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Is the Coronavirus affecting our credit scores?
Posted on 3/25/20 at 5:18 pm
Posted on 3/25/20 at 5:18 pm
Just got an alert from turbo tax that it’s dropped 30 points and I haven’t had any changes in my debt:income ratio. Everything has been paid up/no late payments. What gives?
9
Posted on 3/25/20 at 5:19 pm to finchmeister08
Sounds like Turbo Tax is trying to sell you something.
Posted on 3/25/20 at 5:31 pm to PEPE
What can make you’re credit drop that much?
ETA: better question, where can I get a reliable score?
ETA: better question, where can I get a reliable score?
This post was edited on 3/25/20 at 5:34 pm
Posted on 3/25/20 at 5:43 pm to finchmeister08
quote:
where can I get a reliable score?
I get mine from my Discover, Amex, and Citi credit cards.
Posted on 3/25/20 at 5:44 pm to LSU6262
I’ve got an Amex Delta card. Where in my account can I view my score?
ETA: I found it. It’s 10 point different from my Turbo Tax score. Still weird. What could make a score go down?
ETA: I found it. It’s 10 point different from my Turbo Tax score. Still weird. What could make a score go down?
This post was edited on 3/25/20 at 5:46 pm
Posted on 3/25/20 at 5:52 pm to finchmeister08
quote:
Is the Coronavirus affecting our credit scores
quote:
ETA: I found it. It’s 10 point different from my Turbo Tax score. Still weird.
The scores are going to be different. Check last month's score on your card's reported scored to see if it shows a similar drop.
quote:multiple things, but if you have no clue then most likely utilization. Or fraud.
What could make a score go down?
This post was edited on 3/25/20 at 5:52 pm
Posted on 3/25/20 at 5:55 pm to finchmeister08
identity theft?
Posted on 3/25/20 at 5:59 pm to finchmeister08
Mine went down 20 points when I locked in last night since I last got the score 2 weeks ago.
Posted on 3/25/20 at 6:03 pm to finchmeister08
Check for new accounts on your credit report.
Posted on 3/25/20 at 7:25 pm to castorinho
What is utilization?
This post was edited on 3/25/20 at 7:26 pm
Posted on 3/25/20 at 7:34 pm to finchmeister08
How much of your credit availability is being used (utilized).
Posted on 3/25/20 at 7:39 pm to finchmeister08
Mine went up a few days ago
Posted on 3/25/20 at 7:40 pm to finchmeister08
Mine went up across all 3 agencies by about 3 points on average. 
quote:Your income, besides being able to pay your debts, has nothing to do with your credit scores. You could lose you job, but if you don’t do anything to negatively impact your score (e.g., miss a payment, hard pull, increase your revolving credit utilization, decrease your credit age, collection, etc.) your credit score should increase or at least stay the same.
Just got an alert from turbo tax that it’s dropped 30 points and I haven’t had any changes in my debt:income ratio.
This post was edited on 3/25/20 at 7:41 pm
Posted on 3/25/20 at 8:29 pm to buckeye_vol
i did relocate recently due to my job moving. around $10k i put on a card. work has paid me back and the card is paid off. all within a month.
Posted on 3/25/20 at 8:34 pm to finchmeister08
Just got mine today, exactly the same as the past 3 months
Posted on 3/25/20 at 8:39 pm to finchmeister08
quote:Then I suspect that it was reported on your report before it was paid off. Look at the balance on the report, if it’s provided. And if not, look at credit karma as I know they report the balance on the Transunion and Equifax reports.
i did relocate recently due to my job moving. around $10k i put on a card. work has paid me back and the card is paid off. all within a month.
Posted on 3/25/20 at 9:15 pm to finchmeister08
quote:
i did relocate recently due to my job moving. around $10k i put on a card. work has paid me back and the card is paid off. all within a month.
Good that you paid it off, that just means you didn't pay interest.
For credit purposes, if you paid it off AFTER your statement date, that's the number that gets reported to the agencies. So that will jack up your utilization depending on your overall available credit across your cards. So if you have 100k, no big deal. If you have 15k, big deal...since that's 67% utilization.
Don't sweat it though. Just confirm it wasn't identity theft.
Posted on 3/25/20 at 9:24 pm to LSU6262
quote:
I get mine from my Discover, Amex, and Citi credit cards.
Those aren't terribly accurate.
I refi'd a few months ago and my Amex credit score was 811 at the time I applied.
The thing I got in the mail from the lender telling me my credit score from the 3 reporting agencies had my scores in the 770-780 range.
Posted on 3/25/20 at 11:21 pm to JohnnyKilroy
Mine dropped 20 points to 785 because my utilization rate went from 1% to 6%.
Dumb. I’m angry.
Dumb. I’m angry.
This post was edited on 3/25/20 at 11:22 pm
Posted on 3/25/20 at 11:23 pm to finchmeister08
Probably the new scoring kicked in on you
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