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My mother is going through a divorce and has recently changed her address on one of her credit card accounts. I signed her up for myfico to monitor her reports throughout this process and noticed two alerts that dropped her score more than 30 points, stating the address change as the cause. Nothing else has changed. Will this recover? She has excellent scores, in the mid 800s. This has dropped one of her scores under 800.
Looking back at the report, it was two bureaus. I assume the third will update soon. No changes at all to her credit. Very strange that her score would drop over 30 points for no reason. I cannot find any other differences other than the address change. I have been a myfico member for quite some time and feel confident in my ability to find discrepancies within reports. This one has me stumped.
@AKO17 wrote:No changes at all to her credit. Very strange that her score would drop over 30 points for no reason. I cannot find any other differences other than the address change. I have been a myfico member for quite some time and feel confident in my ability to find discrepancies within reports. This one has me stumped.
Stumped perhaps, but understand that something did indeed change. Credit scores can't change 30 points for no reason. In fact, they can't change 1 point for no reason. Scores are generated from 1 thing, bureau data. If a score changes, it's can only be because the bureau data changed, as that's what's fed through the algorithm to produce the score. I have no idea what changed between the before/after reports, but it was definitely something other than just an address.
Personal info on your CR like address, name, employers etc. are not factors that the FICO algorithm looks at, thus they don't impact scoring. Then there are factors on your accounts that can't impact score, such as "comments" or "high balance" for example.
No problem. If it did, I'd have several penalties, as my name is represented 3 ways on my CRs: First Name, Last Name... First Name, Last Name, Suffix... First Name, Suffix, Last Name.