF AMERICA obtained a copy of your EXPERIAN Credit Report. - Oct 31, 2017

Credit Score Increase Your FICO Score has increased by 44 points.Oct 27, 2017

And the credit report itself

1. Removed myself as an authorized user on wife's CapOne card - shows closed and paid, no lates

2. Amex inquiry but no report yet as it's newly issued

3. BofA inquiry

 
 
Message 28 of 34
Anonymous
Not applicable

Re: BofA Cash Rewards Special Offer


@Anonymous wrote:

OK, and thanks for the suggestion. I got the free Experian just now. Couple items for consideration? EX dropped score by 3, yet FICO by 56

 

 

This line doesn't make sense -- EX dropped by 3, FICO by 56.  What does EX mean?  Which EX score?  Vantage Score?  If so, ignore it.

 

You say you removed yourself as AU from your wife's card -- how many open credit cards are reporting on your score after the AU removal?

Message 29 of 34
Anonymous
Not applicable

Re: BofA Cash Rewards Special Offer

Sorry, I'm new and abbreviated Experian as EX. It didn't say Vantage score..

Your FICO Score has decreased by 3 points.

Good news. Even though your FICO Score went down your Credit Rating did not so it should not impact your creditworthiness.

 

So now I have the three (Delta AMEX, USAA Visa and Discover) reporting

Message 30 of 34
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