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EX pulls the blanket from under my feet

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Frequent Contributor

EX pulls the blanket from under my feet

Good Morning

 

I was having a great week than I wake up today to three alerts from myFico saying a change to my account has been found.  I think its one of my CLI's being reported.  No instead its EX reporting my installment loan and my score plummeted 27 points.  Yeah 27 POINTS are you kidding me right now. So angry I swear, the only saving grace is they at least waited until I got my CLI's yesterday but still this is such crap.  Why take so much for just reporting a new loan Smiley Mad

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Message 1 of 11
10 REPLIES
Community Leader
Super Contributor

Re: EX pulls the blanket from under my feet


RJrepo wrote:

Good Morning

 

I was having a great week than I wake up today to three alerts from myFico saying a change to my account has been found.  I think its one of my CLI's being reported.  No instead its EX reporting my installment loan and my score plummeted 27 points.  Yeah 27 POINTS are you kidding me right now. So angry I swear, the only saving grace is they at least waited until I got my CLI's yesterday but still this is such crap.  Why take so much for just reporting a new loan Smiley Mad


Overall utilization might be part of the picture, too. What is your utilization on credit cards?


Daily Drivers: Penfed Platinum Rewards; NFCU GoRewards; Discover.. Fico 8: EX: 758; TU: 746; EQ: 762
Message 2 of 11
Frequent Contributor

Re: EX pulls the blanket from under my feet

UTIL is 8%

Message 3 of 11
Super Contributor

Re: EX pulls the blanket from under my feet

Ex likes under 5%. Mine took a small tumble when overall at 7%, and one card at 18%. Another three months, the installment should provide a stabilizing effect to your reports, and those swings will be much smaller. Six months, and the scores rise above starting point (depending on how clean the reports are.)

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Message 4 of 11
Frequent Contributor

Re: EX pulls the blanket from under my feet

I do hope so i mean 27 points is a heavy hit and for my CR the ony thing that I believe is hurting me is all the HP's there are a lot at least 11 per each CRA  No Baddies No Lates and only 8% UTIL across all cards

Message 5 of 11
Super Contributor

Re: EX pulls the blanket from under my feet


RJrepo wrote:

Good Morning

 

I was having a great week than I wake up today to three alerts from myFico saying a change to my account has been found.  I think its one of my CLI's being reported.  No instead its EX reporting my installment loan and my score plummeted 27 points.  Yeah 27 POINTS are you kidding me right now. So angry I swear, the only saving grace is they at least waited until I got my CLI's yesterday but still this is such crap.  Why take so much for just reporting a new loan Smiley Mad


Experienced the same thing and a 28 point drop ... dumfounded! It all recovers over time but what a hit. As has been mentioned the installment loan will help stabilize the credit report.

Starting Score: 000 Fico TU08
Current Score: 835 Fico TU08
Goal Score: 850


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Message 6 of 11
Frequent Contributor

Re: EX pulls the blanket from under my feet

It's just a little upsetting because I am doing everything I can to keep things right with my credit.  Paying 100% on time keeping UTIL around 8% never taking cash advances and monitoring everything and to watch your score plummet from 660 to 633 hurts very bad so I am hoping once the payments on the loan start reporting it will go back up the only positive thing I guess for now is on EQ is reporting the loan and I am not taking hits on the other two CRA's

Message 7 of 11
Contributor

Re: EX pulls the blanket from under my feet

My TransUnion dropped 24 points a few days ago as a result of a new account being detected. These two CBs don't like new accounts
Message 8 of 11
Community Leader
Legendary Contributor

Re: EX pulls the blanket from under my feet

A new loan has zero months age.

It is affecting your AAoA.

Message 9 of 11
Valued Contributor

Re: EX pulls the blanket from under my feet


RJrepo wrote:

Good Morning

 

I was having a great week than I wake up today to three alerts from myFico saying a change to my account has been found.  I think its one of my CLI's being reported.  No instead its EX reporting my installment loan and my score plummeted 27 points.  Yeah 27 POINTS are you kidding me right now. So angry I swear, the only saving grace is they at least waited until I got my CLI's yesterday but still this is such crap.  Why take so much for just reporting a new loan Smiley Mad


A 20 to 30 point drop associated with a new installment loan is standard and should be anticipated by those seeking such loans. However, YMMV according to credit profile history. Generally, scores rebound after 90 days.

 

If it is your only open installment loan, the loan may give you a higher long term score potential - particularly if you don't even have a closed installment/mortgage loan in your report history.

Fico 8: .......EQ 850 TU 850 EX 850
Fico 9: .......EQ 850 TU 850 EX 850
Fico 4 .....:. EQ 809 TU 823 EX 830 EX Fico 98: 842
VS 3.0:...... EQ 835 TU 835 EX 835
Fico 8 BC:. EQ 892 TU 900 EX 900
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950
Message 10 of 11