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All 3 Scores Drop by 11-14 points.

All 3 Scores Drop by 11-14 points.

I am in the process of rebuilding in prep. for buying a new house.  I settled on my old house on 4/27 and the closed account has been reported.  All 3 scores dropped between 11 and 14 points.  I still have 2 installment loans open and current.  Is this drop permanent?  There is no other reason for a drop.  I was actually on the rise due to the moves I have been making since joining myFico.  Thanks.

Message 1 of 12
11 REPLIES 11
SouthJamaica
Super Contributor

Re: All 3 Scores Drop by 11-14 points.


@nightsweatsdiva wrote:

I am in the process of rebuilding in prep. for buying a new house.  I settled on my old house on 4/27 and the closed account has been reported.  All 3 scores dropped between 11 and 14 points.  I still have 2 installment loans open and current.  Is this drop permanent?  There is no other reason for a drop.  I was actually on the rise due to the moves I have been making since joining myFico.  Thanks.


Your mortgage scores dropped 11 to 14 points? If so, that would be unusual.


Total revolving limits 677500 (584500 reporting) FICO 8: EQ 758 TU 777 EX 749

Message 2 of 12

Re: All 3 Scores Drop by 11-14 points.

Not my mortgage scores.  Just my other 3 scores.

Message 3 of 12
SouthJamaica
Super Contributor

Re: All 3 Scores Drop by 11-14 points.


@nightsweatsdiva wrote:

Not my mortgage scores.  Just my other 3 scores.


Oh well that probably explains it.

 

Your FICO 8's are very sensitive to aggregate installment utilization percentage. So when you close out a mostly-paid-off loan, you drive that percentage up.

 

It usually has little or no effect on your mortgage scores.

 

Since it's your mortgage scores you're interested in, you need to concentrate on them. They behave totally differently than the FICO 8's.


Total revolving limits 677500 (584500 reporting) FICO 8: EQ 758 TU 777 EX 749

Message 4 of 12

Re: All 3 Scores Drop by 11-14 points.

Thank you. I am new and I gather that the mortgage scores are adjusted each month when I get my monthly update. If my assumption is correct I will have to wait until June 5. 

Message 5 of 12
SouthJamaica
Super Contributor

Re: All 3 Scores Drop by 11-14 points.


@nightsweatsdiva wrote:

Thank you. I am new and I gather that the mortgage scores are adjusted each month when I get my monthly update. If my assumption is correct I will have to wait until June 5. 


The mortgage scores are in fact adjusting every day. But the only way you can get access to them is to pay MyFICO the big bucks and pull them.

 

 


Total revolving limits 677500 (584500 reporting) FICO 8: EQ 758 TU 777 EX 749

Message 6 of 12

Re: All 3 Scores Drop by 11-14 points.

Good to know. I will be patient and wait. Thanks for the help!

Message 7 of 12
ImTheDevil
Community Leader
Super Contributor

Re: All 3 Scores Drop by 11-14 points.

@AllZero has a macro with links to a mortgage score source IIRC.



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Message 8 of 12
AllZero
Mega Contributor

Re: All 3 Scores Drop by 11-14 points.


@ImTheDevil wrote:

@AllZero has a macro with links to a mortgage score source IIRC.


👍

 

Free mortgage scores


EX2 + 3 Bureau FICO 8 scores and reports for free or $1 at Experian or CreditCheckTotal (part of Experian). Cancel in 7 days or less to avoid the reoccurring charge.

TU4 WyHy quarterly score. Not sure on membership requirement.


EQ5 Get a savings account with DCU. Soft pull EQ to be a member. Free monthly score.

You can also obtain your 3 bureau mortgage scores at FICO Advanced . Cancel plan after you obtain your scores and reports to avoid re-occurring monthly charge.

Message 9 of 12
ImTheDevil
Community Leader
Super Contributor

Re: All 3 Scores Drop by 11-14 points.

Thanks @AllZero - you're never far away are you? Smiley Happy



Platinum NPSL | Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | FNBO Prime Visa | FNBO Evergreen | PenFed PCR | Navy cashRewards | Navy Platinum | Apple | Wells Fargo Active Cash | IT Cash | IT Chrome | GHSFCU Visa Plat | Quicksilver | Target | VS | Home Depot | Lowes | Sams MC | Firestone | Overstock | Kohl’s | Key Bank auto loan (2017 Audi A6 Premium Plus S-Line)





Message 10 of 12
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