dizzi2cu asks "Why did my score drop?"

[Anonymous]

I was shocked to see my score go down some what

someone is trying to use my name

I did apply for sears card when I got the card the interest was way to high

I only have one secured credit inquiry card do not plan on getting any credit cards in fear it will drop my credit rating

this is what I noticed. There was 5 inquiry which I did not apply for just one sears card I closed that account torn up the card I wish not to use it if it going to bring my score down I want a healthy credit score from here on out. So one secured credit card is enough for me to keep my scores up. I pay mine off the next month do not like the interest so I pay it off every month.

My question is why does the score go down when people apply for credit card it should go up unless they did not pay on time or something like that should go down score but if the person pays on time I think it unfair to people to have equaifax experian and transunion to lower the score.

transunion and experian score are high exquafax gone lower which I think is crap not giving the person a fair chance this makes people fear of getting a credit card .I think the fico needs to make some positive changes to those who pay on time.

I also join a free credit site www.cerdit karma it only shows my credit rating and it shows 100 percent i pay on time

So what the problem here of lowering one score because they got another credit card ? I think there needs to be some fair changing in this rule can you explain this to me? dizzi2cu

edit: Hi, welcome to the forums! I hope you don't mind, but I edited your post, which was very difficult to read. Breaking posts up into paragraphs, and keeping things in sentence form helps others understand what your concern is, and what help you are asking for.

In addition, since it was piggybacked onto a separate thread, I've split it off to form its own thread.

If you haven't already, I'd suggest reading through The Son of Credit Scoring 101 (an update of the original Credit Scoring 101), as well as the PDF file titled Understanding Your FICO Score, and ScoreInfo.org.

[CS800]

Dizzi,

The AAoA (Average Age of Accounts) is part of the FICO formula variable. So the more cards you add, the lower your AAoA gets, hence you lose points. If you look at the FICO formula and description, the higher your AAoA, the better it is for your score.

edited to show new thread title; nothing else was changed --hauling

[Anonymous]

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@CS800 wrote:

Dizzi,

The AAoA (Average Age of Accounts) is part of the FICO formula variable. So the more cards you add, the lower your AAoA gets, hence you lose points. If you look at the FICO formula and description, the higher your AAoA, the better it is for your score.

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+1

The AAoA's due to the new TL/'s will lower your score as well as the subsequent inquiry/s.

You say your EX and TU scores are good but EQ has gone down, and you also said you think someone is using your name to try to obtain credit, I suspect your EQ score is lower because of the 5 inquiries, due to someone trying to obtain credit in your name.

Inquiries, will impact your score negatively for 1 year, once they hit the year mark the negative impact will stop, inquiries will remain on your report/s for two years, but like I said, they will only hurt your score for one year.

You have made it clear you do not want any further credit at this time, and you suspect someone is using your identity to try and obtain credit, I would strongly recommend that you put a freeze on all three of your reports ASAP and maybe even look into filing a police report, so this way, if someone is using your name and SS# and is trying to commit identity theft against you, at least you have a police report that will help support you if you ever have to dispute any erroneous TL's that pop up on your report/s that turn into charge offs and or collections.

When disputing as "Not Mine" it's always best to have some sort of documentation (such as a police report) that you indeed did notice things popping up on your credit report that you did not apply for, best to do this early, rather than later, you have already noticed 5 inquiries that you said are not yours, I have been the victim of ID theft, but I did not catch it until many many years later, and was far too late for me to file a police report (I'm talking 10 years), it seems you have caught it early and if I were you, I'd definitely consider filing a police report.

I will say it again, since you have made it clear you have no intentions to app for credit and more so suspect identity theft, freeze your reports and file a police report. You NEED to start protecting yourself now, not later.

Just my 0.01

[kjm79]

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@Anonymous wrote:

I was shocked to see my score go down some what

I think it unfair to people to have equaifax experian and transunion to lower the score.

transunion and experian score are high exquafax gone lower which I think is crap not giving the person a fair chance this makes people fear of getting a credit card .I think the fico needs to make some positive changes to those who pay on time.

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+1 on the above posts.  Also, Transunion, Experian, and Equifax don't lower or raise scores.  They only supply the data in which FICO then uses to formulate a score, they are separate entities.  IF you are relying on the scores provided directly from TU, EX, EQ, you are not looking at FICO scores.  So make sure the scores you are getting are actually FICO.  If it doesn't say FICO, it's a FAKO.