Hello to all,
lol, Newbie here so go easy on me if i do not word correctly
My question is - I will try to keep as short as possible with as much detail
Do the remarks in the account status or Pay Status have a effect on triggering Fico Score into thinking the acct is recently late even tho one is not marked in pay history??
Reason I am asking, I recently traded in an auto and opened a new auto loan and they paid off previous auto loan ( orig bal $15,569 opened 5/2019 - paid off 5/2022 $6800)
Beginning of June 2022 i rec,d alerts from My Fico on all 3 bureaus that my personal finance accts balances dropped the amount paid off and my scores dropped significantly.
During 2020 and the Pandemic I was put on furlough and racked up some 30 and 60 day lates but brought acct current as i rec,d stimulus checks and unemployment checks.
Lol, Before being asked - Yes i have sent goodwill letters to no avail due to the circumstances.
Starting in Dec 2020 when the world went back to somewhat normal the acct was current and continued payments on time up til April 2022. I traded auto in on May 14th 2022 dealer paid off May 25th and rec,d congratulaions email from finance company.
Transunion Fico dropped 33 points and i noticed in the pay status it reads
>Paid, Closed; was 30 days past due date ( but my pay history months are marked all green ok from Dec 2020 to April 2022)
My Experian dropped 33 points as well and does have a 30 day late marked for the month of May 2022 and is reporting
My Equifax fico score dropped 64 points and noticed in Account Status
Account Status Paid/Closed NOT_MORE_THAN_TWO_PAYMENTS_PAST_DUE ( again i have no 30 or 60 day marks since 2020 and all months are checked green from Dec 2020 to April 2022.
I ask because i have disputed all 3 bureaus and came back verified for some unknown reason. i noticed experian has a 30 day late for some reason for May 2022 and transunion does not but it is in the acct status and they both dropped the same amount points. Equifax status showing not more than 2 months past due and the amount of points are almost doubled that dropped.
I have no idea why they marked as they did and how i could i be 30 days late if paid on time up to April 2022 and paid off May 2022 much less have over 60 days on equifax uugghhh.
@Bumfuzzled When you have an installment loan paid to under 9%, it gives you a pretty big score boost. So when the loan is paid off and closed you lose that boost and your score drops. You also opened a new loan which usually includes HPs, new account reporting and decrease in AAoA which all drops your score.That is most likely what happened in your case.
@GatorGuy thank you for the quick response. I realized there was going to be a drop due to paying it off and opening a new loan but that just seemed excessive.
I only asked about the way the status is being reported because i also got a alert from My Fico Transunion Alert the same day i rec,d the alert about the finance balances dropping. The other alert was Credit Change Increase in Accounts Past Due
Accts 30= Days Past Due
0 to 1
All other accounts have always been paid on time and show no 30 days
@Bumfuzzled The alerts are only a small portion of things that affect your credit score.
The score drop you experienced sounds consistent with losing a positive account, taking a hp and opening a new account.
Unless those lates were just added, they were already calculated in your score.