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myFICO score went down?

Reviewers
Regular Contributor

myFICO score went down?

I have been registered on myFICO since the beginning of the month and today I received a e-mail regarding a update on my account. I went in the e-mail to check it out and it says based on TransUnion data that I have an updated score. I go into the app and my TransUnion score went down 10 points? I go to "alerts" and it says "An account under dispute has been detected -10", I had 4 Capital One late payments that were removed as a goodwill and my total balance owed went up $470. My question is, why did my score go down 10 points from removing those late payments? Did my score go down 10 points because I owe $470+ more on my total debt? I was expecting it to go up a bit not go down. My Equifax and Experian didn't change. Hopefully somebody on the forums can give me some insight on to why this has happened.

 

Last week, my TransUnion credit score said +0 after the dispute finalized and I got the late payments removed. It said "A deliquency/past due account was removed from your credit report". Why did my score go down a week after dispute is over? I was totally under the assumption that disputing the late payments and getting them removed would increase my score.

My Scores:


Wishlist Cards:
Capital One Venture & Chase Sapphire Reserve

Starting Score: 674
Current Score: 715
Goal Score: 800


5 REPLIES 5
SoCalGardener
Established Contributor

Re: myFICO score went down?

Based on the limited information we have, it's hard to say why it happened!

 

You said your total balance increased by $470, but you didn't say what percentage that represents. Or percentages. If you have a card with a $500 limit, and the $470 is all on that one card, there's your answer--that puts your utilization for that one card at almost 100%. If that's your only card, then your overall utilization is also at nearly 100%. On the other hand, if you have the $470 spread out over several high limit cards, and no one card has a high utilization percentage, that's a different story.

 

If you provide more details, we may be able to give a more informed response. But with that said, I just want to point out that a variation of 10 points is not a big deal! I see my scores go up or down by 40, 50, or more points and don't even blink. That's because I know what caused it, and I know it's temporary, so I don't sweat it. Give us more info and we'll see how it all looks!

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Message 2 of 6
FireMedic1
Super Contributor

Re: myFICO score went down?

If the lates were individual 30 day lates and older than 2 yrs. They dont do much damage after that. My 1 and only 30 day late that fell off 3 yrs ago gained 3 pts. The rest @SoCalGardener covered very well.






Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery from the @ 540's.
Message 3 of 6
expatCanuck
Super Contributor

Re: myFICO score went down?


@FireMedic1 wrote:

If the lates were individual 30 day lates and older than 2 yrs. They dont do much damage after that. My 1 and only 30 day late that fell off 3 yrs ago gained 3 pts. The rest @SoCalGardener covered very well.


I'd offer that the impact of a derog is very much file-dependent.

 

I don't recall the exact boost, but one 30-day late, the sole derog in my history, kept my scores below 750 until it rolled off.

 

When it did roll off, I recall my score rising by at least 30 points; probably more.

 

ETA: I just reviewed an old post.  In Jan. 2018, EX was 723, EQ 750, and TU (the first reflecting a derog-free file) 798.  A single 30-day late derog can make one FICO of a difference.


2022 Goal: save 3 months' net income


Starting FICO8: 666 (give or take)
EQ8194 INQ (1 CC, 2 mort, car)7y6m
EX7926 INQ (4 CC, 2 mort)6y9m
TU8142 INQ (2 mort)6y3m
3/242/12AoYA 3m | AoOA 22.8y< 2%
[ Last INQ 14-Oct-2021 ]
Message 4 of 6
FireMedic1
Super Contributor

Re: myFICO score went down?


@expatCanuck wrote:

@FireMedic1 wrote:

If the lates were individual 30 day lates and older than 2 yrs. They dont do much damage after that. My 1 and only 30 day late that fell off 3 yrs ago gained 3 pts. The rest @SoCalGardener covered very well.


I'd offer that the impact of a derog is very much file-dependent.

 

I don't recall the exact boost, but one 30-day late, the sole derog in my history, kept my scores below 750 until it rolled off.

 

When it did roll off, I recall my score rising by at least 30 points; probably more.

 

ETA: I just reviewed an old post.  In Jan. 2018, EX was 723, EQ 750, and TU (the first reflecting a derog-free file) 798.  A single 30-day late derog can make one FICO of a difference.


Dang. Wish I had the same effect. Lucky you. Maybe my BK held it back. With FICO who knows @expatCanuck 






Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery from the @ 540's.
Message 5 of 6
OmarGB9
Community Leader
Super Contributor

Re: myFICO score went down?

MyFICO alerts aren't always necessarily correlated to the score change. It's just that when an event that triggers an alert happens, your report is updated along with your score. That doesn't mean whatever is in the alert is the cause of said score change.


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Current FICO 8 scores:


Message 6 of 6
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