28 point drop!!!!!!!!!???????

[illcrew3]

I just got and alert that my equifax dropped 28 points. There are no changes on my report besides all the inquiries I had deleted. I do have a new credit account but it's not listed yet. What could have caused this.

[Anonymous]

Ok, here goes nothing.

I see a lot of people asking why their score dropped when the report didn't change at all.  I don't know if this applies to you, but...

When you app for credit there are certain conditions where that inq does NOT affect your score for 30, yes count them 30 days. 

So if you have inq's on your report that just aged 30 days then 9 times out of 10 it is the delayed reason for the score change.

I am certainly not an expert, and I am sure that some others that know better will chime in with info so keep watching the thread and see what they have to say.

FICO scoring is an extremely complicated formula, and the simple passing of 24 hours can make a difference in scores, as can a single dollar difference in a CC balance that puts you over or under a predetermined percentage point.

So when you say there have been no changes on your report, that's not strictly true, if nothing else some time has passed.  The algorithm used to calculate your scores does not really change from day to day (Of course it's different from lender to lender and from CRA to CRA) so if your comparing apples to oranges you'll most certainly notice a difference right away.

Look for the dates on EVERYTHING from inc's to a change in reporting (even if they reported the exact same information) on one of your credit cards or loans.  1, 6, and 12 month anniversary's are some key dates to check.

Probably not what you wanted to hear but if you wait another day and pull your scores they will probably be different again if you have even a semi active report to begin with.

(On a side note... I have noticed that CRA's seem to have a "Time of the month" where they are slightly more irritable than the other 20 days.)

PS.  I am also pretty sure I'll be taken to task for that last comment  LOL

Good luck

Van

[illcrew3]

The whole iquiry thing doesnt apply to me because I got all mine deleted including the newest for my new store card.

[Anonymous]

Have you disputed anything lately? I've heard that a dispute will drop your scores.

[cobra]

Perhaps you fell into a new bucket.

[haulingthescoreup]

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@Anonymous wrote:
(On a side note... I have noticed that CRA's seem to have a "Time of the month" where they are slightly more irritable than the other 20 days.)

PS. I am also pretty sure I'll be taken to task for that last comment LOL

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I'm now just irritable all of the time. Or maybe exasperated would be a better word.

The good news is, if your observation is correct, there should be around 25 days when they're in a pretty decent mood! Perhaps we should send the CRA's lots of chocolate before asking them for help...

[haulingthescoreup]

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@cobra wrote:

Perhaps you fell into a new bucket.

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Someone after my own heart!

illcrew3, if you compare a current FICO EQ or TU report to one before your scores dropped, has either your average credit age or your oldest account age changed? You can see this best on screen 2, below the balance scales, in the what's hurting/ what's helping section. By the way, have any of the comments there changed between the older and newer reports?

This is what my Score Watch alert said when I changed buckets (on the alert, not on the report):

Your FICO® score went down on a day when there were no credit alerts on your Equifax Credit Report™. This can happen if:

You moved from one category of credit users to another as time passed. For example, you may have transitioned from the category "consumers with a new credit history" to the category "consumers with a two- to five-year credit history". As a result, your credit report is evaluated differently, causing a slight change in your score. The good news is that moving between categories like this usually offers you the potential to reach a higher FICO® score in the future.

I'm more suspicious of something happening because of the inq deletions, although I can't think of what it might be off the top of my head. Were any closed accounts removed when the associated inqs were removed, for instance? This just seems quite a coincidence --the inq removals and the score drop.

[Anonymous]

I'm curious; how did you get inq's deleted?  You know what?  Don't want to hijack...I'll start anew. 

 For the point drop, I like the bucket explanation, makes a lot of sense to me, especially echoing what was said about the fickleness of the algorithms...if the algorithms for your score are that picky, I would imagine the bucket criteria uses the same (lack of) mentality.

[illcrew3]

I have been diputing a couple items. I did get the same 2-5 year messge. So basically this is gonna be my new score for a while. I had so much fun being in the 700 club for 2 weeks. I got the inquiries removed by online disputing.

[rudy]

I can not help you with the point drop, sorry. However, I would like to know how you got the inq's removed

Message Edited by rudy on 11-10-2007 12:47 PM