Fico scores dropped heavily when I allows gold card to report

[Cblough93]

@Patient957 

Part 2 (see part 1 for score information)

fhe only good news is that at least now I know the score drop was not related to the $2500 balance reported on my Amex. Because the score didnt recover. So I know it has to do with the Amex itself being reported. I just don't know what yet. 

in the past when a new account reported the most I ever lost was 20 points. 

[Patient957]

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@Cblough93 wrote:

Fico 8 TU

dropped from 758 to 680

Vantage TU

Rose from 704 to 729

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This alone seems impossible, assuming the FICO and VS scores were calculated from the same reports.

I would love to know if anyone has even a possible theoretical explanation for this. 

[Patient957]

@Cblough93 

TU lists accounts with adverse information right at the top.  It looks like this:

What accounts do you have listed in this section of your TU report and what adverse information does each account have?

[Cblough93]

@Patient957 

first off I just want to thank you for trying to help me and asking questions to try to figure this out. Some people probably would have given up by now because none of this makes sense. But you haven't given up yet and you continue to try to help me. It means a lot. I just wanted to say that.
 

I know it doesn't seem possible that's why I came here it's driving me nuts. if there was a reasonable explanation for this that would be fine because at least I would have a reason for the score drop. 

as for info/ adverse info

amex- paid as agreed (no Adverse info)

cap 1- paid as agreed (no Adverse info)

credit one- paid as agreed (no Adverse info)

chase- paid as agreed (no Adverse info)

Local credit union (car loan)- 30 day late which is now 3 years and 1 month old.  Car loan was paid off in 2021. So it hasn't reported any new info in years.

[Patient957]

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@Cblough93 wrote:

@Patient957 

first off I just want to thank you for trying to help me and asking questions to try to figure this out. Some people probably would have given up by now because none of this makes sense. But you haven't given up yet and you continue to try to help me. It means a lot. I just wanted to say that.
 

I know it doesn't seem possible that's why I came here it's driving me nuts. if there was a reasonable explanation for this that would be fine because at least I would have a reason for the score drop. 

as for info/ adverse info

amex- paid as agreed (no Adverse info)

cap 1- paid as agreed (no Adverse info)

credit one- paid as agreed (no Adverse info)

chase- paid as agreed (no Adverse info)

Local credit union (car loan)- 30 day late which is now 3 years and 1 month old.  Car loan was paid off in 2021. So it hasn't reported any new info in years.

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You're welcome, but I'm as stumped as you are at this point.  A 78 point drop makes no sense.

Maybe a split file?

BTW your profile seems perfect for an SSL. 

[Cblough93]

@Patient957 

What's a split file? Never heard of it?

also yes I'm looking into some sort of loan but I want to wait at least 5-6 months so my 5/24 status goes down to 3/24. Plus I've already opened 3 new accounts in the past year so I was planning on gardening for a while now.

[Patient957]

Here's an article on split file:

https://www.creditkarma.com/advice/i/what-is-split-file-credit-report

I feel like your symptoms are not really consistent with a split file, but I'm out of ideas.

Penfed SSL would definitely be a good way to go for you.  See this thread:

https://ficoforums.myfico.com/t5/Personal-Finance/Successful-PenFed-SSL-Loan/m-p/6773999

[FicoMike0]

I'm as stumped as everyone else.

As far as a ssl, I don't think an installment loan affects your 5/24 status. No hard pull, either. If you decide to do it, you should probably go for the max, 142 months. I only did 84 months, I didn't really know what the max was then.

I hope you figure out the score drop, we're all interested.

[Cblough93]

@Patient957 @FicoMike0 

Like I said my best guess is "opening too many accounts In a short amount of time"

amex was my 3rd account in the past year. I don't know if that's considered a lot. But I'm also skeptical that "too many accounts within 1 year" would cost 78 points?

[Patient957]

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@Cblough93 wrote:

amex was my 3rd account in the past year. I don't know if that's considered a lot. But I'm also skeptical that "too many accounts within 1 year" would cost 78 points?

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No, it would not.  I think we can rule that out.