Pull your actual CR through www.annualcreditreport.com they are offering a free report every week for now. See if there is any negative remarks got in there!
Hopefully its an error.
@Anonymous wrote:
- BankingHello everyone,
Seeking helpful advice. I'll try to make this post as short as I can. In February, I refinanced my auto loan with my new employer's credit union--USF FCU--who has been nothing but helpful. The vehicle was originally financed with BMW Financial Services--that's another post in itself. Since the first payment is due at the end of this month, we decided to open a joint checking with USF FCU to auto deduct the payment. I knew that they would do a hard inquiry to open the account and expected to see the inquiry. I'd actually planned to speak with my loan officer about using that same injury to PC my current credit card and request a cli since it's a hard inquiry either way. That was until I checked my Experian file this morning. A 59 point credit score decrease. What in the FICO!$?%*!!!!!!!
I've been working extremely hard to improve my credit, pay all bills on time and keep my utilizations under 30%. I know that some members have utilizations between 1 and 10%, but my current utilizations sit between 9 and 28%. Needless to say, I literally want to cry. I reached out to my loan officer since he's been my primary point of contact to see if I a) closed the joint account if they could b) voluntarily recall/remove the hard inquiry in hopes of gaining my points back. I'll also add that I returned to work full time in October with the sole means of improving our credit situation, only to be what seems like starting over. For a checking account? Any advice would be greatly appreciated. Apologies in advance for any typos. Frustrated, flustered, dismayed.
1. You did not lose 59 points from an inquiry.
2. You might have lost some points from refinancing, but nowhere near 59 points.
3. You need to examine your reports before and after to see what else changed. Maybe both loans were reporting at the same time.
@Anonymous wrote:The refinance auto loan reported within 2 days at the end of February and it's on my Experian report. The only change to my report was another inquiry from the credit union to open another checking account that I opened online last night. This morning the inquiry appeared along with the 59 point drop. Makes no sense to me at all. I worked in banking during my college years, & I never heard of any institution pulling credit for deposit accounts. Apparently, that's a thing now. Still, I'm so confused. Thanks for any advice
Many credit unions do that for membership. But again, even 2 hard pulls would not cause a point loss of that magnitude.