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My FICO dropped 175 points and I can't figure out why

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My FICO dropped 175 points and I can't figure out why

I have never had derogatory information on my credit report. My FICO has always been 800. I own 2 houses, my oldest line of credit is seven years old and I have never missed a payment on any account.

In January my credit report dropped from 850 to 675. I am trying to figure out what happened and what I can do. Additionally, I recently moved to Colorado where state law requires you be informed about negative items added and a high number of hard inquiries.

Here is some recent history:

I paid off a car loan in October.
I closed on a hour in December (my second).
In January my score dropped.

The alarming thing is in February I got a notification about a dereogetory report. After looking into it it was a $5 account from an urgent care that was charged in 2013. It was sent to collections sometime late last year when the debt was sold. They had my wrong address and phone number since 2013.

Additionally last week I got another notification that there had been more than 8 inquiries into my Equifax report in 12 months. I don't see how this could be true, in the last year I only authorized 3 (1 for a credit card, 2 for the home loan).

My questions are:

1) does that extreme of a drop seem normal for my recent history, including the $5 dollars collections account?

2) What is the best way to deal with the collections? I have no problem paying $5 but will that make it disappear off my history that I had an account in collections? Should I dispute it because they had wrong contact info or does that hurt my score more? I don't remember going to an urgent care in 2013,but also don't care if I lose out on $5 as long as my credit comes back up.

Thanks for your help!
7 REPLIES 7
Senior Contributor

Re: My FICO dropped 175 points and I can't figure out why

Has to be fraud. Get your reports and go over them with a fine tooth comb. More inq's wouldn't do it. May be more accounts might show up. $5 collection wouldn't do that either. Get your annual reports and look and see what went wrong.




My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 2 of 8
New Visitor

Re: My FICO dropped 175 points and I can't figure out why

That's what I was afraid of. I pulled my reports and went through them. I don't see anything that seems off except:

1) The $5 collections.
2) My Equifax report shows a ton of inquiries. Most are listed as promotional. Should that effect it?
3) None of my reports show my second mortgage yet but I closed in December and have been making payments since January. Is that normal?

Sorry if this is a dumb question but I can't even find my actual score from any of the agencies on the report. But all of them show all my accounts except that $5 one paid on time every month for their entire history.
Message 3 of 8
Senior Contributor

Re: My FICO dropped 175 points and I can't figure out why

Soft pulls/promotional don't do anything. Just to make sure. You did look at real reports. Not Fako websites. Which CRA? All 3 or 1




My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 4 of 8
New Visitor

Re: My FICO dropped 175 points and I can't figure out why

When I pulled the 3 agency reports I pulled them directly from their site so they were real reports.

When I saw my FICO drop it was on the AMEX app that comes free with the Platinum card. Is there a chance AMEX just has the info wrong?

What is the best way to pull my actual FICO and be sure it is right?
Message 5 of 8
Valued Member

Re: My FICO dropped 175 points and I can't figure out why

just wondering do you have installment loan reporting?

Discharge 06/15/2018
EQ-598
TU579
EXP-579

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Message 6 of 8
Senior Contributor

Re: My FICO dropped 175 points and I can't figure out why

You can get all 3 FICO's at Credit Check Total for $1. Cancel before the trial is up. Or Discover Scorecard for your free EX FICO. You don't have to be a card holder. Let us know. I think Amex is Fako? Don't have one of their cards.




My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 7 of 8
Valued Contributor

Re: My FICO dropped 175 points and I can't figure out why

AmEx offers a legit EX FICO8 to cardmembers inside the Account.


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Message 8 of 8
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