64 Point drop in scores

[Anonymous]

Hello Folks: 

I have had a bumpy ride on the establishing credit journey. 

Here is what I have so far: 

No negatives; 

2 enquiries on equifax:

5 on Experian:

Chase denied my request for a card the very first one I tried 5 months ago. Then BOA denied and countered with a 99/500 offer. 

BOA has no enqiury on experian and equifax. 

My first card was Discover with $1250 (The one I use the most). PIF before reporting date. My second a few months later with $5000. PIF before reporting date.. 

Then I wanted a third line reporting, So took the BOA offer two weeks after the first two cards. Never used BOA. BOA billed me $39 for yearly fee which they had waived in my offer letter. I paid the $39 even before I received the physical card. Disputed the $39 a couple of days after. Was given a credit of $39. 

BOA reported the $39 on my credit report. Yep, that was after they had been paid within a day of posting, and weeks before the statement was cut. Well they reported this as maximum credit used. Since I don't let the other two report this is really the only card that reported a payment ever owed. 

So my experian and equifax score dropped from 720 by 69 points and a similar high 700 drop to 650. What am I missing here? 

No new enquiries only BOA reporting this month that a credit line was opened in May of this year. Nothing else changed. And all cards were issued in May. I am beginning to regret getting a deadweight BOA card.

The other score is not reporting as my account is too young. 

It has an annual fee too. So not too thrilled. What am I missing here?

I do plan on letting amex report $10. My original amex arrived late and then I lost the card and had to wait almost a month before the replacement card arrrived. 

[cashnocredit]

First, document in detail the payments you made to BofA, the charges and credits they made to your account and any conversations or communications you had with them. Do that now before your memory fades.

You will probably be able to easily have the late removed from your credit reports but in the event you can't you will have to escalate this to BofA executive office then, fn necessary, file a CFPB complaint detailing everything you have. They take those things seriously.

[Anonymous]

It's not reporting as a late. 

BOA reported: No Missed Payments. 

Highest Balance: $39

All other cards reported $0 for Highest Balance and no missed payments. Amex has no payment history reporting because, I don't have the card. And even when I did it was always PIF, before the statement cuts. 

The only negative I am shown is 1 new credit account with BOA. I just activated the BOA card a couple of weeks ago after I saw my score get to 720.

So, the card dates are May1, May 5 and May 18. Discover, Amex and BOA.  

The only enquiries on Equifax are Amex and Discover

The only enquiries on Transunion are Amex, Discover, 2x Charles Schwab from their checkin opening queries and an ATT enquiry. 

I am not sure why the score dropped. Just because I have a third card reporting? I am a risk because I have too many open at the same time, even though the total utilization even with the $39 is less than 1%? And all payments on time? 

It may just be my thinfile just fluctuating, but this seems a little unfair to drop 64 points. 

[cashnocredit]

Please list the date each account you have first reported on your reports. It could be there is some special category for many new accounts but that's a big drop.

[Anonymous]

Amex: 

Last Reported   Jun 17, 2015

Account Type    Credit Card

Opened Date     May 05, 2015

Limit                   $5,000

Highest Balance $0

Payment Status  Current

Worst Payment Status Unknown

Amount Past Due $0

Times 30/60/90 Days Late 0/0/0

BOA:

Last Reported   Jul 07, 2015

Account Type    Secured Credit Card

Opened Date     May 18, 2015

Limit                   $500

Balance              $0

Highest Balance $39

Payment Status  Current

Worst Payment Status Current

Amount Past Due $0

Times 30/60/90 Days Late 0/0/0

Discover:

Last Reported    Jun 18, 2015

Account Type    Credit Card

Opened Date     May 03, 2015

Limit                   $1,250

Balance              $0

Highest Balance $0

Payment Status  Current

Worst Payment Status Current

Amount Past Due $0

Times 30/60/90 Days Late 0/0/0

And as to when they started reporting. Discover reported first. Then a month after that Amex did and BOA reported this week. The AOA is 2 months and hasn't changed. 

So the two negatives are $39 reported by BOA as the Highest balance, which is untrue. It was never owed and therefore a false report. I did pay it and pay it on the very day it was posted online, before the statement cut and before I even got my card which arrived a month or so after. So I am not sure why they report that. And the current balance is -$39, after they acknowledged that it was not due. 

