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Experian Mortgage Score DROPPED for now reason

valeriethorpe81
Valued Member

Experian Mortgage Score DROPPED for now reason

Hey Fico Family,

This is a two part question and I'm seriously hoping someone can help me.  Question (issue)1: On January 15, my Experian Mortgage FICO score was 671 (not the greatest, but a work in progress!).  I am under contract for a home; so its important to keep things going UP and moving in a positive direction.  This morning I woke up to a 27 point droppage so now my Experian FICO score is 644! I have printed out BOTH reports from yesterday (and the last several weeks it was at the same number) and NOTHING has changed.  No increase in utilization; no closed accounts, NOTHING.  I saw a drop like this when a collection was added and QUICKLY removed due to an error  (last week).  Afterwards my score went right back to where it was at originally. Can anyone offer a reason for why this happened.  When I say nothing has happend; I mean NOTHING.  I fine tooth combed my FICO reports and saw no change at all.  

 

Second Question: One condition for my loan was that my ex-husband trade in the car which I co-signed on 3 years ago.  This situation was a mess; I co-signed not knowing I was divorced; he did it in another county.  Either way; he traded it in and I am no longer attached to this car.  Whenhe first got the car there were 15 late payments on it.  I had to take him to court in order to get things back on track.  My question is: When this car shows "Paid & Closed" on my file; will it hurt my score?  Also, with the late payments go away? Or will they remain. 

 

PLEASE HELP

Message 1 of 142
141 REPLIES 141
tooleman694
Valued Contributor

Re: Experian Mortgage Score DROPPED for now reason

I had the same issue, I checked my EX mortgage score this morning and I had an 11 point drop. I can't figure it out either. Meanwhile my EQ and TU are doing fine.

 

Last month my EX dropped 19 points, I figured it was from our morgage INQ that finally became scorable. Then the first of Jan I recovered 6 points. Then bam this morning 11 points gone. It is ticking me off. Good news for me though, my EQ and TU are still high enough to get a mortgage. I just paid off some of my cards to get under 50 percent util, hopefully that will shake up my stupid EX score.

Message 2 of 142
AndySoCal
Valued Contributor

Re: Experian Mortgage Score DROPPED for now reason

@valeriethorpe81 

Regarding Question #1

Can post the Experian score factors/ reasons before the drop  and after the drop in the score. It might give an indication on where to look?

Question #2  Regarding the auto loan did the court remove you as a co-signer or not ? If so when was the effective removal date? I presume you have a copy of the court decision it may be useful.

 

If you were not removed from the account the payment history will remain in my opinion.

FICO 8 EX 794 TU 794 EF 805
Discover IT Opened 9/1990 CL 19,000, JC Penney Opened 10/2008 CL 4700, US Bank Cash Plus Opened 8/2010 CL 12000, Citibank Double Cash Opened 5/2015 CL 11,100, Chase Freedom Flex Opened 09/2020 CL 10,500
Message 3 of 142
tooleman694
Valued Contributor

Re: Experian Mortgage Score DROPPED for now reason

For mine, the score factors match for yesterday and today. My Fico 8 score didnt move. Something funny is going on.

Message 4 of 142
valeriethorpe81
Valued Member

Re: Experian Mortgage Score DROPPED for now reason

There were no score factor reasons listed. Or at least I couldnt find them. My report itself didnt change.

As far as the car, their were no courts involved. As mentioned previously; I had no involvement in my divorce bc I didnt know I was divorced until 5 months later. I explained this to the dealer, showed documentation; they still wouldn't remove this from my file.  This was a simple trade in, he got a new car, just under his name thats it.


@AndySoCal wrote:

@valeriethorpe81 

Regarding Question #1

Can post the Experian score factors/ reasons before the drop  and after the drop in the score. It might give an indication on where to look?

Question #2  Regarding the auto loan did the court remove you as a co-signer or not ? If so when was the effective removal date? I presume you have a copy of the court decision it may be useful.

 

If you were not removed from the account the payment history will remain in my opinion.


 

Message 5 of 142
dunn2500
Frequent Contributor

Re: Experian Mortgage Score DROPPED for now reason

seems like alot of peoples score are dropping lately......for little to no reason

 

is it because of current state of world or is new fico scoring in place, i took a huge hit awhile ago and hasnt recouped like normal.... paying cards low and staying ahead on auto payments .....i would see steady increase every month.... until december and bam, slammed with point loss on refi and no gains every month like i did for last 8 months.......just seems algorithm is not same as it was or not as consistent anyway

Message 6 of 142
valeriethorpe81
Valued Member

Consumer Finance Accounts

So I pulled my reports (daily) bc of I am under contract for a home. On 1.15 and before my mortage scores were in the good range and did not have the CFA reason listed below it (because I dont have any, and the ones I had have been paid off). On 1.16, I pulled my report and I saw that my mortgage score dropped 27 points and the reason was bc of CFA's. How can this be possible? Nothing else changes on my file. No additions, no collections, no inquiries, no additional credit utilization. Could this be some sort of glitch? I'm so confused. 

Message 7 of 142
BrutalBodyShots
Super Contributor

Re: Experian Mortgage Score DROPPED for now reason


@dunn2500 wrote:

seems like alot of peoples score are dropping lately......for little to no reason

 


It's never for no reason.  Fico scores are generated using report data.  If the data doesn't change, the score doesn't change.  If the score changes, it means the data changed.

 

9 times out of 10 when someone states that their score dropped for "no reason" after discussing it in a thread for a day or two the reason for the score change is revealed.  That reason was of course there all along, it's just sometimes it isn't obvious or is easily overlooked.

Message 8 of 142
dunn2500
Frequent Contributor

Re: Consumer Finance Accounts

there are some pretty savvy peeps here with credit game and am sure someone will chime in soon......ive just noticed recently alot of score drops and people and they dont know why (incl me).....just seems to me last year i didnt see quite as many threads where peeps were at a loss but maybe am more sensitive to this idk...

Message 9 of 142
Iusedtolurk
Established Contributor

Re: Experian Mortgage Score DROPPED for now reason


@tooleman694 wrote:

I had the same issue, I checked my EX mortgage score this morning and I had an 11 point drop. I can't figure it out either. Meanwhile my EQ and TU are doing fine.

 

Last month my EX dropped 19 points, I figured it was from our morgage INQ that finally became scorable. Then the first of Jan I recovered 6 points. Then bam this morning 11 points gone. It is ticking me off. Good news for me though, my EQ and TU are still high enough to get a mortgage. I just paid off some of my cards to get under 50 percent util, hopefully that will shake up my stupid EX score.


WELL...I was just about to make a post about my Mortgage scores dropping out of the blue when I have not done anything negative.  I was about to make the post in the general section but thought it would go better in the Fico scoring section.

 

Lo and behold I saw this post.

 

Short and sweet.............I was checking my 28 fico scores today due to them updating from last month and expected some point gains.

 

Compared to this time last month major changes were:

12 accounts with balances

10 now

 

38% aggregate util

27% now

 

To my disappointing surprise I saw my EX mortgage score had dropped 11 points (auto 2 and bankcard 2 dropped points also).

 

So I looked at my EX I can track day to day changes and saw the drop occured on Jan 16. On Jan 15 it was +11 points higher.

 

But reports for the 2 days show no changes. They are identical and the rest of the Fico scores are the same for those 2 days.

 

****Also anyone have any insight when the "Length of time.......established" reason code is no longer applicable.

extra-credit-1-16-20-drop-ex.JPGextra-credit-1-16-20-drop.JPG

Message 10 of 142
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