EX dropped 58 points with no change in data

[sstromberg]

Hey everyone,

I've been shopping for a car in the midst of this crisis since dealers will take a larger hit in order to move inventory. As such, my report got hit with three hard inquiries in the last 10 days. I thought nothing of it -- I have a 747 score. Well, as of today, May 1, my EX plunged to 689. No change in utilization, no new accounts posting, no late payments. Only the 3 inquiries, but that shouldn't cause a near 60 point drop.

Any insight? I'm worried about triggering an FR from Amex with such a large score drop.

[randomguy1]

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@sstromberg wrote:

Hey everyone,

I've been shopping for a car in the midst of this crisis since dealers will take a larger hit in order to move inventory. As such, my report got hit with three hard inquiries in the last 10 days. I thought nothing of it -- I have a 747 score. Well, as of today, May 1, my EX plunged to 689. No change in utilization, no new accounts posting, no late payments. Only the 3 inquiries, but that shouldn't cause a near 60 point drop.

Any insight? I'm worried about triggering an FR from Amex with such a large score drop.

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1st of the month would imply there's some aging that was involved.

Did any accounts drop off?

Did your AAoA change from x years 11 months to x years 0 months?

[SouthJamaica]

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@sstromberg wrote:

Hey everyone,

I've been shopping for a car in the midst of this crisis since dealers will take a larger hit in order to move inventory. As such, my report got hit with three hard inquiries in the last 10 days. I thought nothing of it -- I have a 747 score. Well, as of today, May 1, my EX plunged to 689. No change in utilization, no new accounts posting, no late payments. Only the 3 inquiries, but that shouldn't cause a near 60 point drop.

Any insight? I'm worried about triggering an FR from Amex with such a large score drop.

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You need to compare your reports from the day of the change and the day before.

[Anonymous]

The amount of inqueries whether its 1 or 3 is less consequential then if it put you in a new bin or not.  it likely did.  From there its all speculation.

Lets say the inqueries hit you with 3-12 points.

Aging, as mentioned above seems like for it to hit on the first.  if you had an installment lan with long history come off that could hit you triple...

1) your AAoA dropping

2) you AoOA dropping

3) your credit mix taking a hit if you dont have any other installment loans.

Like if its a scenario where say, you paid off a 20 year old school loan and you have no other installment loans and your next oldest credit line is 2-3 years old.  that would probably be a pretty substantial score hit.

hard to tell without a full credit report from before and after.

the other thing to look for potentially would be a closed CC account with high age, low balance, and high limit.  that would also potentially hurt alot

[sstromberg]

Full reports show no change between the months. There were new accounts, but those posted and reported last month. No loans or accounts have dropped off. All is exactly the same. Hell, even with all three inquiries it still showed a 747 score.