Another screen grab of the exact info.
@Anonymous wrote:its on Experian I pay for the membership over there.
OK I was only asking because we know score change alerts from myFICO often provide 'reasons' for a score change that are not actually the cause of the change, rather it's just a score update provided due to an alertable event.
Are you positive nothing else has changed on your reports? No negative accounts updated since the last time your EX score was pulled? Experian will alert you to a closed account -- perhaps some points were lost for paying off the loan AND some points were lost for some other event and the score alert is indicating the total score drop along with an alert to the account closure...?
I'm just spitballing because, while I'm not fully versed on installment loans & FICO, I just don't see a 50 point drop happening based solely on what you've told us so far. I wish I had the ability to tag folks in this community because there are several that are extremely knowledgeable in this area and could help figure this out -- hopefully they'll show up...
All that said -- THERE SHALL BE NO QUITTING. Debt free > FICO any day. Your scores will rebound, I promise.
@Azuieldrago wrote:Correct me if I am wrong, could it have been a few things dropping it and not just the one item.
1. Closed account
2. New Account
3. Lowered age
4. New loan reporting a high utilization rate?
5. Inquiry for the new loan?
Just spit balling here of the possibilities. May not have been one thing but a combination?
Are the secured cards new too? Maybe they are catching up in reporting?
All valid possibilities. We'd need a complete timeline to know for sure.
@Anonymous wrote:
Another screen grab of the exact info.
This says the account status was updated 1/2020 to reflect Closed. Is that not accurate? Because the score change alert from your 1st post was from 2/26.
@Anonymous wrote:I also have myfico it generally updates 1-2 days after Experian so I'll keep an eye out but I was stunned... I don't think the self lender has reported yet since I just opened it and I make my first official payment on the 1st.
So then the student loan was your only active installment?
@Anonymous wrote:I think it closed today but I had to dispute it and it was opened that day maybe that's why?
I don't know but disputes can affect scores.
So you don't have daily EX score updates & monitoring through the Experian service? I thought all their paid services provided daily EX score updates...?
