Huge Score Drop

[Anonymous]

Please Please Please help me understand why in the work CK has my TU and EQ score dropped by 140 points??? What I see has happened which is my fault is I have Cap One CC 98% Utilization.  I called Premier Bank to do a settlement for two cards I have of their's and now they updated my accout to Closed-Derogatory for both. These accounts are about 2yrs old and made agreements to pay them both by the end of the month. Also, my Student Loan is in deferment until June 2019 and they have also decided to update with an increased balance which of course is the interest fees. My score went from TU 584 to 439 and EQ 545 to 445. I'm extremely saddened by this and so frustrated. I also have 3 Hard inquiries.

I plan to pay Cap One to $0 before the due date, ensure First Access is paid to $5 or $0 before statement closes and not sure if I should spend something on Fingerhut as they gave me a $130 SL (wow). Citi card is secured and haven't received it yet so can't do anything with it right now. Can anyone explain to me what is going on and why such a huge drop? Will I recover from this within the next 6 months with timely payments and low utilization or will it be longer?

[tparks5961]

Hey Laperry,

One thing you will hear on the forums is people telling you not to pay attention to scores from CK, CS and other companies such as these.. These are not your FICO scores.

I'm in the process of rebuilding so I signed up for CK, CS, Nerdwallet, Transunion and lastly MyFico.  I got an alert 2 weeks ago from CK that said my credit score dropped 98 points over night. I logged on to Myfico and found that the score had actually dipped 20 points because of an updated account. ( I paid all of my accounts to 0 by mistake)

Credit Karma

Nov 28

608 

510

- 98 pts   (I tried to copy paste the information)

MyFico

11/28/2018 Experian. The balance on one of your accounts had decreased by $86.00

Score dropped 20 points from 605 to 585, and is now @ 644 two weeks later.

It may not be possible for you right now to buy your fico score report.. but yeah.. use the others as a guideline, but don't trust them,. 

I immediately cancelled all of my pay for subscriptions except for MyFico. The feeling I had after what I thought was a 98 point drop was very upsetting. I do not trust the other scores.

[Queen_Etherea]

The scores on Credit Karma are not your actual FICO scores, so you can ignore those. CK shows my scores in the low 600's when my real FICO scores are actually in the low 700's. You can go to creditchecktotal.com and get all 3 FICO scores for the $1 trial. Be sure to cancel before the 7 days so you're not charged the full $30.

Credit Karma is good for monitoring your credit reports, but is useless when it comes to scoring. They use the Vantage 3.0 scoring model, which basically no lenders use. Go check your real ones and come back and let us know what you're working with!

[Anonymous]

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@tparks5961 wrote:

Hey Laperry,

One thing you will hear on the forums is people telling you not to pay attention to scores from CK, CS and other companies such as these.. These are not your FICO scores.

I'm in the process of rebuilding so I signed up for CK, CS, Nerdwallet, Transunion and lastly MyFico.  I got an alert 2 weeks ago from CK that said my credit score dropped 98 points over night. I logged on to Myfico and found that the score had actually dipped 20 points because of an updated account. ( I paid all of my accounts to 0 by mistake)

Credit Karma

Nov 28

608 

510

- 98 pts   (I tried to copy paste the information)

MyFico

11/28/2018 Experian. The balance on one of your accounts had decreased by $86.00

@Anonymous dropped 20 points from 605 to 585, and is now @ 644 two weeks later.

It may not be possible for you right now to buy your fico score report.. but yeah.. use the others as a guideline, but don't trust them,. 

I immediately cancelled all of my pay for subscriptions except for MyFico. The feeling I had after what I thought was a 98 point drop was very upsetting. I do not trust the other scores.

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This makes me feel slightly better. I will sign up and check FICO scores and hopefully it isn't as great as a dip as CK has listed. Now to get back on track... Thank you.

[Anonymous]

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@Queen_Etherea wrote:

The scores on Credit Karma are not your actual FICO scores, so you can ignore those. CK shows my scores in the low 600's when my real FICO scores are actually in the low 700's. You can go to creditchecktotal.com and get all 3 FICO scores for the $1 trial. Be sure to cancel before the 7 days so you're not charged the full $30.

Credit Karma is good for monitoring your credit reports, but is useless when it comes to scoring. They use the Vantage 3.0 scoring model, which basically no lenders use. Go check your real ones and come back and let us know what you're working with!

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CK shouldn't even list a score then... very confusing. Will sign up for the trial. Thank you.

[Medic981]

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@Anonymous wrote:

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CK shouldn't even list a score then... very confusing. Will sign up for the trial. Thank you.

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VantageScores are "real" credit scores.  The big 3 credit bureaus got together to create a credit score to compete with FICO. The problem is FICO scores are used in 90% of credit decisions. I think VantageScores are used by some large apartment property management companies. So VantageScores, sometimes referred to as FAKO scores are real. They are just not relevant to most folks who are monitoring their credit.