Credit score dropped 60 points?!?!?

Anonymous · ‎07-08-2008

I use Equifax score watch and received 4 alerts recently; all on the same day. It stated that my credit score had fallen 60 points.

The alerts were as follows:

1) Your X account balance has increased by 2500% from $0 to $371 - 2500%? The company reported the balance on a day when the card had one. It's usually paid off every month. 0 to 371 is 2500%... who's doing that math?

2) Your X account balance has increased by $371 from $0 to $371

The other two alerts were about the drop in my credit score. They also had these notes:

The following 2 new negative factor(s) are hurting your score:

The length of time your revolving accounts have been established is too short - I'm young and this one is expected. I got my first credit card in Jan. but I had a store card for a while before this.
You have missed payments reported on your credit accounts - I pulled my credit report and it doesn't list any missed payments. I know I haven't missed any payment. I haven't had any missed payments in almost 3 years.

Is there something I'm missing here? Is this normal?

I'm worried because I need to trade my car in (the one I have is a piece of junk and it just went out of warranty). My car is getting worse and worse and I don't know how long I can wait - I'm still making payments on it (I got it a year ago). With interest rates the way they are now, I'd likely end up paying more interest for another car just to keep from getting stuck beside the interstate.

Please help!

Anonymous · ‎07-08-2008

Will you be able to pay off your cards in full before the next time they report to the cra? That might help you rebound.

Anonymous · ‎07-09-2008

newcro wrote:

I use Equifax score watch and received 4 alerts recently; all on the same day. It stated that my credit score had fallen 60 points.

The alerts were as follows:

1) Your X account balance has increased by 2500% from $0 to $371 - 2500%? The company reported the balance on a day when the card had one. It's usually paid off every month. 0 to 371 is 2500%... who's doing that math?

2) Your X account balance has increased by $371 from $0 to $371

The other two alerts were about the drop in my credit score. They also had these notes:

The following 2 new negative factor(s) are hurting your score:

The length of time your revolving accounts have been established is too short - I'm young and this one is expected. I got my first credit card in Jan. but I had a store card for a while before this.

You have missed payments reported on your credit accounts - I pulled my credit report and it doesn't list any missed payments. I know I haven't missed any payment. I haven't had any missed payments in almost 3 years.

Is there something I'm missing here? Is this normal?

I'm worried because I need to trade my car in (the one I have is a piece of junk and it just went out of warranty). My car is getting worse and worse and I don't know how long I can wait - I'm still making payments on it (I got it a year ago). With interest rates the way they are now, I'd likely end up paying more interest for another car just to keep from getting stuck beside the interstate.

Please help!

Look at the accounts that do have old missed payments. Are they reported closed? If so, when?

Are they updating monthly or recently?

Anonymous · ‎07-09-2008

The account that has a missed payment was reported as closed in 05/2006. The last report was during 04/2007 and that's because I did a dispute.

There's nothing on the credit report that I pulled from Equifax and a site with a FAKO score that identifies what missed payment it is referring to.

Any idea why it says my credit card balance increased 2500%? I had a balance when they reported my score two months ago and it didn't go down it actually went up.

It may sound like a crazy question but could there have been an error when my score was being calculated? I'm worried because that POS car is giving me problems again. I went from a 719 to a 659.

fishbjc · ‎07-10-2008

I also had a strange alert....they granted me +26...I pulled the report and it only showed +13.

Anonymous · ‎07-10-2008

I'm trying to figure out who I should contact because this doesn't make any sense.

Anybody have any ideas? Since it's Equifax should I try to find a contact number for them? It is their product that I'm questioning, maybe I'll get lucky and find a number...