Help... Understand.. Below message...

[Anonymous]

Hello All,

I have been trying to track my credit and make it perfect... I have never had late payments.. ( if any reported, I ensured to call and clear it)... The below message makes me wonder what is this suppose to be?

My score shot down the drain from 690 to 580 and this is the message I get...

Any thoughts/suggestions?

"Your FICO® score went down on a day when there were no credit alerts on your Equifax Credit Report™. This can happen if:

• There was a change on your credit report that lowered your score but did not trigger an alert. For example, the balance on an account might have increased enough to lower your score, but not enough to trigger a balance increase alert.
• You moved from one category of credit users to another as time passed. For example, you may have transitioned from the category "consumers with a new credit history" to the category "consumers with a two- to five-year credit history". As a result, your credit report is evaluated differently, causing a slight change in your score. The good news is that moving between categories like this usually offers you the potential to reach a higher FICO® score in the future."

[vanillabean]

Did you max out your cards by any chance?

[Anonymous]

Not at all.. matter of fact... I hav paid almost 80% of my debt... I have had some crazy wrong information being posted since I moved and some accounts were not closed but all is being taken care..

I'm simply shocked to notice that my scores dipped all the way from 680-690 to 580,... 

However What does the second point mean that I have moved into the next stage of scoring? Is that normal? does anyone know about this?

Umair

[vanillabean]

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@Anonymous wrote:

However What does the second point mean that I have moved into the next stage of scoring? Is that normal? does anyone know about this?

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That's usually pretty minor stuff. Rebucketing it's called and is normal. The message you got doesn't at all correspond to a fluctuation of 100 points.

[Anonymous]

How many points should the re bucketing cost me? Also I'm seeing some incorrect reporting .... But It has not triggered... 

Also is re-bucketing a good way to look at things?

thoughts?  

[Anonymous]

This message reads as if it is from one of the alert systems.... 

If it were me, I'd get a current Equifax report from MYFICO or annualcreditreport.com and review it closely.  Have you already done that?

I agree that the score drop is extreme.

[llecs]

OP, something else happened. Rebucking wouldn't cause that to happen (not 110 points).

Before assuming anything, I would pull a new EQ report from somewhere and study it line by line. If you have a recent EQ FICO report, then I'd at least pull another to compare the before and after. If you haven't recently pulled an EQ FICO report, then pull your EQ report directly from equifax.com or get your free one via annualcreditreport.com.

Look at the smallest of details. The point drop can easily be a combination of things.

1) Make sure there are no new TLs reporting. A new CC or loan, for example, can drop your score 10-20 easily.

2) Make sure there are no new baddies reporting. A new CA, for example, can drop your score 100+.

3) Make sure there are no new lates in your existing TLs. A fresh late can drop 40-50+.

4) Make sure your TLs didn't update their status or "Worst Delinquency" if looking at a FICO report. An update of "None Reported" to "CO/collection", for example, can drop your scores by quite a bit.

5) Make sure none of your TLs fell off. An old, dropped OC account can drop your score if your AAoA changed and/or if it was your oldest.

6) If you disputed any OC accounts, then your score can drop if verified and/or they update it. Depends on a few factors.

7) Make sure all of your CCs report a balance. If one updated or if you were "upgraded" to a signature TL, then that can drop your score.

8) Make sure none of your Closed CCs report $0, when it reported a balance in the past. That can impact your util and your score.

9) If you pulled from myFICO, study the +/- factors closely. Make sure they didn't change. Any small changes, like AAoA, util, even the order of the factors can have a great score impact.

ETA...the above score guesses were only that, a guess. YMMV based on your scoring bucket, account history, etc.