Score Drop -Thoughts?

Anonymous · ‎03-07-2021

Curious to get some thoughts around what may have driven a slight score drop on this month's report imports.

2/7/21 mortgage scores

EQ F5, 801

TU F4, 762

EX F2, 821

3/7/21 mortgage scores

EQ F5, 793

TU F4, 762

EX F2, 810

Changes to my reports between 2/7 and today (based on Fico updates thru the month and looking things over on the imports)

EQ - Chase card balance $205 to $182, 10k CL

EX - Chase card balance $205 to $182, 10k CL

EX- AU user card balance from $21 to $49, 19k CL (only bureau this reports for me)

TU - Chase card balance $205 to $182, 10k CL

TU - Balance on personal finance account has decreased by $465 (this is my auto loan, this is the only alert i get regarding it)

Last inquiry was 1/31/21 and it was on all 3 bureaus already for the 2/7 reports, an inquiry from 2/29/20 went over a year but that was only reporting on TU , no new accounts, all other cards have a 0 balance reporting for both imports and no limit changes. All reports show the same balance on the car loan. No other changes.

F8 for reference - 2/7

EQ 832

TU 811

EX 823

F8 today 3/7

EQ 828

TU 819

EX 827

The 1/31 inquiry was Mortage inquiry that we haven't moved on. we're wanting to really start shopping and I want to keep my scores as high as I can. Plus also just nerding out about what could have changed month over month.

thornback · ‎03-07-2021

Hi and welcome to the forums!

Seems the mortgage inquiry from 1/31/21 has become scoreable. There is a delay with the scoring penalty for auto/mortgage loan inquiries to allow for rate shopping. Multiple inquiries for the same type of loan made within a specified time frame (30 days) are ignored by FICO Scores so the inquiries won't affect your scores while rate shopping, and are then scored once that 30-day period ends.

I'm thinking you finally got dinged.

Edited to add a link for more - scroll to the "what to know about rate shopping" section:

https://www.myfico.com/credit-education/credit-reports/credit-checks-and-inquiries

Personal Aphorism:"Forget What You Feel, Remember What You Deserve"

Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 04/2022: EX 796 ✦ EQ 793 ✦ TU 790
Current FICO 9s | 04/2022: EX 790 ✦ EQ 788 ✦ TU 782
2022 Goal Score | 800s

My AAoA: 4.6 years not incl. AU / 4.9 years incl. AU
My AoOA: 9.2 years not incl. AU / 11.2 years incl. AU
Inquiries: EX 0/12 ✦ EQ 0/12 ✦ TU 0/12
Report Status: Clean
Garden Status:

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.

Anonymous · ‎03-07-2021

Ugh, didn't even consider that. Now that I look back in the updates I see no score drop when they actually ran the appplication, just the inquiry. Makes total sense now. Thank you!

thornback · ‎03-07-2021

YW! Best of luck with the future mortgage/house hunting!

Personal Aphorism:"Forget What You Feel, Remember What You Deserve"

Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 04/2022: EX 796 ✦ EQ 793 ✦ TU 790
Current FICO 9s | 04/2022: EX 790 ✦ EQ 788 ✦ TU 782
2022 Goal Score | 800s

My AAoA: 4.6 years not incl. AU / 4.9 years incl. AU
My AoOA: 9.2 years not incl. AU / 11.2 years incl. AU
Inquiries: EX 0/12 ✦ EQ 0/12 ✦ TU 0/12
Report Status: Clean
Garden Status:

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.