Hey, there lovely folks. Can someone pls make sense of this for me?
My oldest card which is my BOA cash rewards card turned 3 today and my EX fico8 drops from 782 to 760. Ex fico 8 bankcard drops 24points from 801 to 777 and auto score dropped 25 points from 779 to 754. As a matter of fact, DW's travel rewards card also turned 3 and she lost 14points as well, from 728 to 714 everything else stayed the same on her profile except the ageing.
In my case, overall utilization dropped to around 0.3% (balance of $510 on the total limit of $145k) and I was hoping to see a score bump as the recent activity had already been reported by EQ and TU and they both showed a sizeable increase as I paid off my Penfed card with a $1218 balance and the balance on my other BOA card dropped from 620 to $500, but surprise surprise, I see this massive drop and I run through the report to see if any negatives appeared out of the blue but nothing. As clean as ever. The only change is the ageing that occurred today.
Please tell me there's some hidden logic I am missing here.
Plot thickens. Just pulled the 3 bureaus through Experian credit works and I actually lost 22 points on the 2 other CRA's Fico8 as well. Please, someone, needs to help me understand this. Also, TU vantage score 3.0 through Wallethub increased by 11points this morning. Really confused right now.
What were your FICO reason codes before the change and what are the FICO reason codes on the last 3B? Maybe that can help you determine what the algos are seeing as different.
Decided to take a screengrab of the reason codes from yesterday and today. Maybe there is something hidden in there.
ugh only 1 code. Shaking fist at FICO. If you have a myFICO sub, the most negative reason codes seem to come from the alert on a TU score change. credit to @Anonymous for that.
EDIT: You did see a change on the positive codes. Maybe you got reclassified into a different scorecard or segment?
Read this thread - particularly the section on Scorecards and how AoOA is used for segmentation on clean profiles. The fact you lost points on all 3 bureaus after your AoOA ticked over 3 years leads me to believe you've been assigned to a new scorecard ('rebucketed')
@Credit_Flavours wrote:Hey, there lovely folks. Can someone pls make sense of this for me?
My oldest card which is my BOA cash rewards card turned 3 today and my EX fico8 drops from 782 to 760. Ex fico 8 bankcard drops 24points from 801 to 777 and auto score dropped 25 points from 779 to 754. As a matter of fact, DW's travel rewards card also turned 3 and she lost 14points as well, from 728 to 714 everything else stayed the same on her profile except the ageing.
In my case, overall utilization dropped to around 0.3% (balance of $510 on the total limit of $145k) and I was hoping to see a score bump as the recent activity had already been reported by EQ and TU and they both showed a sizeable increase as I paid off my Penfed card with a $1218 balance and the balance on my other BOA card dropped from 620 to $500, but surprise surprise, I see this massive drop and I run through the report to see if any negatives appeared out of the blue but nothing. As clean as ever. The only change is the ageing that occurred today.
Please tell me there's some hidden logic I am missing here.
While it is theoretically possible that it was caused by a change in scorecard, I seriously doubt it.
You need to compare the report from the day of the new score with the report from the day before, line by line.
Totally makes sense. Guess I will have to read up some more on the different scorecards and see if I can isolate the best practices for my present segment.
In the immediate, I will try paying off my Chase AU card that presently has a $5 balance reporting. I always get a 15-19 points boost on Fico8 when 1 AU card reports a balance. Maybe that is now a negative in this new segment. Will report back in a week or two.
Thanks a lot for your responses. Really appreciate it.
@SouthJamaica wrote:
@Credit_Flavours wrote:Hey, there lovely folks. Can someone pls make sense of this for me?
My oldest card which is my BOA cash rewards card turned 3 today and my EX fico8 drops from 782 to 760. Ex fico 8 bankcard drops 24points from 801 to 777 and auto score dropped 25 points from 779 to 754. As a matter of fact, DW's travel rewards card also turned 3 and she lost 14points as well, from 728 to 714 everything else stayed the same on her profile except the ageing.
In my case, overall utilization dropped to around 0.3% (balance of $510 on the total limit of $145k) and I was hoping to see a score bump as the recent activity had already been reported by EQ and TU and they both showed a sizeable increase as I paid off my Penfed card with a $1218 balance and the balance on my other BOA card dropped from 620 to $500, but surprise surprise, I see this massive drop and I run through the report to see if any negatives appeared out of the blue but nothing. As clean as ever. The only change is the ageing that occurred today.
Please tell me there's some hidden logic I am missing here.
While it is theoretically possible that it was caused by a change in scorecard, I seriously doubt it.
You need to compare the report from the day of the new score with the report from the day before, line by line.
@SouthJamaica I will go over it again but for the umpteenth time. Out of paranoia, i actually pulled the reports from annualcreditreports.com to see all the SP and any hidden negatives that Creditworks or Trueidentity were not throwing up but nothing changed from the report i pulled 4 days ago from the same site. Only the age of the oldest account and by extension AAoA, changed.
