Paid down the mortgage and credit scores tanked

[Anonymous]

Help! We've been rebuilding our credit following a disasterous couple of years from 2015-2017. Anyway, we were doing pretty well, all things considered. As of last week when I checked CK, my scores were 601 (TU) and 558 (Equifax) while my husband's scores were 629 (TU) and 668 (Equifax). In the last week the only thing that's changed is that our mortgage finally reported a big drop in principal (from $107,000 to $98,000) and our scores tanked. They're now 601/538 and 609-597. Every single account is in good standing, current, etc. and this really is the only change. It looks like only Equifax has reported it so far. TU is still showing our balance at $107,000, though I'm sure it will be reporting soon. 

What on earth is happening?! Is this only a temporary dip that we'll soon see go back up? How on earth is paying down your mortgage a bad thing?

[SouthJamaica]

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@Anonymous wrote:

Help! We've been rebuilding our credit following a disasterous couple of years from 2015-2017. Anyway, we were doing pretty well, all things considered. As of last week when I checked CK, my scores were 601 (TU) and 558 (Equifax) while my husband's scores were 629 (TU) and 668 (Equifax). In the last week the only thing that's changed is that our mortgage finally reported a big drop in principal (from $107,000 to $98,000) and our scores tanked. They're now 601/538 and 609-597. Every single account is in good standing, current, etc. and this really is the only change. It looks like only Equifax has reported it so far. TU is still showing our balance at $107,000, though I'm sure it will be reporting soon. 

What on earth is happening?! Is this only a temporary dip that we'll soon see go back up? How on earth is paying down your mortgage a bad thing?

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Those aren't FICO scores. I wouldn't be worrying about them.

[Anonymous]

I see. I mean, I guess I do realize they aren't FICO scores but I thought they were supposed to be a pretty good approximation of what our FICO scores are. No?

[AllZero]

Free mortgage scores

EX2 + 3 Bureau FICO 8 scores and reports for free or $1 at Experian or CreditCheckTotal (part of Experian). Cancel in 7 days or less to avoid the reoccurring charge.

TU4 WyHy quarterly score. Not sure on membership requirement. Maybe hard pull TU?

EQ5 Get a savings account with DCU. Soft pull EQ to be a member. Free monthly score.

You can also obtain your 3 bureau mortgage scores at FICO Advanced . Cancel plan after you obtain your scores and reports to avoid re-occurring monthly charge.

[Jnbmom]

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@Anonymous wrote:

I see. I mean, I guess I do realize they aren't FICO scores but I thought they were supposed to be a pretty good approximation of what our FICO scores are. No?

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No they shouldn't be compared with your FICO scores at all.

[SouthJamaica]

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@Anonymous wrote:

I see. I mean, I guess I do realize they aren't FICO scores but I thought they were supposed to be a pretty good approximation of what our FICO scores are. No?

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Not at all.

[Anonymous]

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@Anonymous wrote:

I see. I mean, I guess I do realize they aren't FICO scores but I thought they were supposed to be a pretty good approximation of what our FICO scores are. No?

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No.

Me and my SO have had upwards of 100+/- pt difference in our fico scores vs Vantage scores. Especially 3.0 which is what most of the "free sites" give.

EX give you your actual Fico score for free, plus the other sources another member listed above.

CK is good for tracking changes, but most banks do not use Vantage Scores, and the one that I know that does (Sync), they use 4.0, not the usually found 3.0.