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Experian Mortgage Score DROPPED for now reason

Iusedtolurk
Established Contributor

Re: Experian Mortgage Score DROPPED for now reason

@Birdman7  I have 3 closed accounts

 

CFA

opened 12-18        closed 2-19

               3-19                      9-19

              10-19                     7-20

 

Nothing after 7-2020

Message 21 of 142
Birdman7
Super Contributor

Re: Experian Mortgage Score DROPPED for now reason


@Iusedtolurk wrote:

@Birdman7  I have 3 closed accounts

 

CFA

opened 12-18        closed 2-19

               3-19                      9-19

              10-19                     7-20

 

Nothing after 7-2020


@Iusedtolurk so you have CFA s, but why wasn't the negative Reason code for it showing on the 15th? that's what bothers me.

 

Did you previously have the code? I could see if you had 4 codes but when you only had 3 codes, that should've shown up as the 4th, I would think. 

-Our Community’s updated scoring wisdom: Link to Scoring Primer.
-For Negative Reason Codes see: CassieCard’s Score Factors thread.
-ccquest’s workbook to calculate metrics for you: Link to Workbook.

Correct Ag.Util. under 5% all times. (Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.

RIP:

(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 22 of 142
Iusedtolurk
Established Contributor

Re: Experian Mortgage Score DROPPED for now reason


@Birdman7 wrote:

@Iusedtolurk wrote:

@Birdman7  I have 3 closed accounts

 

CFA

opened 12-18        closed 2-19

               3-19                      9-19

              10-19                     7-20

 

Nothing after 7-2020


@Iusedtolurk so you have CFA s, but why wasn't the negative Reason code for it showing on the 15th? that's what bothers me.

 

Did you previously have the code? I could see if you had 4 codes but when you only had 3 codes, that should've shown up as the 4th, I would think. 


@Birdman7Upon closer scrutiny I had collection reason codes on the 17th of nov and when they dropped on the 18th of nov (+44 points) I had 3 reason codes all the way up to when Ex included CFA as a 4th reason code.  (-11 points)

 

experian-1-16-drop-compare-collection.JPG

Message 23 of 142
valeriethorpe81
Valued Member

Re: Experian Mortgage Score DROPPED for now reason

@AndySoCal Its said Consumer Finance accounts, but I have none.

Message 24 of 142
valeriethorpe81
Valued Member

Re: Experian Mortgage Score DROPPED for now reason

@Birdman7 Nope, no new loans. 


@Birdman7 wrote:

@Iusedtolurk wrote:

@Birdman7 wrote:

@Iusedtolurk wrote:

@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


@Iusedtolurk Do you have the negative Reason Codes for EX2 on the 15th and the 16th?

 

The length of time accounts established has two triggers: average age of accounts and age of oldest account. Likewise, the revolver one uses average and oldest as well. 


@Birdman7Just noticed the reason code difference from the 15th and 16th is the inclusion of the CFA reason code.

experian-1-16-drop-compare.JPG

Concerning the age measure how many years would probably eliminate that reason code?


@Iusedtolurk now we are cooking. Well that code is going to be there as long as the CFA is on the record and you don't have other codes push it down. The good news is it probably has less affect over time since everything else does.

 

There's no way to know but it seems like two years is when they seem to count negatives against you less, but I have no evidence on which to base that for CFAs, I'm just throwing that out there, so don't rely on that.

 

now why is that code showing on the 16th but not the 15th? Did you get a new loan? Because this is reminiscent of a code popping up one day with a score change with nothing changing on the credit report, and then a few days later it reversing. I remember a glitch like that. I think it was @SouthJamaica , but I'm not gonna swear to it. 

if you don't have any new loans, you do have a CFA, it's just now appearing, and before you only had three codes, that would seem to indicate scorecard change. How old is the CFA?


 

Message 25 of 142
valeriethorpe81
Valued Member

Re: Experian Mortgage Score DROPPED for now reason

They are all closed and paid. When I get hone; I'll show you.

Message 26 of 142
Birdman7
Super Contributor

Re: Experian Mortgage Score DROPPED for now reason


@Iusedtolurk wrote:

@Birdman7 wrote:

@Iusedtolurk wrote:

@Birdman7  I have 3 closed accounts

 

CFA

opened 12-18        closed 2-19

               3-19                      9-19

              10-19                     7-20

 

Nothing after 7-2020


@Iusedtolurk so you have CFA s, but why wasn't the negative Reason code for it showing on the 15th? that's what bothers me.

 

Did you previously have the code? I could see if you had 4 codes but when you only had 3 codes, that should've shown up as the 4th, I would think. 


@Birdman7Upon closer scrutiny I had collection reason codes on the 17th of nov and when they dropped on the 18th of nov (+44 points) I had 3 reason codes all the way up to when Ex included CFA as a 4th reason code.  (-11 points)

 

experian-1-16-drop-compare-collection.JPG


@Iusedtolurk that is some real crazy stuff. Can you tell me did anything else happen on that date when the code dropped? Did any account age off? Anything? 🤔

-Our Community’s updated scoring wisdom: Link to Scoring Primer.
-For Negative Reason Codes see: CassieCard’s Score Factors thread.
-ccquest’s workbook to calculate metrics for you: Link to Workbook.

Correct Ag.Util. under 5% all times. (Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.

RIP:

(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 27 of 142
valeriethorpe81
Valued Member

Re: Experian Mortgage Score DROPPED for now reason

@Birdman7 

 

Hey, please see the attached changes (nothing) but it mentions CFA.  I don't have any CFA Accounts.  

1.15 Experian No Consumer Finance Comment.JPG1.16 Experian Consumer Finance Comment.JPG1.16 Experian Snap Shot.JPG1.15 Experian Snapshot.JPG1.16 Experian Snap Shot.JPG

Message 28 of 142
Iusedtolurk
Established Contributor

Re: Experian Mortgage Score DROPPED for now reason


@Birdman7 wrote:

@Iusedtolurk wrote:

@Birdman7 wrote:

@Iusedtolurk wrote:

@Birdman7  I have 3 closed accounts

 

CFA

opened 12-18        closed 2-19

               3-19                      9-19

              10-19                     7-20

 

Nothing after 7-2020


@Iusedtolurk so you have CFA s, but why wasn't the negative Reason code for it showing on the 15th? that's what bothers me.

 

Did you previously have the code? I could see if you had 4 codes but when you only had 3 codes, that should've shown up as the 4th, I would think. 


@Birdman7Upon closer scrutiny I had collection reason codes on the 17th of nov and when they dropped on the 18th of nov (+44 points) I had 3 reason codes all the way up to when Ex included CFA as a 4th reason code.  (-11 points)

 

experian-1-16-drop-compare-collection.JPG


@Iusedtolurk that is some real crazy stuff. Can you tell me did anything else happen on that date when the code dropped? Did any account age off? Anything? 🤔


Nothing else happened on that date but the thing about that particular collection is it was shown in EX  "Other Accounts" as "Closed" but it also updated each month when a payment was made (as LATE) because it was not actually "Closed" and probably should have been listed under "Collections".  I just never fooled with it didn't want to make a bigger mess or something with it by disputing it.

 

 

Message 29 of 142
AndySoCal
Valued Contributor

Re: Experian Mortgage Score DROPPED for now reason

@valeriethorpe81 

Where did I say it was because of consumer finance accounts? Consumer finance accounts may cost a point or two not sure but not

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 30 of 142
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