cancel
Showing results for 
Search instead for 
Did you mean: 

Equifax score drops 12 points after Bank America Account Update

Highlighted
Established Contributor

Equifax score drops 12 points after Bank America Account Update

I just saw my Equifax score fall 12 points after Bank America updated my account from securede credit card to credit card. On top of that 2 of my Cap one accounts reported lower balances of $117 and $802.

 

What the hell......No new accounts, inquires, AAofA should be going up, Utilization is down almost 2%, no lates, same baddie still reporting.

 

Should I open a new secured account with OpenSky to gain back some points? 

In the garden since 11/17/15
12/11 Scores; EQ 641 TU 659 EX 675 Util: 18%
Chase Clock: newest AU account 12/9/15.

Tags (1)
Message 1 of 4
3 REPLIES
Frequent Contributor

Re: Equifax score drops 12 points after Bank America Account Update


slund5499 wrote:

I just saw my Equifax score fall 12 points after Bank America updated my account from securede credit card to credit card. On top of that 2 of my Cap one accounts reported lower balances of $117 and $802.

 

What the hell......No new accounts, inquires, AAofA should be going up, Utilization is down almost 2%, no lates, same baddie still reporting.

 

Should I open a new secured account with OpenSky to gain back some points? 


Opening a new account would result in a new HP inquiry and lower your AAoA... The credit score drop is temporary. Are you going to apply for a loan any time soon? If not then just sit on it for the next few months and let your score correct itself.

Message 2 of 4
Frequent Contributor

Re: Equifax score drops 12 points after Bank America Account Update

I'm not sure exactly how it's factored in to scores, but you did just become a slightly riskier profile.  The amount of your credit line on the card that just graduated is no longer a secured debt, making it easier for the card company to lose money should you default.  Just keep being "good" and those points will come back in no time.

Message 3 of 4
Valued Contributor

Re: Equifax score drops 12 points after Bank America Account Update

In your signature you report a new AU card for 12/9/15. Maybe that card lowered your AAoA and that is why you got the lower score?

Message 4 of 4