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Huge score drop!

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Frequent Contributor

Huge score drop!

My oldest closed reporting trade line dropped off Transunion and Equifax today. My scores dropped 47 and 73 points. Transunion is 747 now and Equifax is 679 now. I pulled my reports to be sure that I had no collections or lates. So it's only account age and utilization, I guess. I'm carrying about $50,000 in 0% financing on 3 cards for some home improvements. Util. is still under 10%. I'm not planning on opening any new cards or buying a house or anything.

 My only real worry is that the score drops will make some of my creditors nervous and cut my limits, which are nice. I am going to pay down about $10 or $15 grand on my cards this week. Hoping to recover some points. What are my chances of keeping my limit intact?

23 REPLIES 23
Established Contributor

Re: Huge score drop!

It sounds like it was just the Age that caused it to drop and in a couple months it will pop back up as long as you don't try to open anything new your current amounts should be fine I wouldn't sweat on a drop for limits 
















Message 2 of 24
Super Contributor

Re: Huge score drop!


@mooshi123 wrote:

My oldest closed reporting trade line dropped off Transunion and Equifax today. My scores dropped 47 and 73 points. Transunion is 747 now and Equifax is 679 now. I pulled my reports to be sure that I had no collections or lates. So it's only account age and utilization, I guess. I'm carrying about $50,000 in 0% financing on 3 cards for some home improvements. Util. is still under 10%. I'm not planning on opening any new cards or buying a house or anything.

 My only real worry is that the score drops will make some of my creditors nervous and cut my limits, which are nice. I am going to pay down about $10 or $15 grand on my cards this week. Hoping to recover some points. What are my chances of keeping my limit intact?


Where are you getting your scores from? When I hear people say TU and EQ but not mention EX I suspect they're talking about Credit Karma Vantage scores rather than true FICO scores.

 

 


Total revolving limits 730000 (603500 reporting) 10/2/19 FICO 8 scores: EQ 744 TU 782 EX 746
Message 3 of 24
Frequent Contributor

Re: Huge score drop!

Got my scores from myfico. Then pulled free annual report. Experian still 770... oldest account ( paid Wells Fargo car loan from 2009) still reporting.
Message 4 of 24
Frequent Contributor

Re: Huge score drop!

Typically any closed credit acct that is ten years old will be deleted from any of your three cr's.The credit bureaus have their own rules about closed credit accts unfortunately.Moving forward try to keep your oldest cc open so this won't happen again in the future.The good news is that when you pay your cc's balances down to utilization way below 10% that will be your biggest Fico score improvement.GOOD LUCK...

Message 5 of 24
Super Contributor

Re: Huge score drop!


@mooshi123 wrote:

My oldest closed reporting trade line dropped off Transunion and Equifax today. My scores dropped 47 and 73 points. Transunion is 747 now and Equifax is 679 now. I pulled my reports to be sure that I had no collections or lates. So it's only account age and utilization, I guess. I'm carrying about $50,000 in 0% financing on 3 cards for some home improvements. Util. is still under 10%. I'm not planning on opening any new cards or buying a house or anything.

 My only real worry is that the score drops will make some of my creditors nervous and cut my limits, which are nice. I am going to pay down about $10 or $15 grand on my cards this week. Hoping to recover some points. What are my chances of keeping my limit intact?


I don't know the answer to your question but you should try to keep 

 

(a) your overall revolving utilization at 9% or less

 

(b) your individual utilization at 28% or less

 

and let your accounts age.


Total revolving limits 730000 (603500 reporting) 10/2/19 FICO 8 scores: EQ 744 TU 782 EX 746
Message 6 of 24
Frequent Contributor

Re: Huge score drop!


@SouthJamaica wrote:

@mooshi123 wrote:

My oldest closed reporting trade line dropped off Transunion and Equifax today. My scores dropped 47 and 73 points. Transunion is 747 now and Equifax is 679 now. I pulled my reports to be sure that I had no collections or lates. So it's only account age and utilization, I guess. I'm carrying about $50,000 in 0% financing on 3 cards for some home improvements. Util. is still under 10%. I'm not planning on opening any new cards or buying a house or anything.

 My only real worry is that the score drops will make some of my creditors nervous and cut my limits, which are nice. I am going to pay down about $10 or $15 grand on my cards this week. Hoping to recover some points. What are my chances of keeping my limit intact?


I don't know the answer to your question but you should try to keep 

 

(a) your overall revolving utilization at 9% or less

 

(b) your individual utilization at 28% or less

 

and let your accounts age.


Thank you for the advice. I started repairing my credit about 5 years ago. Brought my scores up from the 500's to mid to high 700's. All my baddies dropped off and I had the one paid car loan from 10 years ago. My oldest card is now almost 5 years old. But I have opened a ton of new lines in the last 3 years.

This score drop has really freaked me out. I hate the thought of going back to no credit!!! I have 2 cards over 30%, Navy and Penfed. Gonna pay then both below 20% this month. Then pay any little balance reporting on random cards. Hoping to get Equifax back over 700 by the end of the month. Still waiting to see what's going to happen with Experian. This sucks!

Message 7 of 24
Super Contributor

Re: Huge score drop!


@mooshi123 wrote:

My oldest closed reporting trade line dropped off Transunion and Equifax today. My scores dropped 47 and 73 points. Transunion is 747 now and Equifax is 679 now.


To isolate the two age of accounts factors impacted here, please let us know:

 

1 - Your before/after AoOA.

2 - Your before/after AAoA.

 

All you said was that your oldest account dropped off, which could be meaningful or unmeaningful based on the age of your next oldest account for example.  The answer to that is completely dependent on the rest of your profile.  The thinner your file the greater the impact on AAoA.  Please circle back and let us know those before/after numbers.

Message 8 of 24
Frequent Contributor

Re: Huge score drop!

My AAoA is 31 months now. I don’t remember what it was before the car loan dropped off. All of my accounts are less than 5 years old now, newest one from 10/18.
Message 9 of 24
Super Contributor

Re: Huge score drop!


@mooshi123 wrote:
My AAoA is 31 months now. I don’t remember what it was before the car loan dropped off. All of my accounts are less than 5 years old now, newest one from 10/18.

You'd have to compute the AAoA yourself then to figure out how much greater than 31 months it was.  This is simple to do with a calculator and a minute or two of time.  So, your AoOA dropped from ~10 years to under 5 years then?

Message 10 of 24
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