Please explain -81 Points on Experian?

[Ceewin]

Our son is just an AU on mine and DH's accounts since 2021.  As of today Experian shows:

Here's what's changed (according to Experian):

S/N: His scores has been in the mid to high 700's since 2021.  He has one inquiry in January 23 for a Discover card. The account was closed(never used) in February because he did not complete the 4506-T form.  I am willing to provide more info, but I can't seem to understand why such a huge point loss and how will he ever get those points back.  He will be shopping for an Auto Loan soon and this is a bummer.

[SouthJamaica]

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@Ceewin wrote:

Our son is just an AU on mine and DH's accounts since 2021.  As of today Experian shows:

Here's what's changed (according to Experian):

S/N: His scores has been in the mid to high 700's since 2021.  He has one inquiry in January 23 for a Discover card. The account was closed(never used) in February because he did not complete the 4506-T form.  I am willing to provide more info, but I can't seem to understand why such a huge point loss and how will he ever get those points back.  He will be shopping for an Auto Loan soon and this is a bummer.

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We would need much more information as to his profile.

[Ceewin]

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@SouthJamaica wrote:

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We would need much more information as to his profile.

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Please see below.  Would this help?  The 3 OPEN accounts are the AU's and the 1 Closed is the Discover.

...but under the KEY FACTORS its saying AAoA is 6 months.  There is a discrepancy...

[Ceewin]

FYI...here is his report from June 30, 2023

[SouthJamaica]

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@Ceewin wrote:

FYI...here is his report from June 30, 2023

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I think you need to see the actual reports to see what's actually in his report. These snapshots are out of whack.

[Ceewin]

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@SouthJamaica wrote:

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I think you need to see the actual reports to see what's actually in his report. These snapshots are out of whack.

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I just pulled his EX report from ACR and the info is identical to what's shown on Experian's website.  Can you tell me what I should be looking for or what seems out of whack?

[GZG]

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@Ceewin wrote:

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@SouthJamaica wrote:

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I think you need to see the actual reports to see what's actually in his report. These snapshots are out of whack.

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I just pulled his EX report from ACR and the info is identical to what's shown on Experian's website.  Can you tell me what I should be looking for or what seems out of whack?

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OP doesn't have any accounts of their own anymore once Discover closed, I wouldn't be surprised if this was the reason entirely

are you planning on co-signing their car loan? OP's son could have a 959 credit score and it doesn't really matter because OP doesn't have any current credit that belongs to them showing that they are responsible making payments.

I imagine all of those points come back as soon as OP start's reporting credit that belongs to them and not an AU

[Anonymalous]

Maybe they stopped counting the AU cards. At the moment, it sounds like his personal credit history is a single closed card with no payment history but 6 months of age. A score in the high 600s would be reasonable for that profile. If his score was previously in the 750s, that was probably due to the age boost from the 3 AU cards.

I had a similarly boosted score, when I first became scorable. My EX FICO 8 started in the 760s, even though I only had 1 personal card that was only 5 months old. My high score was clearly due to an AU card that gave me an average age of  about 12 years. I didn't have a single loss quite as precipitous, and it's hard to separate from my various applications, new cards reporting, and changes in the aging metrics, but somewhere in the last couple years, I think Experian (and Equifax) stopped counting my AU card. Under length of credit history, Experian shows my AAoA at just over 1 year, and my AoOA as just over 2 years. If my AU card was included, those numbers would be over 5 and 20 years.

[SouthJamaica]

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@Ceewin wrote:

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@SouthJamaica wrote:

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I think you need to see the actual reports to see what's actually in his report. These snapshots are out of whack.

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I just pulled his EX report from ACR and the info is identical to what's shown on Experian's website.  Can you tell me what I should be looking for or what seems out of whack?

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I meant you should see if there's anything that's incorrect about its contents. If the report contents are accurate, then that's one possible problem we can check off and eliminate.

If the score was much lower before the Discover card was added, and then dropped to a similar level as before once the Discover card was closed, then @GZG 's explanation might have validity.   But I can't see how the average age of accounts would have dropped by a year; that makes no sense to me at all.

If the credit report is accurate, then perhaps you should just wait a day or two and see if the scores provided by the user interface correct themselves.  Maybe it was a glitch.

If the scores don't correct themselves, then probably he should open a new card -- and this time keep it open.

[Ceewin]

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@GZG wrote:

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OP doesn't have any accounts of their own anymore once Discover closed, I wouldn't be surprised if this was the reason entirely

are you planning on co-signing their car loan? OP's son could have a 959 credit score and it doesn't really matter because OP doesn't have any current credit that belongs to them showing that they are responsible making payments.

I imagine all of those points come back as soon as OP start's reporting credit that belongs to them and not an AU

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I'm thinking that is what's happening here, but a loss/penalty of 81 points? I don't understand why so many points.  Per his score history, it went from 764 to 757 (FICO 8), when the inquiry and new account hit in Jan/Feb.  No score change when the account closed in March.  

We were on the fence about co-signing, but I guess this change has made the decision for us.  LOL!  S/N: Per the simulator, he'll gain appx 45 points if he opens up a new credit card.  I know it's not 100% accurate, but now isn't that a kick in the teeth!