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34 point drop EQ for no non mortgage loans, but I have multiple installments

Sbrooks1
Valued Contributor

34 point drop EQ for no non mortgage loans, but I have multiple installments

Hey guys, I got an alert that EQ dropped 34 points and the reason was no non mortgage installments or that they are not updated. I have student, auto, and 2 current IL. What gives and will it just self correct or do I need to do something? What could have caused this? I did not SL has not updated since 6/20 , but not sure if thats the reason. 

Message 1 of 13
12 REPLIES 12
Sbrooks1
Valued Contributor

Re: 34 point drop EQ for no non mortgage loans, but I have multiple installments

Should be notice student loanSmiley LOL

Message 2 of 13
AllZero
Super Contributor

Re: 34 point drop EQ for no non mortgage loans, but I have multiple installments

Are those FICO scores? What CMS Credit Monitoring Service are you using?
Message 3 of 13
Sbrooks1
Valued Contributor

Re: 34 point drop EQ for no non mortgage loans, but I have multiple installments

My Fico so yes Fico 08

Message 4 of 13
AllZero
Super Contributor

Re: 34 point drop EQ for no non mortgage loans, but I have multiple installments

Hmmm. I don't have an answer. It's a big points drop.

 

You'll have to look at your reports before and after. Go line by line to look for any discrepancies.

Message 5 of 13
Sbrooks1
Valued Contributor

Re: 34 point drop EQ for no non mortgage loans, but I have multiple installments

I read another post from yesterday that pretty much said the said thing happened to her on EQ, all her IL reporting zero, so I am hoping it self corrects as if sounds like some kind of glitch

Message 6 of 13
Sbrooks1
Valued Contributor

Re: 34 point drop EQ for no non mortgage loans, but I have multiple installments

Pulled my EQ and on every IL it has a No balance, definitely a glitch, but I am scared to call in case they mess it up even more.

Message 7 of 13
AllZero
Super Contributor

Re: 34 point drop EQ for no non mortgage loans, but I have multiple installments

I just read the other thread. Hopefully, it's just a glitch and will automatically correct itself. I wouldn't want to be calling into EQ either.
Message 8 of 13
blindambition
Community Leader
Senior Contributor

Re: 34 point drop EQ for no non mortgage loans, but I have multiple installments

OP, reach out to MyFICO tech support. They seem to be the link with these posts. Might be MF and not EQ related

Message 9 of 13
Flyingifr
Established Contributor

Re: 34 point drop EQ for no non mortgage loans, but I have multiple installments


@Sbrooks1 wrote:

Hey guys, I got an alert that EQ dropped 34 points and the reason was no non mortgage installments or that they are not updated. I have student, auto, and 2 current IL. What gives and will it just self correct or do I need to do something? What could have caused this? I did not SL has not updated since 6/20 , but not sure if thats the reason. 


Welcome to the FICO crapshoot. In 15 years of watching my own FICO scores I have noticed the following:

 

1: All the advice you get is nonsense - FICO scores observe no observable rules. The same action that increases a score on one CRA will decrease the score on a  different one.

 

2: Credit mix is a joke. Fico absolutely hates paid off loans - I have lost points when I got auto loans and mortgages and lost points when I paid them off. You lose points either way, and the number of points lost can be huge - in one 60 day period I paid off both a car loan and a mortgage and lost 100 points between them.

 

3: The reasons for a change in the points FICO give you are nonsense. In the reasons given for a drop in points I have had both "too many installment loans" (I had one at the time) and "not enough installment loans" (in the month I paid off that loan). How can one installment kloan be both too many and not enough at the same time? I have had the same reason give with credit inquiries - and also with just one. 

 

4: FICO changes the rules in the middle of the game. The algorithm is always changing, and almost never to a consumer's favor.

 

The solution to the FICO score madness is to simply not play their game. Live your life, pay your bills, and pay them off as soon as you can. True, you will lose FICO points. I did, but now that I have no debt I have over $100,000 cash in the bank and have no need to borrow. Think of it this way - do you really care how deep the ocean is if you are not on a boat?

4/1/2017 EQ 579 TU 595 EX588
9/20/2018 EQ 810 TU 807 EX 795
6/12/19 EQ 820 TU /789 EX 793
12/13/2019 EQ 835 TU 813 EX 810 Finally made it into the 800 club on all 3 Bureaus - only took 25 years.
8/29/2020 EX 776 EQ 761 TU 768 - I paid off my mortgage and car loan and am debt free forever, and FICO threw me out of the 800 club as a reward
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