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Massive score drop with only positive changes

New Member

Massive score drop with only positive changes

Why woul my score drop 81 points and the only activity I show is 

1. Paid a collection off

2. Paid down credit card $160 with a new balance of $180 and limit of $2500

3. Paid down Student loan $75

4. Paid collection down $50

I was in the process of buying a house and now I am unable because of this and my preapproval is now out the window.

 

Message 1 of 19
18 REPLIES
Community Leader
Super Contributor

Re: Massive score drop with only positive changes

Where are you getting these scores?

Message 2 of 19
New Member

Re: Massive score drop with only positive changes

From Credit Wise on my Cap1 card. I have MYFico but it has not updated yet, also credit Karma

Message 3 of 19
Established Contributor

Re: Massive score drop with only positive changes

Sorry to hear that..

First - just to be clear, you are monitoring your FICO scores (not Vantage), correct? That's an awfully big drop for FICO. If you are using Vantage, stop. Vantage does not respond to changes the same as FICO.

Assuming what you've stated are the only changes that have occurred on your reports:

Paying the derogatory (collection) account could have resulted in an update of negative info - specifically, the one you paid down but not off in full. That $50 payment could have caused in an update of a new negative balance - resulting in additional dings (tho not that large) to your score because the updates make the collection appear more recent. Did you try negotiating a pay-for-delete (PFD) with the collection agencies before paying them?

The paid in full collection, credit card & student loan pay downs would not cause your scores to decrease like that.
Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting Score:   09/06/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current Score:  11/08/2018: EX 782 ✦ EQ 785 ✦ TU 769 (missing account)
Goal Score:   800's


Take the myFICO Fitness Challenge

My AAOA 3 years
My Lone Baddie: 4.10 Year Old First Premier Charge-Off (PIF)

Tending to my Garden til December 31, 2019





Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 4 of 19
New Member

Re: Massive score drop with only positive changes

I am monitoring both Vantage with Credit Karma and Fico with MyFico.com, I am not sure what Credit wise uses

Message 5 of 19
Established Contributor

Re: Massive score drop with only positive changes

CreditWise and Credit Karma are Vantage scores, not FICO. Ignore them. Only use those sites to monitor report changes / updates - not scores.
Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting Score:   09/06/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current Score:  11/08/2018: EX 782 ✦ EQ 785 ✦ TU 769 (missing account)
Goal Score:   800's


Take the myFICO Fitness Challenge

My AAOA 3 years
My Lone Baddie: 4.10 Year Old First Premier Charge-Off (PIF)

Tending to my Garden til December 31, 2019





Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 6 of 19
Community Leader
Super Contributor

Re: Massive score drop with only positive changes

You should only pay attention to what a credit monitoring service (CMS) says about your scores if the scores it gives are FICO scores.  Non-FICO models can behave wildly differently from FICO models -- and lenders do not use them for decisions. 

 

And even if the scores from a CMS are indeed FICO scores, you need to ask yourself whether your lender will be using this particular model.  For example, it sounds as though you have the myFICO Ultimate CMS.  It will likely give you updated FICO 8 scores in the next 3-4 days.  But these are not your mortgage scores, and again the FICO 8 model can behave very differently from the FICO mortgage models.

Message 7 of 19
New Member

Re: Massive score drop with only positive changes

Is there any other sites you recommend to get the 3 Fico scores? I am not sure when my score will update on MYFico.com

Message 8 of 19
Community Leader
Super Contributor

Re: Massive score drop with only positive changes

Do you have the $30/month version of myFICO Ultimate, or the one that costs $40/month?

 

When was the last time you got a full 3B report from myFICO Ultimate (with roughly two dozen FICO scores)?

Message 9 of 19
New Member

Re: Massive score drop with only positive changes

I have the $40 subscription and just started it right before thanksgiving

Message 10 of 19