Temp *steep* drop in score. Should I worry about my cards?

[manzanita]

I posted something about this in the General Credit questions, and the responses there were more geared toward whether/how my score will recover but didn't address what I should look out for with my existing cards. Maybe this is the right forum for that.

My comenity card (due to an error, which is being fixed per comenity supervisor) reported as 30 days late. This is my first late in a long time (several years). This caused my score to drop of a cliff ~80 pts. The alert cited this as the reason for the change in score. Things like balance changes, and a new inq had already been alerted and accounted for prior to this change. I know it's hard to imagine one 30 day late having such an effect, but it appears to be the case.

So, let's say the 30 day derog is removed in the next 30-45 days and my score bounces back some or all of the way. I have three Amex's: PRG, Delta & SPG with balances of 125, 0 and 400 respectively. I uses the SPG like cash and pay to 9% UTIL each month. PRG will be zeroed out by the 21st as my spending has shifted to the SPG.

I also have a Barclaycard, which I had just initiated a BT on to take advantage of an offer they sent me.

Those are my two big concerns for obvious reasons but I just got two new Chase SW cards with 5k and 8k limits. That was the inq mentioned above. They have yet to hit my reports.

Should I just pray that I don't get an AR? My fico had me around the 690s. Discover put me at 720 and Barclay had me at 717 on 1/11. Myfico now has me at 610! So I'm pretty terrified that A) my score won't recover B) I'll get CLD'd or worse.

Needless to say I've zeroed out that comenity account and it's in the sock drawer for good.

[indiolatino61]

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@manzanita wrote:

I posted something about this in the General Credit questions, and the responses there were more geared toward whether/how my score will recover but didn't address what I should look out for with my existing cards. Maybe this is the right forum for that.

My comenity card (due to an error, which is being fixed per comenity supervisor) reported as 30 days late. This is my first late in a long time (several years). This caused my score to drop of a cliff ~80 pts. The alert cited this as the reason for the change in score. Things like balance changes, and a new inq had already been alerted and accounted for prior to this change. I know it's hard to imagine one 30 day late having such an effect, but it appears to be the case.

So, let's say the 30 day derog is removed in the next 30-45 days and my score bounces back some or all of the way. I have three Amex's: PRG, Delta & SPG with balances of 125, 0 and 400 respectively. I uses the SPG like cash and pay to 9% UTIL each month. PRG will be zeroed out by the 21st as my spending has shifted to the SPG.

I also have a Barclaycard, which I had just initiated a BT on to take advantage of an offer they sent me.

Those are my two big concerns for obvious reasons but I just got two new Chase SW cards with 5k and 8k limits. That was the inq mentioned above. They have yet to hit my reports.

Should I just pray that I don't get an AR? My fico had me around the 690s. Discover put me at 720 and Barclay had me at 717 on 1/11. Myfico now has me at 610! So I'm pretty terrified that A) my score won't recover B) I'll get CLD'd or worse.

Needless to say I've zeroed out that comenity account and it's in the sock drawer for good.

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It all depends on how often and when your CR's are SP by your card issuers. If they do not SP until after the 30-day late is removed, then no AR would be warranted. Your scores will definitely recover once the error is corrected. As far as a CLD, even if it happens, you can always call and explain the error and request the CL be restored. These kinds of errors are a nightmare, and I wish you all the best of luck and hope the error is corrected quickly.

[-Wade-]

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@manzanita wrote:

I posted something about this in the General Credit questions, and the responses there were more geared toward whether/how my score will recover but didn't address what I should look out for with my existing cards. Maybe this is the right forum for that.

My comenity card (due to an error, which is being fixed per comenity supervisor) reported as 30 days late. This is my first late in a long time (several years). This caused my score to drop of a cliff ~80 pts. The alert cited this as the reason for the change in score. Things like balance changes, and a new inq had already been alerted and accounted for prior to this change. I know it's hard to imagine one 30 day late having such an effect, but it appears to be the case.

