Confused about score drop.

[Anonymous]

Commerce Bank, Amex Everday, Fidelity, Amex Cash Magnet, NFCU, and DCU have not reported yet. I am not an authorized user and have no authorized users.

[Anonymous]

How would your AoOA go from 2 years 9 months to 3 years in 1 week (crossing the 1st of a month only once)?

[Anonymous]

I have no idea, that's what it shows on CCTs reports lol. Gotta get back to work, on break lol. I'll give more detailed info later on. Keep the responses coming guys I appreciate it.

[Anonymous]

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@AnonymousI have no idea, that's what it shows on CCTs reports lol.

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Ah, CCT, I see where you're misinterpreting the summary of your report.  CCT displays the age of accounts factors in terms of years with a decimal to the nearest tenth [of a year] and does not display it in months.  CCT showed you 2.9 years as your AoOA, not 2 years 9 months.  2.9 years actually rounds to 2 years 11 months, so then that would make sense that crossing the first of the month would tick it to 3 years flat. 

[Anonymous]

Ohhh I see lol. Yes, 2.9 years. And AAoA is 0.8 Years. I dont know where this point drop is coming from though, so weird.

[Anonymous]

The oldest account at 3 years is a closed paid off car loan. I just looked over at it again and nothing jumps out. Is it even possible going from $120 to $70 . I did have two credit card accounts closed within the last month, Chase FU and Capital one QSOne in good standing. They were shown closed on both reports though. Could there be a delayed update to score? Cap One at 7 months and Chase at 4 months. (Chase closed my account because of my aggressive credit seeking activities. QsOne was combined into my QS card.)

Also when looking into the Factors tab on CCT, there is a difference. On Aug 26 report all show factors that are hurting my score : Short Credit history. Seeking Credit. Installment balances..
On Sep 2 report : Short Credit history. Seeking credit. Short revolving History.
My car loan is at about $29900/$32000.

[SouthJamaica]

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@Anonymous wrote:
Okay my scores dropped in a week with the only changes on my reports is less usage.
Experian: 710 to 693
Transunion: 729 to 703
Equifax: 706 to 693

The reports from last week are from Aug 26, this recent report is from today Sep 2. The only changes I see are revolving Debt went from $129 to $72. Aug 26 Inq: 15/15/17. Sep 2: 15/15/18
6 accounts open(1 Auto loan, 5 Credit cards). 4 credit cards reporting small balances on both reports. Both at 1% Utiliziation .
Total Credit: $13,750. Both AAoA at 0.8 years.

Reports are from Creditchecktotal.

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If indeed the only changes were a drop in overall revolving utilization and the addition of a single EX inquiry, then the score drops are a mystery to me.

[Thomas_Thumb]

When was the new car loan opened? When was the other loan paid off? I assume both of these events happened at least three months ago since you don't mention them as a recent change.

Loan inquiries are buffered (meaning 30 day delay for impact on score). Fico does look at aggregate  installment loan B/L ratio. So if the older loan were recently paid off and closed, your B/L will have gone up and that could drop score.

[Anonymous]

Yes it is! I have a paid subscription to Experian, and it alerts me about everything. This score drop came without anything big happening on my reports, no new accounts showing, no lates, no collections, NADA, nothing at all. Only thing I am wonder is if going to $70/$13750 balance made it seem like I didnt use anything at all? Causing the score drop, or maybe all the inquiries were delayed in updating the score? I felt before that I didnt really lose much points for all my inquiries.

I dont know what's going on, but I'd like to find out. Maybe I'll try increasing my balance, hopefully my report stays the same with no new accounts showing.

[Anonymous]

New car loan opened in Feb this year, and old car loan paid off at the same time.