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Huge 68 point drop!

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bobvette
Regular Contributor

Huge 68 point drop!

I just received a notification that my score dropped from an 808 to a 740, the alert stated that my Kohl’s account increased a 133% from $3.00 to $7.00? Are you freaking kidding me, could that really cause such a huge drop?
BOA Cash Rewards $95,000, AMEX Delta Reserve $65,000 AMEX BCP $30,600 CSP $32,000 Pen Fed Plat Rewards $25,000 Citi Thank You Preferred $28,500 Chase Freedom $21,000
Delta CU $10,000 Cap 1 X 2 $7,500 Discover $18,000
HSN $1,700 Kohls $4,000 BBRZ $700

Starting Score: EQ-592 TU-606
Current Score: EQ-838 TU-845
Goal Score: 850

Take the FICO Fitness Challenge

Message 1 of 11
10 REPLIES 10
Anonymous
Not applicable

Re: Huge 68 point drop!

Where are you getting your credit score and notifications from?

Message 2 of 11
bobvette
Regular Contributor

Re: Huge 68 point drop!

Right from this site, I have the monthly monitoring subscription.
BOA Cash Rewards $95,000, AMEX Delta Reserve $65,000 AMEX BCP $30,600 CSP $32,000 Pen Fed Plat Rewards $25,000 Citi Thank You Preferred $28,500 Chase Freedom $21,000
Delta CU $10,000 Cap 1 X 2 $7,500 Discover $18,000
HSN $1,700 Kohls $4,000 BBRZ $700

Starting Score: EQ-592 TU-606
Current Score: EQ-838 TU-845
Goal Score: 850

Take the FICO Fitness Challenge

Message 3 of 11
Anonymous
Not applicable

Re: Huge 68 point drop!

Unless your CL on your Kohl's card is 8 dollars, something else is going on.

Message 4 of 11
Anonymous
Not applicable

Re: Huge 68 point drop!

Which score dropped?

Message 5 of 11
bobvette
Regular Contributor

Re: Huge 68 point drop!

FICO 8
BOA Cash Rewards $95,000, AMEX Delta Reserve $65,000 AMEX BCP $30,600 CSP $32,000 Pen Fed Plat Rewards $25,000 Citi Thank You Preferred $28,500 Chase Freedom $21,000
Delta CU $10,000 Cap 1 X 2 $7,500 Discover $18,000
HSN $1,700 Kohls $4,000 BBRZ $700

Starting Score: EQ-592 TU-606
Current Score: EQ-838 TU-845
Goal Score: 850

Take the FICO Fitness Challenge

Message 6 of 11
Anonymous
Not applicable

Re: Huge 68 point drop!


I just received a notification that my score dropped from an 808 to a 740, the alert stated that my Kohl’s account increased a 133% from $3.00 to $7.00? Are you freaking kidding me, could that really cause such a huge drop?

Nope, that balance change had zero impact on your score.  You simply received an alert and the new score you were provided with had nothing to do with the alert received.

 

I'd take a look at all of your reported balances before/after your 68 point change.  Only a major utilization change or a change related to payment history (negative information) would result in a point change that high.

Message 7 of 11
RonM21
Valued Contributor

Re: Huge 68 point drop!


@Anonymous wrote:

I just received a notification that my score dropped from an 808 to a 740, the alert stated that my Kohl’s account increased a 133% from $3.00 to $7.00? Are you freaking kidding me, could that really cause such a huge drop?

Nope, that balance change had zero impact on your score.  You simply received an alert and the new score you were provided with had nothing to do with the alert received.

 

I'd take a look at all of your reported balances before/after your 68 point change.  Only a major utilization change or a change related to payment history (negative information) would result in a point change that high.


Exactly this above.

Something else is going on.  That is a major drop.  Usually something fairly significant would be the cause for this.  I am curious to know if you have found anything since last night?  From the scores that you had, my assumption is that you are on top of your credit, so there shouldn't have been any surprise or something you did not see coming.  Maybe there is an error that popped up in the reporting, who knows.  I hope you get it figured out though. 



Total CL: $321.7kUTL: 2%AAoA: 7.0yrsBaddies: 0Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

BoA-55k | NFCU-45k | AMEX-42k | DISC-40.6k | PENFED-38.4k | LOWES-35k | ALLIANT-25k | CITI-15.7k | BARCLAYS-15k | CHASE-10k

Message 8 of 11
Anonymous
Not applicable

Re: Huge 68 point drop!


@bobvette wrote:
I just received a notification that my score dropped from an 808 to a 740, the alert stated that my Kohl’s account increased a 133% from $3.00 to $7.00? Are you freaking kidding me, could that really cause such a huge drop?

Go through your reports. See what is actually reporting. Was a negative added to the report? Like a late payment? Was there a significant boost in utilization? 

Message 9 of 11
bobvette
Regular Contributor

Re: Huge 68 point drop!

I spoke with Equifax and it has been determined that they placed a medical collection on my account in error, and are going to promptly remove it.  I will say that it stuns me that a medical collection has that much impact, I thought recent changes by the bureaus reduced the impact of a medical collection?  The good news is that I will be restored to the 800+ score I had prior to this incident.  Thank you everyone for you feedback.

BOA Cash Rewards $95,000, AMEX Delta Reserve $65,000 AMEX BCP $30,600 CSP $32,000 Pen Fed Plat Rewards $25,000 Citi Thank You Preferred $28,500 Chase Freedom $21,000
Delta CU $10,000 Cap 1 X 2 $7,500 Discover $18,000
HSN $1,700 Kohls $4,000 BBRZ $700

Starting Score: EQ-592 TU-606
Current Score: EQ-838 TU-845
Goal Score: 850

Take the FICO Fitness Challenge

Message 10 of 11
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