Lost 8 Points!!! This is good?

[Ljeen]

I lost 8 points for no reason.  I went up 10 a few weeks ago then lost 8.  I'm in the 500's so this is upsetting after paying everything on time for months.  This is the explanation I got.

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.

   

[MLESPADA]

Yes it is good, assuming the your balances did not increase; the second explanation is the best thing that could have happened. My credit scores were at a stand still for 6 months in the mid 600's, when I got this message my score went down by 10 points; but 3 months later my scores bounced back handsomely. Don't get discouraged, just make sure you keep paying your bills on time. EQ. 674. TU. 721. EX. 700. As of 10/13.

[haulingthescoreup]

You've been re-bucketed! Here's one of our moderator's explanations (go to msg #17):

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=10004&view=by_date_ascending&page=2

Sorry, with Firefox I can't make this a link--just copy/ paste it into your browser window.

[Ljeen]

Thank you MLESPADA, My balances have definitely decreased and I've been paying way more then then minimum to get my utilization down.  I haven't had an inquiry in a year and haven't been late in 5 months with the 8 accounts I have. 

haulingthescoreup, I appreciate that thread and learning about scorcards.  I can breath a sigh of relief. 

[Anonymous]

We all want new better buckets too.

[haulingthescoreup]

Lord knows, I'm pretty dang tired of my current bucket!

[fused]

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haulingthescoreup wrote:
Lord knows, I'm pretty dang tired of my current bucket!

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Hey, it can get more interesting if someone has a big difference in scores. For example:

EQ 750

EX  718

TU 685

This could easily mean three different scorecards.

[Ljeen]

AHHHHHHHHHHHHHHH Now I lost another 16 points for no reason!!! I've done nothing to hurt my report, I've been paying and paying even large chunks to get my balances down. This is so upsetting.  I wanted to apply for a mortgage this summer!!!

[Anonymous]

Aw, how discouraging....

One step forward, two steps back... I wish I had some words of encouragement, but I don't.

I'm sorry!

[haulingthescoreup]

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Ljeen wrote:

AHHHHHHHHHHHHHHH Now I lost another 16 points for no reason!!! I've done nothing to hurt my report, I've been paying and paying even large chunks to get my balances down. This is so upsetting.  I wanted to apply for a mortgage this summer!!!

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Ouch! I'm so sorry!! Now, time to start figuring this out:

What bizarre words of explanation were you given, if you're on Score Watch? Or if you're just pulling FICO scores and reports, what did the balance scales of death on screen 2 tell you? And if this was an EQ or TU FICO score, what is the best action suggested by the simulator?

Sorry--I'm SOOOOOO greedy for information to try to see what this fool formula wants!