@BeowulfandMadMax wrote:Hello! I noticed that in July my TransUnion FICO 8 score dropped 19 points (829-->810)! The stated reason in my alerts is:
"The total balance on all your Mortgage account has decreased by $2056. Credit chage total balance $399,815.00 ---> $397,759.00"
All that happened was my regulary scheduled mortgage payment was processed on time for the amount due as per my monthly invoice.
(I have my NFCU mortgage set to autopay through them and has it been running without issue since the start of the mortgage in 2020.)
I am not sure what info is needed to answer this so I just data dumped below.
- October 2017 bought house for $469,155 (we built new).
- October 2017 new 1st mortgage $445,697 with Arvest.
- October 2020 refinanaced to NFCU for 15 year at $438,000. (paidoff 1st mortgage with Arvest during refi)
- October 2020 appraisal with CoreLogic Platinum Valuation Services came in at $487,000. (This seemed low consider our area was taking off but did want to fight it; aligned with Zestimate)
- August 2022 Zwillow property estimate $830,000 - $945,000 (this aligns with current market and resent sales of comparable models in my neighborhood and like kind in neighborhood within a 1 mile radius)
I have for all my credit lines ever owned and my entire life credit history:
- zero missed payments
- zero late paymens
- zero under payments (always pay full amount due)
- maintain in 800's on every FICO score and bureau except my TransUnion Fico 4 is 776.
Why the drop? What is going on?
Thank you in advance for providing any insight!!!!
That was not a "stated reason". The score drop was unrelated to the mortgage payment.
MyFICO alerts don't provide reasons for a score change. There are certain events which trigger MyFICO alerts. If there happens to be any difference between your present score at that particular bureau and the previous score reported to you from that bureau, the score change is tacked on to the alert. There is not necessarily any connection at all between the score change and the alert substance.
MyFICO explains this as follows:
Why did my score go up when I got an alert for something negative (or why did my score go down when I got an alert for something positive)?
The short answer: Your FICO® Score may change because of other events not monitored by an alert.
Whenever we send you a credit alert, we also send an updated FICO Score. To ensure you get the most current score, we calculate it based on your entire credit report at that point in time—not just the new information on the alert. This means your new score may reflect other changes that are outside of the things we watch for (see everything we monitor).
Sometimes you may see your score increase when you think it should’ve decreased, and vice-versa, but you’ll always have your most up-to-date and accurate score.
https://support.myfico.com/hc/en-us/articles/360038084633
As to the actual reason for the score drop I have no idea. You would need to closely examine the TU report(s) from before the score drop and after the score drop, to answer that question. But it would be hard to figure out exactly what day the score dropped.
@BeowulfandMadMax wrote:Thank you for the information, even though you aren't sure why you atleast pointed me in a direction to look, so many thanks! I will pull that TransUnion report and the one before the drop and report back here the changes I found to see if it makes sense. Hopefully that new information will help get to the bottom of it. :-)
If that doesn't work, you might want to supplement your inquiry by looking at the day-by-day free TU reports available on Credit Karma. Although these won't correlate with FICO scores, they might disclose the change(s) you're looking for.
Did your revolving credit card's util %'s go up at all? May not be loan related. Higher balances could pull this alerrt off.
Is it possible you paid all your revolvers to ZERO? That would penalize you on scores.
