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Equifax score drops 12 points after Bank America Account Update

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slund5499
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 02/1/23. Newest Account AU Discover It 10K
02/23 Scores; EQ 608 TU 642 EX 575 CCU: 20%, Inq. 2, 1, 2 Collections $39K
Lending Club: newest account 2/3/23. Old Fico 1/17 EQ 530 TU 542 EX 512

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L0RDAVENTAD0R
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.

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Aahz
Established 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
newhis
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?

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