So, let's say the 30 day derog is removed in the next 30-45 days and my score bounces back some or all of the way. I have three Amex's: PRG, Delta & SPG with balances of 125, 0 and 400 respectively. I uses the SPG like cash and pay to 9% UTIL each month. PRG will be zeroed out by the 21st as my spending has shifted to the SPG.

I also have a Barclaycard, which I had just initiated a BT on to take advantage of an offer they sent me.

Those are my two big concerns for obvious reasons but I just got two new Chase SW cards with 5k and 8k limits. That was the inq mentioned above. They have yet to hit my reports.

Should I just pray that I don't get an AR? My fico had me around the 690s. Discover put me at 720 and Barclay had me at 717 on 1/11. Myfico now has me at 610! So I'm pretty terrified that A) my score won't recover B) I'll get CLD'd or worse.

Needless to say I've zeroed out that comenity account and it's in the sock drawer for good.

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Because it was an error and it will be fixed pretty quick i would not worry to much.

[manzanita]

yes they are a nightmare - I'm glad I knew I could call and work on t to get corrected thanks to what I've been through over the past year here. But I'm not going to lie - I felt physically ill seeing my score down close to where I started. Hopefully, should anything happen, I'll have the opportunity to explain before they bring the hammer down. 

[efranklin23]

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@manzanita wrote:

I posted something about this in the General Credit questions, and the responses there were more geared toward whether/how my score will recover but didn't address what I should look out for with my existing cards. Maybe this is the right forum for that.

My comenity card (due to an error, which is being fixed per comenity supervisor) reported as 30 days late. This is my first late in a long time (several years). This caused my score to drop of a cliff ~80 pts. The alert cited this as the reason for the change in score. Things like balance changes, and a new inq had already been alerted and accounted for prior to this change. I know it's hard to imagine one 30 day late having such an effect, but it appears to be the case.

So, let's say the 30 day derog is removed in the next 30-45 days and my score bounces back some or all of the way. I have three Amex's: PRG, Delta & SPG with balances of 125, 0 and 400 respectively. I uses the SPG like cash and pay to 9% UTIL each month. PRG will be zeroed out by the 21st as my spending has shifted to the SPG.

I also have a Barclaycard, which I had just initiated a BT on to take advantage of an offer they sent me.

Those are my two big concerns for obvious reasons but I just got two new Chase SW cards with 5k and 8k limits. That was the inq mentioned above. They have yet to hit my reports.

Should I just pray that I don't get an AR? My fico had me around the 690s. Discover put me at 720 and Barclay had me at 717 on 1/11. Myfico now has me at 610! So I'm pretty terrified that A) my score won't recover B) I'll get CLD'd or worse.

Needless to say I've zeroed out that comenity account and it's in the sock drawer for good.

---

It could be a couple of factors that lowered your score here. I see that you obtain some new cards which put a INQ on your report. and INQs can drop your score by 50 points dependsin on high your CS is. And I wouldn't worry too much about the cards dropping as it usually takes a couple of months of consistent risky behavior before they drop (unless of course you open up like 10 acounts in a week lol)

[manzanita]

Update!

Just got a score alert showing that Comenity fixed the error and my score is right back up where it was - 689.

*Huge sigh of relief*

[indiolatino61]

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@manzanita wrote:
Update!

Just got a score alert showing that Comenity fixed the error and my score is right back up where it was - 689.

*Huge sigh of relief*

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That's great...I'm glad you were able to take care of it.

[Anonymous]

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@manzanita wrote:
Update!

Just got a score alert showing that Comenity fixed the error and my score is right back up where it was - 689.

*Huge sigh of relief*

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Oh, that's wonderful! So happy to hear that it was resolved quickly.

[SunriseEarth]

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@manzanita wrote:
Update!

Just got a score alert showing that Comenity fixed the error and my score is right back up where it was - 689.

*Huge sigh of relief*

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Glad to hear it was quickly resolved!