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Strange...My score actually dropped!

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Anonymous
Not applicable

Re: Strange...My score actually dropped!


@haulingthescoreup wrote:


Hi, welcome to the forums!

You have it backwards. OP added his wife as an AU to his cards. Her credit will not affect his in any way.

His history on his cards --the ones that he added her on as AU --affects her. But it's a one-way influence, from cardholder to AU, and again, only on the cards on which she was added.

The only way that an AU can affect the credit of the cardholder is if the AU runs up balances or something and changes the util. But we're not talking balance changes in this instance.

+1, agreed. An AU "can" damage the owner by running up a huge balance or contributing to a default but not by the simple virtue of their existence.That's why if you trust someone, its a good way to help them out a bit. I have done it for many who are now thriving on their own but when they were students or didn't have much credit, it made them look better and helped them along.

Message 31 of 40
Anonymous
Not applicable

Re: Strange...My score actually dropped!

I too have experienced a drop in my FICO score for what appeared to be no reason.. After phoning a representative and going over my account, it appears that my AMEX green card is the culprit. Every month I pay my balance down to zero, but the amount owed is reported by AMEX and the balance when they send my bill out. Since my card has no limit, it has a credit limit of 0, which makes it appear as if I am 100% maxed out on my card. I am questioning if those free AMEX points are worth the damage it does to my score each month.

 

I have decided that the manner in which scores are calculated is a legalized method of loan sharking. Think about it. Who benefits most from keeping your score low? The banks and credit lenders.

 

And it is insane that they can put anything on your account, yet when you attempt to make corrections and keep your address current, they require you to jump through hoops! Like I am going to mail them a copy of my license, ss #, and a current utility bill to prove that I am who I say I am. I think the first thing Obama needs to do to get this country back on track financially is to totally eradicate the current manner in which credit worthiness is determined! I don't mind a lender seeing if I pay my bills and pay them on time. What I do mind is dropping my score and not keeping my personal information current. I have been turned down for credit twice and both times my score was well over 700; however, the address and employer info was incorrect so they said they declined because they could not verify my identity.

Message 32 of 40
Anonymous
Not applicable

Re: Strange...My score actually dropped!

Agreed, its hardly fair and personally I play the system only for the sake of the fact that we need it but hope each and every day that the system is improved or just eliminated. Only time will tell and in the meantime don't let them get to you and remember what is fair and what IS are almost never the same. Smiley Happy
Message 33 of 40
Anonymous
Not applicable

Re: Strange...My score actually dropped!

If you feel that AMEX is reporting incorrectly, especially if they are double-reporting, which I see every day, then you should contact them from a legal perspective.  Referencing the correct portions of the FCRA will likely get you some attention whether they are truly in violation or not.  If nothing else, you can probably get them to at least report your highest credit limit accurately so you won't have debt-ratio issues with your score.

 

Message Edited by llecs on 03-24-2009 05:24 PM
Message 34 of 40
Anonymous
Not applicable

Re: Strange...My score actually dropped!

Its an unfortunate practice of not reporting the credit limit but given there is no limit, they "technically" can get away with it. Although you could request to have them report at least your highest usage as a limit, its better than zero but that probably won't help you much either. My recommendation to others in the same boat has been to just PIF each month BEFORE a balance posts but I also live in the real world and know that its not always possible, so its kind of a sucky (not really a word but you get the idea) situation all around. Even using the law or threatening them won't do any good as they tend to be pretty much in their own little world (balance chasing, CLDs, rate hikes, you name it).
Message 35 of 40
llecs
Moderator Emeritus

Re: Strange...My score actually dropped!


Derrick_Evens wrote:

If you feel that AMEX is reporting incorrectly, especially if they are double-reporting, which I see every day, then you should contact them from a legal perspective.  Referencing the correct portions of the FCRA will likely get you some attention whether they are truly in violation or not.  If nothing else, you can probably get them to at least report your highest credit limit accurately so you won't have debt-ratio issues with your score.

 

Message Edited by llecs on 03-24-2009 05:24 PM

 

Derrick, please click on the yellow envelope in the upper right hand corner at the top of your screen. I sent you a PM.
Message 36 of 40
Anonymous
Not applicable

Re: Strange..My score actually dropped!

It's common knowledge of most FICO forums regular members that soft pulls don't hurt your score. If they did most of us would probably have neg scores from the amount of soft pulls that we do ourselves daily. Many of us pull twice daily. I know I do. ( yes neg scores really aren't possible, so there is no mix up.) The point is that the info you are giving is not true. If what you say below is true.....


@Anonymous wrote:
Why would it then increase most people's scores to opt-out of these marketing materials?  We see people getting 15-20 points just a few days after opting out...

 

Then a few days after opting out then the credit bureaus would be deleting the inquiries for the score increase. Wow that would be fast action on the credit bureaus, which we all know are slow . Not only that they would still be there because all you did was opt out of future offers& soft pulls. It does nothing of the previous soft inquiries that would already be present. Im sorry that in your 10 years of experience that you have been misguided. Soft pulls don't hurt.
Message 37 of 40
Anonymous
Not applicable

Re: Strange..My score actually dropped!

There is no guidence to be missed.  I have actually seen it happen.  There is a difference between academic education and real experience.  If someone told you that birds couldn't fly, you'd probably say, "No, I see birds fly all the time..."  I see this work all the time; at least 75% of the time.
Message 38 of 40
Anonymous
Not applicable

Re: Strange..My score actually dropped!

@tryingtoreach700, thank you for adding that, I was beginning to think my efforts were futile. Smiley Happy

 

@Derrick_Evens, the fact is that this is not just academic, its FACT and you need to accept that your experience is limited to your perspective and other factors can make it look like something they are not. If all you care about it your experience, then take it, do what you want and we wish you the best, but if you came here to learn and know, then you might give some credit to the experiences of the THOUSANDS who know what you are saying to be wrong. Now I am all for individual right to their opinion but there has to be a limit to pride when its just simply wrong. No one would question birds can fly, experience or academically, just like you would know that a man can't get pregnant. Now would someone who lived next door to the man who did claim in their experience it can happen, when in fact we know that biologically, it was a woman who got pregnant?

 

I don't want to make a big thing about this and I just wanted to see if I can bring this to an end before you or either of us say something we will regret. If you are happy with your experience, however wrong, that's your business and we respect that but you need to realize that we know what we know and its contrary to what you are saying, simple as that too, you need to respect that as well.

Message 39 of 40
fused
Moderator Emeritus

Re: Strange..My score actually dropped!

Soft inqs have NO impact on FICO scores. In fact, only you and the CRA can see soft inqs on your reports, creditors cannot.
Message 40 of 40
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