120 pt increase in 45 days is this accuarate??? plus one more question

[Anonymous]

Hello

1.) My experian FICO score (obtained from SOFI) jumped 120 points in six weeks. Is this accuarate???? The only change was being approved for a $300 cc, BUT that was less than 30 days ago, so my creditor has not reported to the bureaus yet.

2.) Is applying for loan pre-qualifications merely for the purpose of obtaining a FREE credit score a bad idea??? My understanding is that a prequalification is a soft pull which does not show up on your credit report. If I stick to the same few lenders, are there any risks to this strategy?

Thanks for your help

[elim]

Welcome... Beware, some have experienced HP from SoFi if rates were checked. I have never prequal'd there so I have no clue about the process.

Here's an old thread I found...

http://ficoforums.myfico.com/t5/Student-Loans/Warning-Sofi-com-says-they-do-a-soft-inquiry-but-it-is...

Congrats on the Fico boost though! You should get a Fico monitor for all 3 to know for sure (Fico08). You can get a good one here or do a trial with CCT (credit check total) for $1.

[Anonymous]

thanks for the reply. Do you have any thoughts on the point increase? Is it a glitch. How can it increase that high with so little input? Also my TU score is 100 points LESS.  Both are from today.

[Grafton88]

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@Anonymous wrote:

thanks for the reply. Do you have any thoughts on the point increase? Is it a glitch. How can it increase that high with so little input? Also my TU score is 100 points LESS.  Both are from today.

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Part of what matters are your credit factors.

How many accounts you have.

How long have you had those accounts.

The balance on those accounts.

Whether you have any derogatories on those accounts.

As an example I had a Public Record on my accounts.  When it dropped off of each credit reporting agency I saw a jump of about 75 to 90 points.

If you can share some more information we may be able to help you further.

[Anonymous]

There is no way to answer your question based upon the extremely limited information you have provided.  To know why your scores changed you would need to know what was on your credit report and what changed between the previous score and the new one.  I believe strongly that knowing your actual scores is essential information and well worth paying for, for the cost of netflix you can sign up for Myfico and have a wealth of information at your fingertips at all times.  Certainly subscribing is essential during a rebuild.