My Transunion score took a pounding. (Something doesn't add up)

[ksiss]

I just pulled my Transunion score since securing my motorcycle loan a month ago.  The loan was for $6500 and my score plummeted from 760 to 705.  Meanwhile my Equafax score is sitting at 718 when it was 732 prior to the loan, AND Equafax took the hit for the Inquiry from USAA.

How does TU plummet 55 points with only the addition of an installment loan, and EQ only drops 14 points when it has an added inquiry (All my inquiries are on this report....TU has no inquiries) AND installment loan.

Can someone please explain how this adds up?

[marty56]

Check your TU report and make sure that all the accounts are there (split file?).  Also check to make sure the the loan is being reported as an installment loan and a revolving one.

[ksiss]

I just went through it with a fine-tooth comb, and all my revolving accounts are reporting accurately, and the loan is reported as an "installment account".  The ONLY change from my previous report is the new installment loan.......don't even have any inquiries at all.

[Junejer]

Check your avg age. It may have gone down, particularly if you didn't have an old avg age to begin with.

[Anonymous]

Interesting.  My wife is having a problem with her TransUnion score as well.  It is about 80 points lower than her other 2 scores, but I have gone though the report closely and there is no variation in the data, and no derogatory account reporting to TransUnion that would cause this discrepancy.  Her credit card company is raising her rate from 19% to 29% because they base everything off of TransUnion.  I wonder what is going on?  Anyone else seeing similar issues with them?

[marty56]

At this point I might be tempted to call TU directly.  An 80 point drop just dosen't happen without any changes to your CR.  Things could include a split file, I installment loan becoming a revolving one, new collection or late or judgement.  Also check the trade lines.  Did she have a student loan?  There have been issues with that but it is my understanding that it has been fixed.

Was she beeing helped by AU on your or someone else's account.

I would call TU.

[marty56]

A ran the Score Simulator on my current TU score to see what would happen if I applied for an auto loan it it informed me I could get a 30 point drop.

If that didnt include the hit for the INQ which could be another then or more, the total drop for me could be 40 - 45 points.  If my score was say in the 790's.

I dont know how long the drop would last.  I hope after a year the score would go back up.  This could explain the large score drop for the newcar loan.

Also 1k loan could drop my score as much as a 40k (for my Subaru Imprezza WRX STI).  I know that probably isnt true but it makes me wonder about the whole installment thing.  Maybe Ill keep my truck till it dies.

I also tried the simulator on my current EQ score and it said my score could drop 20 points or go up 5.  Go figure.

It also seems that it makes no difference FICO score wise if I buy the STI or a Sentra so that will be my lead in argument to DW for me buying the STI.

Message Edited by marty56 on 05-21-2008 01:31 PM

Message Edited by marty56 on 05-21-2008 01:35 PM

[Anonymous]

Hmmm....I'm smelling fico08.......

[marty56]

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scramblingin2007 wrote:

Hmmm....I'm smelling fico08.......

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I dont thing they are using FICO08 yet but if so a call to TU would still help.