So I called my fico support today to see if they had any more information on their end as to why my score dropped. And unsurprisingly they weren't able to tell me why.
but the crazy part of the conversation was how uneducated they were. I mean I know the average person is shockingly uniformed about credit and how it works. But you would think someone who works for my fico would know things.
anyways, I think some of the things they said will make you guys laugh so I'll list them below.
- they said that you need to pay your bill on the exact due date every month, if you pay it even a day early. They claimed it will drop your score. meaning if your due date was 3/8, and you paid on 3/7, according to them, that drops your score significantly.
- they said your score drops for every card that you allow to report a $0 balance, as we know, due to the "accounts with balances". It's actually the exact opposite, less cards with balances/AZEO is good. (they were probably thinking of the all zero penalty, so at least they were partially on the right track)
- they looked at my 3 year old late payment, and said that could have caused my score to drop. 3 years later, even though it's been on my report the entire time and already took its toll.. 3 years ago... when it actually happened...
-they didn't seem to have any sort of grasp on how substantial a 78 point drop is, at one point they even tried to say my recent hard inquiry could have caused the drop.
- they also seemed to know nothing about reporting dates. Claiming that issuers randomly report multiple times throughout the month and one of their "reports" could have been the reason for the drop.
-they had no idea what vantage score was, their major and only competition?
i eventually realized that they weren't listening to anything I said and their I thanked them and hung up.
@m0a0k0s wrote:My Equifax Fico 8 score dropped -63 down to 734 from January till now at myFico. Experian fico8 -39 points, Transunion fico -26 points.
Equifax vantage during the same time dropped 10 points and gained 5 back, Transunion vantage grew all-time high.
I have a short history, average account age is now below 2 years. In jan-feb applied to 2 cc, approved for one (increase total available credit ~10%). 1 credit builder account was paid out and opened a new one instead. One old utility account was reported as closed.
Under 5/24, 0% utilization, no other negative factors except this activity with accounts.
Perhaps you could start a new thread instead of hijacking this one. Can a moderator split this off?
I just wanted to thank everyone who's contributed and tried to help me.
it really means a lot because this is the most confusing and irritating thing. like I said at first I thought it was because my gold card posted a balance but I soon found out that was not the issue.
There is 0 indication anywhere on why this happened. None of my metrics changed except for some extremely minute differences, but nothing that would ever explain such a drop. I will keep you updated if and when my score ever bounces back.
(I don't put much stock in the score estimators, but out of curiosity I tried the fico score estimate and did the "age my credit" option. Did the maximum of 24 months. And according to that, it's going to take well over 2 years for my scores to return to where they were)
Yes I soon realized that the reported balance on my gold card had nothing to do with my score drop. The only potential affect it has for me was adding an additional "account with balance" which was more maybe 5 points.
i have drove myself nuts trying to figure this out and have basically given up, it's extremely discouraging but my score will have to rebound eventually. If there was a person or service I could pay to research my specific case and figure out what happened I would consider it.
but they would need to know literally everything about fico scoring and how it works, all the ins and outs. Every minute detail and sub section. because whatever happened was clearly an extremely rare and difficult case.