@Anonymous wrote:
@SouthJamaica wrote:
@Anonymous wrote:
@SouthJamaica wrote:
@Anonymous wrote:I recently paid off a 12k Consolidation loan and the last 4k my wife and I owed on a car. Then we applied for a house and got approved. My wife’s dropped about 5 points. She went from 802 to 797. My scored dropped almost 50 points. I went from 734 to 685. I currently have the same mix of cards and loans that my wife has. We have the same 6 credit cards which we share that have no balance with about 18k open. We also both have two school loans a piece. She owes 12k and I owe 20k. No one at Fico or Experian can tell why my score dropped so hard. The only thing I can think of is the consolidation loan because that’s the only thing on my credit report that I have that she doesn’t. I only had the loan open for two months before I paid it off. The housing market where I live is nuts right now. I’m scared I’m not going to find a house within the next 90 days, they’re going to rerun my credit again and it’s going to affect my loan. It just seems crazy to me that I’m getting penalized so hard just for being more financially stable. Any help or advice would be greatly appreciated. Thanks.
1. What scores are you talking about?
2. From what source are you getting your information about the scores?
3. What do you mean you share the cards?
4. You say you applied for a house and got approved. Then you say you haven't found a house. I don't understand these two statements, they seem to contradict each other.
5. What were the original loan amounts on the student loans?
6. What was the original loan amount on the consolidation loan and what was the balance before you paid it off?
7. What were the original loan amount and balance before payoff on the car loan?
We need this information in order to answer your question.
It was my Fico 8 score that went from 734 to 685. I have 3 cards in my name and 3 cards in hers. Then we are authorized users on each others cards. 4 of those 6 cards have small balances with none being more than $20. 2 of the cards are a $0 balance. I’m getting all my information from Experian. At Credit Karma my scores only dropped a couple points which I expected because I applied for a home loan which was a hard hit. I got pre-approved for a home loan so when I’m making offers on houses the Seller knows I can back up the offer I make. The students loans were 20k and I’ve barely paid anything on them. The consolidation loan was over 12k. It was just recently reconsolidated before I paid it off. I only made 2 payments. The first month and then I paid it off. The car was about a 17k loan. I paid on it for almost 4 years and then paid the last 4k off. I only had 3 changes before the drop in score. 1)I paid off the car (4k). 2) I paid off the consolidation loan (12k). 3) I applied for a house (300K). Thanks for the reply.1. The loss of the mostly-paid-off car loan may have cost you points.
2. The payoff of the barely-paid-off consolidation loan would not have cost you points.
3. Applying for a mortgage would cost you points.
4. Since you have 3 cards in your name and 3 AU cards you are subject to 2 possible all zero penalties. To avoid that you'd want to make sure that one of your cards and one of your AU cards each report a small balance, while the other 4 cards report zero balances. Perhaps you got 2 all zero penalties, and she got none.
5. Perhaps you and your wife are on different scorecards, due to factors which have nothing to do with your present finances.
Maybe it has something to do with the scorecard I'm on. I didn't know that was a thing till I saw it mentioned in this forum.
It's a thing all right.
Yeah it's weird. The car was on both of ours credit reports because I consigned it for her. All 6 credit cards show up on both our reports and they're the same accounts.
Yes but your roles on each card are different. On 3 of the cards you're the AU, and on 3 of the cards she's the AU. To optimize both of you, you should report a balance on one of your cards, and she should report a balance on one of her cards. That way neither of you will get hit with either of the all zero penalties.
The only difference between me and her is that loan I paid off and I owe 20k in schools loans and she owes 10k.
And maybe your scorecards.
It's so weird. I really don't get it but thanks for all the info.
So you have 2 Experian.com accounts, 1 for you and 1 for her?
I just put $10 on one bank card for my AZEO card. Recommendations on the forum are to put 10 to 20.