The other information they report is that its a secured card. Which may explain the drop. I thought the secured vs unsecured was not relevent. Maybe it is if you have unsecured and then a secured shows up. 

[Thomas_Thumb]

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@Anonymous wrote:

Hello Folks: 

I have had a bumpy ride on the establishing credit journey. 

Here is what I have so far: 

No negatives; 

2 enquiries on equifax:

5 on Experian:

Chase denied my request for a card the very first one I tried 5 months ago. Then BOA denied and countered with a 99/500 offer. 

BOA has no enqiury on experian and equifax. 

My first card was Discover with $1250 (The one I use the most). PIF before reporting date. My second a few months later with $5000. PIF before reporting date.. 

Then I wanted a third line reporting, So took the BOA offer two weeks after the first two cards. Never used BOA. BOA billed me $39 for yearly fee which they had waived in my offer letter. I paid the $39 even before I received the physical card. Disputed the $39 a couple of days after. Was given a credit of $39. 

BOA reported the $39 on my credit report. Yep, that was after they had been paid within a day of posting, and weeks before the statement was cut. Well they reported this as maximum credit used. Since I don't let the other two report this is really the only card that reported a payment ever owed. 

So my experian and equifax score dropped from 720 by 69 points and a similar high 700 drop to 650. What am I missing here? 

No new enquiries only BOA reporting this month that a credit line was opened in May of this year. Nothing else changed. And all cards were issued in May. I am beginning to regret getting a deadweight BOA card.

The other score is not reporting as my account is too young. 

It has an annual fee too. So not too thrilled. What am I missing here?

I do plan on letting amex report $10. My original amex arrived late and then I lost the card and had to wait almost a month before the replacement card arrrived. 

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I wonder if somehow you were dinged for a late payment based on how things reported. I have heard that is possible to PIF but miss a charge when the statement actually posts. In this case the minimum due on the statement must also be paid. The amount of drop you mention looks like a late payment ding..

[Anonymous]

No I don't have any payments due on any date. The minimum required was $0. And everything is paid every week and by the end of the second week if not that week. And I know the non-posted values and push from the bank account to make these payments which don't post by statement date to avoid this issue of a missed pending payment which makes it to the statement. 

All reports indicate no lates 30/60/90. 

So don't know where the ding is coming from other than maybe "needy for credit" based on three accounts open? Or "secured credit card" being a negative? Or $39 being used on a $500 card. 

Everything else is excellent according to creditkarma. The two poors are the number of enquiries and AOA which is 2 months. 

And as far as payment history goes, Discover has been reporting since May

BOA did this month. 

Amex is not reporting any payment history. 

[Thomas_Thumb]

It does look like recent inquiries could be the factor in your score drop - especially given your low 2 month AAoA. If you let things stabilize and avoid additional new credit, your score should bounce back (inquiries are a factor that can negatively impact score for 1 year before "aging off").

Here is another consideration. It is important to post a non zero balance on one credit card to show available credit is being used and managed properly 

Not sure that the charge card qualifies as they are PIF by design - might be best to have a revolving credit card show a small balance. A number of posters (specifically with three or more CCs) have reported a drop in score when having all cards report zero  balances compared to one (or two).reporting a balance. However, those score drops were in the 15 to 20 range, not over 60.

[Anonymous]

All enquires are prior to May, i.e., the only ones already reported and included in the previous high 700 scores. (So its not from the enquiries on the two reports, I don't have the third report. FICO is not yet reporting). AT&T is going to drop off next month.  I will have all the other enquiries. 

No new enquiries were posted. I have no charge cards, all of them are credit cards. The plan is to let amex report $10 but it will only happen next month. 

BOA is reporting a different address from my other cards. I do have two seperate addresses, so not wrong information.  So I am just not sure what is going on here. I can't explain it. And something is very wrong here, with absolutely no baddies.

[cashnocredit]

Well, the general advice here applies to FICO scores. FAKOs have their own algorithms so I wouldn't worry about them.

Your FICOs should be just fine when you reach 6 months of credit age.

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