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Started By
Message
Why did my credit score change?
Posted on 12/3/18 at 3:15 pm
Posted on 12/3/18 at 3:15 pm
So my credit score was holding steady at around 825 from March through September. Then in October, it dropped to around 800 for seemingly no reason.
- My credit utilization has remained the same.
- My account age has only gotten older.
- I haven't missed a payment.
- No inquiries since February.
- Credit mix is good and unchanged.
I can't figure out why it would drop unless there is a period of time in which the type of accounts I pay on is factored in. Basically, in February I stopped paying on credit cards monthly as I had been but still left them open. Maybe it took until October for the fact that I stopped using the cards frequently to kick in?
Thoughts? It shouldn't matter in the short term, but in 18-20 months I'll be looking to buy another house and want all the help I can get on a good interest rate. From what I can tell, 800 is a cut off for some lenders between very good and excellent credit and could affect my rate on a mortgage...
- My credit utilization has remained the same.
- My account age has only gotten older.
- I haven't missed a payment.
- No inquiries since February.
- Credit mix is good and unchanged.
I can't figure out why it would drop unless there is a period of time in which the type of accounts I pay on is factored in. Basically, in February I stopped paying on credit cards monthly as I had been but still left them open. Maybe it took until October for the fact that I stopped using the cards frequently to kick in?
Thoughts? It shouldn't matter in the short term, but in 18-20 months I'll be looking to buy another house and want all the help I can get on a good interest rate. From what I can tell, 800 is a cut off for some lenders between very good and excellent credit and could affect my rate on a mortgage...
3
Posted on 12/3/18 at 3:26 pm to The Last Coco
quote:
was holding steady at around 825 from March through September. Then in October, it dropped to around 800 for seemingly no reason
I cant answer your question but as you know, you wouldn't be dinged on a credit app at 800
Posted on 12/3/18 at 3:30 pm to Mr.Perfect
quote:
I cant answer your question but as you know, you wouldn't be dinged on a credit app at 800
Yeah I'm ok with it at 800. I just want to try and ID whatever happened that dropped it to 800 so that I can potentially prevent it from occurring again and continuing to drop my score.
Posted on 12/3/18 at 3:31 pm to The Last Coco
Which score and from what source?
Posted on 12/3/18 at 3:41 pm to The Last Coco
The subtlest is brags.....
Posted on 12/3/18 at 3:49 pm to PearlJam
Experian and TransUnion
They're both run through a Chase account I have.
They're both run through a Chase account I have.
Posted on 12/3/18 at 5:43 pm to The Last Coco
Each credit bureau has a slightly different formula. If you received your score from experian one time and transunion the other time that could give an indication as to why you have different scores.
If that is not the case another reason you didn't list might be if an account you had closed lowering your total amount of credit available.
Regardless, If you are worried about it because you are buying a home in the future a majority of lenders do not have pricing hits on interest rates until you get down to 760 or even 740.
If that is not the case another reason you didn't list might be if an account you had closed lowering your total amount of credit available.
Regardless, If you are worried about it because you are buying a home in the future a majority of lenders do not have pricing hits on interest rates until you get down to 760 or even 740.
Posted on 12/3/18 at 6:28 pm to HYDRebs
quote:
Each credit bureau has a slightly different formula. If you received your score from experian one time and transunion the other time that could give an indication as to why you have different scores.
Both taken at the same time but one is a weekly vs a monthly. The trend holds though. I took a dip in September/october for both.
quote:
If that is not the case another reason you didn't list might be if an account you had closed lowering your total amount of credit available.
No accounts closed to my knowledge.
quote:
Regardless, If you are worried about it because you are buying a home in the future a majority of lenders do not have pricing hits on interest rates until you get down to 760 or even 740.
Thanks. That's at least comforting. Had an issue on an auto loan where 780 was a cutoff point but hadn't bought a house in a minute and wasn't sure.
Posted on 12/3/18 at 6:41 pm to The Last Coco
quote:
The Last Coco
Posted on 12/3/18 at 8:55 pm to The Last Coco
quote:My Chase account provides a TransUnion Vantage Score 3.0. changes are your lender will use a FICO8 or other FICO model. Just FYI. Not sure the explanation for your score drop.
Experian and TransUnion
They're both run through a Chase account I have
Posted on 12/3/18 at 8:59 pm to PearlJam
quote:
Chase account provides a TransUnion Vantage Score 3.0. changes are your lender will use a FICO8 or other FICO model. Just FYI. Not sure the explanation for your score drop.
Yeah my transunion score is the one you mentioned. My Experian is a FICO score buy I'm not sure which model.
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