@cambia46 wrote:I've worked too darn hard to go from scores in the mid-600’s 9 months ago to nearly 800 now, for my scores to drop for no apparent reason. But, I’m not sure how to address it. Any suggestions??
I just got an alert that my Equifax score, as reported on myFICO, has dropped 12 points. There has not been any changes to my report since 7 June when it increased after I paid off the $2400 balance of a revolving account. The alert offers no reason for the drop as it normally does if it were due to recent activity or a specific action, such as a balance increase, new inquiry, new account, etc.
On the 20th, the same thing happened with Experian. No changes to my report, yet my score dropped 18pts. Again, the most recent change was on 7 June for the same reason as Equifax. At that time my Experian increased 39pts for paying the debt off. So, yesterday I called Experian to ask about the score drop and the first rep told me it was because I have a collection account. Mind you, this is an old paid collection with absolutely no activity since it was paid 3yrs ago. She then said she can’t give me any additional info without a credit report number, which she knows isn’t provided when viewing my report online. She then transfers me to another rep who she said can help, but he also says he can’t give me info. He then tells me they have no control over scores and tells me to call myfico because “they control the algorithm.” Mind you, the score that I was viewing was the Vantage score at the Experian website, not myFICO website. I still tried the number he gave and was told that each CRA is responsible for their scores and I should call Experian directly. So, I order my annual report so I can have a report number this time and call Experian again. I’m still told that they cannot give me any info (even with a credit report number), nor do have the ability to know why my score dropped. The rep then tells me, get this…THAT I MUST HIRE A LICENSED CREDIT ADVISOR to review my report and determine why the score dropped. What kind of nonsense is this?? In the meantime my Experian score has dropped to 733 and my Equifax to 756.
The only way to find out what caused the score drop is to carefully review the credit reports from before and after the score change.
The MyFICO alerts are not in real time and don't provide reasons for a score change. There are certain events which trigger MyFICO alerts. If there happens to be any difference between your present score at that particular bureau and the previous score reported to you from that bureau, the score change is tacked on to the alert. There is not necessarily any connection at all between the score change and the alert substance.
MyFICO explains this as follows:
Why did my score go up when I got an alert for something negative (or why did my score go down when I got an alert for something positive)?
The short answer: Your FICO® Score may change because of other events not monitored by an alert.
Whenever we send you a credit alert, we also send an updated FICO Score. To ensure you get the most current score, we calculate it based on your entire credit report at that point in time—not just the new information on the alert. This means your new score may reflect other changes that are outside of the things we watch for (see everything we monitor).
Sometimes you may see your score increase when you think it should’ve decreased, and vice-versa, but you’ll always have your most up-to-date and accurate score.
https://support.myfico.com/hc/en-us/articles/360038084633
Its been my experience that all credit scores go up and down ALL OF THE TIME without any kind of rhyme or reason. My suggestion is just for you to keep doing all of the right things and the scores will go back up. But then they'll also drop again for any or NO reason. Its just the way that credit scores work.
I never worry about anything less than 20 points. Less than 20 points +/- is just regular movement to me. Now if I see something over 20, then I start investigating the reason.
Starting Score: 667
@bfranklin825 wrote:Its been my experience that all credit scores go up and down ALL OF THE TIME without any kind of rhyme or reason. My suggestion is just for you to keep doing all of the right things and the scores will go back up. But then they'll also drop again for any or NO reason. Its just the way that credit scores work.
I never worry about anything less than 20 points. Less than 20 points +/- is just regular movement to me. Now if I see something over 20, then I start investigating the reason.
It's been my experience that there has ALWAYS been a reason.
@Anonymous wrote:
@cambia46 wrote:I've worked too darn hard to go from scores in the mid-600’s 9 months ago to nearly 800 now, for my scores to drop for no apparent reason. But, I’m not sure how to address it. Any suggestions??
I just got an alert that my Equifax score, as reported on myFICO, has dropped 12 points. There has not been any changes to my report since 7 June when it increased after I paid off the $2400 balance of a revolving account. The alert offers no reason for the drop as it normally does if it were due to recent activity or a specific action, such as a balance increase, new inquiry, new account, etc.
On the 20th, the same thing happened with Experian. No changes to my report, yet my score dropped 18pts. Again, the most recent change was on 7 June for the same reason as Equifax. At that time my Experian increased 39pts for paying the debt off. So, yesterday I called Experian to ask about the score drop and the first rep told me it was because I have a collection account. Mind you, this is an old paid collection with absolutely no activity since it was paid 3yrs ago. She then said she can’t give me any additional info without a credit report number, which she knows isn’t provided when viewing my report online. She then transfers me to another rep who she said can help, but he also says he can’t give me info. He then tells me they have no control over scores and tells me to call myfico because “they control the algorithm.” Mind you, the score that I was viewing was the Vantage score at the Experian website, not myFICO website. I still tried the number he gave and was told that each CRA is responsible for their scores and I should call Experian directly. So, I order my annual report so I can have a report number this time and call Experian again. I’m still told that they cannot give me any info (even with a credit report number), nor do have the ability to know why my score dropped. The rep then tells me, get this…THAT I MUST HIRE A LICENSED CREDIT ADVISOR to review my report and determine why the score dropped. What kind of nonsense is this?? In the meantime my Experian score has dropped to 733 and my Equifax to 756.
You're viewing VantageScore numbers per the section of your text that I boldfaced above. They're incredibly volatile to the smallest changes. They're also incredibly irrelevant in lending, as almost no lenders use them. Go to www.creditchecktotal.com and order your scores for $1. Those are FICOs. If they're changing significantly, then yes some digging is needed. And @SouthJamaica is absolutely correct with his statement that scores always have reasons behind changes - they're the output of mathematical formulas. They don't change unless one or more inputs change. The reasons might not be plain to see but they are there.
I'm confused at the "Vantagescore on Experian's site." EX doesn't provide Vantagescores, they provide a true FICO 8.
