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Credit Score (816) got whacked for no apparent reason.
Posted on 7/9/22 at 12:31 pm
Posted on 7/9/22 at 12:31 pm
American Express sends me regular complimentary credit score updates (from TransUnion). Yesterday, I got an email from them with the subject line "We detected a change to your credit report".
My score went from 816 to 788 - overnight. I took a step back and tried to find a cause for the decrease since I don't recall doing anything substantially different from prior periods. My payment record is spotless (no lates). Why, with no changes to my financial situation, would my score get whacked.
Here are the only other factors that could have remotely (if at all) affected my score:
• My rent increased about 4%
• I started using PayPal BillPay to pay my Amex cards; just called Amex - no lates - all payment confirmed on time
• I got a new DEBIT card (Fold Card)
• I bought about $1k worth of Cryptocurrency (long shot)
I realize there are other components to consider, but nothing else has changed. What am I missing?
My score went from 816 to 788 - overnight. I took a step back and tried to find a cause for the decrease since I don't recall doing anything substantially different from prior periods. My payment record is spotless (no lates). Why, with no changes to my financial situation, would my score get whacked.
Here are the only other factors that could have remotely (if at all) affected my score:
• My rent increased about 4%
• I started using PayPal BillPay to pay my Amex cards; just called Amex - no lates - all payment confirmed on time
• I got a new DEBIT card (Fold Card)
• I bought about $1k worth of Cryptocurrency (long shot)
I realize there are other components to consider, but nothing else has changed. What am I missing?
14
Posted on 7/9/22 at 12:33 pm to tigerpawl
Hard inquiries? Change in credit usage availability?
Posted on 7/9/22 at 12:38 pm to thelawnwranglers
quote:Normally, I get a USPS mailed hard-copy notice when someone does a hard-hit on my credit. Last one was about a year ago. ALL my credit card balances have been headed south.
Hard inquiries? Change in credit usage availability?
Amex has a credit score department. I have a note to call them Monday. They will prob refer me to TransUnion. I know CreditKarma and all those "free" guys say pulling your own credit doesn't affect your score, but I'm leary about that.
This post was edited on 7/9/22 at 12:40 pm
Posted on 7/9/22 at 12:39 pm to tigerpawl
Why would you care about this lol
Posted on 7/9/22 at 12:44 pm to castorinho
quote:How low should you let it go - without a reasonable explanation - before you get concerned?
Why would you care about this lol
Posted on 7/9/22 at 12:49 pm to tigerpawl
Vantage score doesn't really matter to anyone anyway
Posted on 7/9/22 at 12:49 pm to tigerpawl
Use one your yearly freebies from one of the major credit reporting companies and pull your report to see if anything stands out in the past month.
Posted on 7/9/22 at 1:03 pm to tigerpawl
Easy, if there was no credit check for the fold card that only really leaves credit utilization. It doesn't matter if you pay your cards off every month. It matters what your balance is on the date that is reported to the agencies. The report date could be a day before you are paying off. You can do some research and figure out the report date for each institution. Although, let it go bro as there will not be any dif in your offerings from 788-816
Posted on 7/9/22 at 1:14 pm to deNYEd
quote:Understood, but score has been 800+ (and increasing) for 4 consecutive reporting periods, during which all CC balances have declined.
Easy, if there was no credit check for the fold card that only really leaves credit utilization.
Posted on 7/9/22 at 1:44 pm to tigerpawl
Recession fears. Everyone's credit scores took a hit recently because they expect everyone will have to use credit more often going forward.
Really though, I have no idea
Really though, I have no idea
Posted on 7/9/22 at 1:48 pm to tigerpawl
mine just hit 829
Posted on 7/9/22 at 2:02 pm to tigerpawl
I look at credit karma all the time
Posted on 7/9/22 at 2:09 pm to tigerpawl
Is there an option to look at the various score factors? Based on what you said, the 3 areas I would look are utilization rate, hard inquiries (mail may not have arrived yet) and age of credit history. Debit card “should not” affect it, but maybe something closed due to inactivity?
Posted on 7/9/22 at 3:04 pm to tigerpawl
Credit score fluctuates
Posted on 7/9/22 at 3:06 pm to tigerpawl
They introduced the Social Credit Score recently comrade. Better start posting more gay shite.
Posted on 7/9/22 at 3:32 pm to tigerpawl
As long as your credit score is good, these types of fluctuations don’t matter.
It’s ridiculous to obsess over it. It’s an automated process that just analyzes data. The blips will balance over time.
I haven’t looked at my credit rating in a decade, because it’s basically meaningless - unless it’s bad.
It’s ridiculous to obsess over it. It’s an automated process that just analyzes data. The blips will balance over time.
I haven’t looked at my credit rating in a decade, because it’s basically meaningless - unless it’s bad.
Posted on 7/9/22 at 9:00 pm to tigerpawl
A hard credit pull is 2 or 3 points, even if you were comparison shopping, that's no more than 6 to 8 points. This is 28 points.
Did you close an old account and maybe dropped your average credit age?
If no delinquencies, I would just do all your normal things. Figure out what is showing bad and run it down.
At the end of the day, a person is not going to pay more for (virtually all) credit at 788 versus 816, but still a concern because it was sudden, steep and you have no reasonable explanation for it.
Did you close an old account and maybe dropped your average credit age?
If no delinquencies, I would just do all your normal things. Figure out what is showing bad and run it down.
At the end of the day, a person is not going to pay more for (virtually all) credit at 788 versus 816, but still a concern because it was sudden, steep and you have no reasonable explanation for it.
Posted on 7/9/22 at 9:04 pm to tigerpawl
I wouldn’t worry about it. I get a similar report through discover card each month and it fluctuates 30 points or so sometimes and I’ve only had 1 hard inquiry in the last 2 years. It used to bother me but I gave up on trying to figure it out.
Posted on 7/9/22 at 10:57 pm to tigerpawl
get rid of your credit cards.
- dave ramsey
- dave ramsey
Posted on 7/9/22 at 11:16 pm to tigerpawl
Once had my credit score (800s) drop a bit for no reason. It seems that one of my credit card banks unilaterally lowered my credit limit most likely because I had not used it in awhile or just some corporate decision. I always pay off all my card balances monthly and in a timely fashion. Nonetheless, some computer algorithm didn’t like that and…bingo, through no fault of my own, credit score went down slightly.
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