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Score dropped 28 points! (here's why...but why did this happen??)

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Valued Contributor

Re: Score dropped 28 points! (here's why...but why did this happen??)

Remove him as an AU from your Discover and then put a small balance on both Discover card.








(Installment loan reported, but AoYA points were NOT reset.)
Scores AUG 4, 2019.


You can see the score changes 3 months after adding 6 cards, 5 reported.







(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated NOV'19.
Message 41 of 64
Valued Contributor

Re: Score dropped 28 points! (here's why...but why did this happen??)

Here’s what happened when you got the NFCU cards at the beginning of the year, it caused you to have a new account and put you in a new account scorecard. You lost points for that but you will get them back after a year. It is a good thing you did it, the only question is the timing because it reduces your score for a year while you’re in a new account scorecard.








(Installment loan reported, but AoYA points were NOT reset.)
Scores AUG 4, 2019.


You can see the score changes 3 months after adding 6 cards, 5 reported.







(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated NOV'19.
Message 42 of 64
Highlighted
Valued Contributor

Re: Score dropped 28 points! (here's why...but why did this happen??)

Here’s the thing it’s also gonna lower your mortgage scores for the year. Ideally before you go for a mortgage you want no inquiries or new accounts for two years. But definitely don’t want any HPs or new accounts within a year so that you can maximize scores unless your scores are already high enough that it doesn’t matter.

What Rev was trying to tell you is if you had to use an AU card as your AZEO card, then you better pull your scores and check them to make sure of what they are, but Since its better for you to remove him off of your Discover and for you both to post the small balances on your Discover cards, I would go with that.








(Installment loan reported, but AoYA points were NOT reset.)
Scores AUG 4, 2019.


You can see the score changes 3 months after adding 6 cards, 5 reported.







(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated NOV'19.
Message 43 of 64
New Contributor

Re: Score dropped 28 points! (here's why...but why did this happen??)

Okay, gotcha! Darn. I wish I hadn't done that now but oh well, moving forward.

 

Okay, so we will remove him as an AU on my Discover and go that route. (that account coming off his credit won't hurt his score? That's not the same as closing an account for him?)



Message 44 of 64
Valued Contributor

Re: Score dropped 28 points! (here's why...but why did this happen??)

Yeah you should probably aim to do the mortgage not before next January so that your youngest account reaches a year old, unless your scores are high enough anyway and they may be. You just got to do this and then pull your scores and check them.

No removing him as an AU is not the same as closing an account. As a matter of fact the history should stay on his credit report for probably seven years unless it happens to get deleted. You could remove it by disputing it, but there’s no advantage since it has perfect payment history it simply helps.

As to whether or not it will affect his scores, that’s hard to tell. Is it older than any of his accounts? It could cause his AAOA or AooA to change, which could affect his score. If it did, you could always put him back on as an AU easy enough. That’s the beautiful thing about it or you you can remove them or add them as you like. Unfortunately you can’t do that with a joint account holder. Is that Discover card his oldest card?








(Installment loan reported, but AoYA points were NOT reset.)
Scores AUG 4, 2019.


You can see the score changes 3 months after adding 6 cards, 5 reported.







(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated NOV'19.
Message 45 of 64
Super Contributor

Re: Score dropped 28 points! (here's why...but why did this happen??)


@niela19 wrote:

I noticed that my score dropped yesterday 28 points on Transunion!!! (I have a subscription to MYFICO to keep up with it)
TU only, no other drops on the other two.

 

My scores are 814, 804 and now 790.  (was 818) 

 

28 points is crazy.

And out of the blue with no rhyme or reason that I could tell. So I looked a little deeper. 

 

It appears that I had an old account with a credit union that has been paid off for quite a while but all 3 agencies were still reporting it.

 

Well, as of June's report, it is gone from TU. They dropped it or something. The other 2 are still showing it. 
So now I know why my score dropped so much but wow.

 

Why would it suddenly drop off of my report from TU?? I didn't ask to have it removed. 
We are starting the house buying process within weeks and now my score dropped 28 points for something like this??

 

What can I do? Anything? 


There are never any guarantees as to how long a closed account will continue to be carried in your report. And when an old account drops off it can hammer your average age of accounts, and if it's your oldest account it will hammer your age of oldest account factor too.


Total revolving limits 732500 (606000 reporting) 12/4/20 FICO 8 scores: EQ 715 TU 760 EX 735
Message 46 of 64
New Contributor

Re: Score dropped 28 points! (here's why...but why did this happen??)

Birdman,

 

My scores as of today (just got a few point bump on each) are 816, 794 and 805 

Not as high as they have been though. They were all in the low 800's before.

My husband's too the biggest hit with that new NFCU card (we both got separate new accounts, both 25k in January)
His today are 795, 788 and 796. His were all low to mid 800's before. 
In looking at his report, we noticed that he had 2 old accounts also drop off between April and June. Bummer. 

 

None of those are bad but all low to mid 800s sure beat them! Smiley Sad

 

As far as these scores go now, I guess it's just a waiting game of time for these somewhat newer accounts to become "old". 

Message 47 of 64
Valued Contributor

Re: Score dropped 28 points! (here's why...but why did this happen??)

Well there is evidence that you get some points back at three months and six months from getting your new account. We don’t know what all scorecards that affects yet. But if you got your account in January and it’s dated January, you could’ve got some points April 1st and you may gain some July 1st. By January you should be somewhat back to normal, at least your new normal now that your oldest accounts are gone.

And in the long run, those accounts are really going to be good for you, but there’s a short term penalty for the long-term benefits. Yes it’s a waiting game but your scores are still great. I wonder what your mortgage scores are now?








(Installment loan reported, but AoYA points were NOT reset.)
Scores AUG 4, 2019.


You can see the score changes 3 months after adding 6 cards, 5 reported.







(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated NOV'19.
Message 48 of 64
New Contributor

Re: Score dropped 28 points! (here's why...but why did this happen??)

Okay, thank you. 


The mortgage score is still 741 (was 778)

The other two are 778 and 774, they were (788 and 780)

Message 49 of 64
Valued Contributor

Re: Score dropped 28 points! (here's why...but why did this happen??)

That’s with how many cards reporting what percentage balance of their credit limits?

And remember they use the middle score so right now you’re not doing too bad.








(Installment loan reported, but AoYA points were NOT reset.)
Scores AUG 4, 2019.


You can see the score changes 3 months after adding 6 cards, 5 reported.







(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated NOV'19.
Message 50 of 64
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