@Anonymous wrote:
@SouthJamaica wrote:
@Anonymous wrote:
@SouthJamaica wrote:
@Anonymous wrote:
@SouthJamaica wrote:
@Anonymous wrote:I recently paid off a 12k Consolidation loan and the last 4k my wife and I owed on a car. Then we applied for a house and got approved. My wife’s dropped about 5 points. She went from 802 to 797. My scored dropped almost 50 points. I went from 734 to 685. I currently have the same mix of cards and loans that my wife has. We have the same 6 credit cards which we share that have no balance with about 18k open. We also both have two school loans a piece. She owes 12k and I owe 20k. No one at Fico or Experian can tell why my score dropped so hard. The only thing I can think of is the consolidation loan because that’s the only thing on my credit report that I have that she doesn’t. I only had the loan open for two months before I paid it off. The housing market where I live is nuts right now. I’m scared I’m not going to find a house within the next 90 days, they’re going to rerun my credit again and it’s going to affect my loan. It just seems crazy to me that I’m getting penalized so hard just for being more financially stable. Any help or advice would be greatly appreciated. Thanks.
1. What scores are you talking about?
2. From what source are you getting your information about the scores?
3. What do you mean you share the cards?
4. You say you applied for a house and got approved. Then you say you haven't found a house. I don't understand these two statements, they seem to contradict each other.
5. What were the original loan amounts on the student loans?
6. What was the original loan amount on the consolidation loan and what was the balance before you paid it off?
7. What were the original loan amount and balance before payoff on the car loan?
We need this information in order to answer your question.
It was my Fico 8 score that went from 734 to 685. I have 3 cards in my name and 3 cards in hers. Then we are authorized users on each others cards. 4 of those 6 cards have small balances with none being more than $20. 2 of the cards are a $0 balance. I’m getting all my information from Experian. At Credit Karma my scores only dropped a couple points which I expected because I applied for a home loan which was a hard hit. I got pre-approved for a home loan so when I’m making offers on houses the Seller knows I can back up the offer I make. The students loans were 20k and I’ve barely paid anything on them. The consolidation loan was over 12k. It was just recently reconsolidated before I paid it off. I only made 2 payments. The first month and then I paid it off. The car was about a 17k loan. I paid on it for almost 4 years and then paid the last 4k off. I only had 3 changes before the drop in score. 1)I paid off the car (4k). 2) I paid off the consolidation loan (12k). 3) I applied for a house (300K). Thanks for the reply.1. The loss of the mostly-paid-off car loan may have cost you points.
2. The payoff of the barely-paid-off consolidation loan would not have cost you points.
3. Applying for a mortgage would cost you points.
4. Since you have 3 cards in your name and 3 AU cards you are subject to 2 possible all zero penalties. To avoid that you'd want to make sure that one of your cards and one of your AU cards each report a small balance, while the other 4 cards report zero balances. Perhaps you got 2 all zero penalties, and she got none.
5. Perhaps you and your wife are on different scorecards, due to factors which have nothing to do with your present finances.
Maybe it has something to do with the scorecard I'm on. I didn't know that was a thing till I saw it mentioned in this forum.
It's a thing all right.
Yeah it's weird. The car was on both of ours credit reports because I consigned it for her. All 6 credit cards show up on both our reports and they're the same accounts.
Yes but your roles on each card are different. On 3 of the cards you're the AU, and on 3 of the cards she's the AU. To optimize both of you, you should report a balance on one of your cards, and she should report a balance on one of her cards. That way neither of you will get hit with either of the all zero penalties.
The only difference between me and her is that loan I paid off and I owe 20k in schools loans and she owes 10k.
And maybe your scorecards.
It's so weird. I really don't get it but thanks for all the info.
So you have 2 Experian.com accounts, 1 for you and 1 for her?
Yeah she's has her Experian account and I have mine. Thinking about it. I think the all Zero balances is one mistake I've been making. Her bills I pay like clock work. Same day every month. But for me sometimes I'll just pay em to pay em. I've spread out all our streaming services across all our cards so each one has a balance. But a couple store are cards so I can't do that for those. Should I keep a balance on all 3 of my cards or is 1 balance the same result.
No. To optimize, she should have 1 card with balance, 2 without, and you should have 1 card with balance, 2 without. And the balance which reports should be between $10 and $99.
