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117 Point Equifax Drop That Doesn’t Make Sense

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breezeblock
New Visitor

117 Point Equifax Drop That Doesn’t Make Sense

Hi all. This is my first time posting. I checked my credit karma yesterday and my equifax dropped 117 pts!! When I click on 'see what changed', it only says 'amex balance decreased by $80'. The balance was ~$490. Now it's ~$410. Mind you, this card's limit is $30,000. I'm really upset and hoping to find an answer. Any advice? I called equifax and they were not helpful. Basically just said "yeah, scores change sometimes" 😒. 

9 REPLIES 9
IamWesty12
Frequent Contributor

Re: 117 Point Equifax Drop That Doesn’t Make Sense


@breezeblock wrote:

Hi all. This is my first time posting. I checked my credit karma yesterday and my equifax dropped 117 pts!! When I click on 'see what changed', it only says 'amex balance decreased by $80'. The balance was ~$490. Now it's ~$410. Mind you, this card's limit is $30,000. I'm really upset and hoping to find an answer. Any advice? I called equifax and they were not helpful. Basically just said "yeah, scores change sometimes" 😒. 


@breezeblock hello & welcome.  You have made a smart investment in yourself by joining myfico, the knowledge and people are superior.  Now, no worries, while credit karma is good for some basic credit info like notifications, seeing your credit report update daily, etc.  But CK does not report fico scores, they report vantage scores.  VS are not the scores you should be primarily concerned with as lenders and anything to has to do with credit go by Fico scores.  My CK scores are crazy out of whack, constantly, like yours.  Normally when I see a notification for a 40 point drop on CK my fico scores either remain steadfast or go up.  Vantage scores are another way to monitor and make sure you are where you should be but they are not accurate and should only be considered as part of a bigger credit picture.  Certainly, you should not depend on CK vantage scores alone.  Hope this helps!  Keep us posted!

Starting Score: 461
Current Score: 689
Goal Score: 775


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Message 2 of 10
breezeblock
New Visitor

Re: 117 Point Equifax Drop That Doesn’t Make Sense

I will ! Thank you !!

Message 3 of 10
GatoradeZeroGuy
Valued Contributor

Re: 117 Point Equifax Drop That Doesn’t Make Sense


@breezeblock wrote:

Hi all. This is my first time posting. I checked my credit karma yesterday and my equifax dropped 117 pts!! When I click on 'see what changed', it only says 'amex balance decreased by $80'. The balance was ~$490. Now it's ~$410. Mind you, this card's limit is $30,000. I'm really upset and hoping to find an answer. Any advice? I called equifax and they were not helpful. Basically just said "yeah, scores change sometimes" 😒. 


I'd reccomend pulling your EQ report from MyEquifax or https://www.annualcreditreport.com

 

And/or signing up for experian's free trial so you can get your FICO score daily for free, to make sure nothing actually happened.

 

But Vantage scores (the score from credit karma) is like if a child was given the chance to build a roller coaster. The score changes are drastic, recover quickly, don't make sense and are often are not indicative of your 'true' credit score your FICO scores.

 

 

Starting FICO 8:

Current FICO 8:

1/6, 5/12, 12/24

Message 4 of 10
mortimerwereback
Regular Contributor

Re: 117 Point Equifax Drop That Doesn’t Make Sense


@GatoradeZeroGuy wrote:

@breezeblock wrote:

Hi all. This is my first time posting. I checked my credit karma yesterday and my equifax dropped 117 pts!! When I click on 'see what changed', it only says 'amex balance decreased by $80'. The balance was ~$490. Now it's ~$410. Mind you, this card's limit is $30,000. I'm really upset and hoping to find an answer. Any advice? I called equifax and they were not helpful. Basically just said "yeah, scores change sometimes" 😒. 


I'd reccomend pulling your EQ report from MyEquifax or https://www.annualcreditreport.com

 

And/or signing up for experian's free trial so you can get your FICO score daily for free, to make sure nothing actually happened.

 

But Vantage scores (the score from credit karma) is like if a child was given the chance to build a roller coaster. The score changes are drastic, recover quickly, don't make sense and are often are not indicative of your 'true' credit score your FICO scores.

 

 


Agree with @GatoradeZeroGuy. Many on this forum use Credit Karma as a reference and an "additional" credit tool for informational purposes. Their primary tool being myFICO or a FICO score from a bank or lending institution. Personally, I don't use CK, but I have Vantage scores (which I find useful) through CHASE and Capital One.

 

I use these along with myFICO and especially, annualcreditreport.com to know what's going on my reports. Great thing about annnualcreditreport.com is that they're currently allowing 'weekly' free pulls, previously it was once a year.

"Only those who dare to fail greatly can ever achieve greatly." -Robert F. Kennedy

Message 5 of 10
FireMedic1
Community Leader
Mega Contributor

Re: 117 Point Equifax Drop That Doesn’t Make Sense

@breezeblock @GatoradeZeroGuy You can get your free EX FICO score that updates monthly and certain alerts and no trial or CC needed.

https://www.experian.com/consumer-products/credit-score.html 


Message 6 of 10
mfinsmi1
Established Contributor

Re: 117 Point Equifax Drop That Doesn’t Make Sense

as long as no NEW negative item has been added i would not worry... i had 6 late payments deleted and my ck scores dropped 75 pts while fico scores went up.... like others have said ck is good for some things but tracking ur credit score - it is widely inaccurate

Personal Cards (Over $100k):

Business Cards:

Rebuilding Starting Scores - December 2021

FICO SCORE 8/9 - Current 1/6/23

Stats: : 3/6; 8/12; 17/24 --- AAoA 3 YRS, 8 MO --- INQ: EX-6/TU-7/EQ-2
Message 7 of 10
crrredit
Established Contributor

Re: 117 Point Equifax Drop That Doesn’t Make Sense


Great thing about annnualcreditreport.com is that they're currently allowing 'weekly' free pulls, previously it was once a year.

Maybe they'll change the name to weeklycreditreport dot com and keep it the way it is. 

Message 8 of 10
GatoradeZeroGuy
Valued Contributor

Re: 117 Point Equifax Drop That Doesn’t Make Sense


@crrredit wrote:

Great thing about annnualcreditreport.com is that they're currently allowing 'weekly' free pulls, previously it was once a year.

Maybe they'll change the name to weeklycreditreport dot com and keep it the way it is. 


TU offers free, full, online daily (every 24 hours, ON REQUEST) reports on their website in their portal. 

 

Don't see why that can't just be the mandated standard for all 3.

Starting FICO 8:

Current FICO 8:

1/6, 5/12, 12/24

Message 9 of 10
OmarGB9
Community Leader
Super Contributor

Re: 117 Point Equifax Drop That Doesn’t Make Sense


@mfinsmi1 wrote:

as long as no NEW negative item has been added i would not worry... i had 6 late payments deleted and my ck scores dropped 75 pts while fico scores went up.... like others have said ck is good for some things but tracking ur credit score - it is widely inaccurate


It's not that it's inaccurate. It IS accurate - for Vantage 3.0 - but it's not nearly the same formula as FICO. It is also highly volatile. 


Last App: 1/10/2023
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Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 10 of 10
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