Comments on: 50 Point FICO score drop?

By: DAS

DAS — Fri, 01 May 2009 08:56:59 +0000

Since you are given your FICO scores are you given your credit report also? If not then you have no idea what's on your credit report, and what's brought your score down. You need to check it out. All three of the bureaus should give you 1 free credit report a year. You need to look at that report to see whats going on, it's not enough to know your FICO score, it could fluctuate back and forth for many minor reasons, but for a big drop like this, you can't guess. Check it out, now.
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By: burger

burger — Fri, 01 May 2009 08:37:59 +0000

There is a new model of FICO called FICO 08 that's coming out. If you have been on another persons credit card as an authorized user (but not as a joint account holder) your score may drop. Also the new model places more emphasis on having different kinds of credit such as installment and revolving accounts. And yes, you should get a complete printout so you can check for identity theft.
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By: Mister Mister

Mister Mister — Fri, 01 May 2009 08:07:59 +0000

People on here give bad information sometimes….

Pulling your score will not lower your score. This puts a "soft pull" or "soft inquiry" on your report(s) which is not visible to anyone except for you on your report, and DOES NOT lower your score.

Those pre-approved things that come in the mail….they DO NOT pull your credit before sending you something in the mail.

You need to access your recent credit reports to find out what recently has happened. As some intelligent folks said in there…having too many credit inquiries, a large payoff on a debt reported, or your debt-to-credit ratio changing, can adversely affect your score.
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By: Ba

Ba — Fri, 01 May 2009 07:26:59 +0000

What about your use ratio to your available credit? => That could affect big time your credit score.
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By: rhc7442@att.net

rhc7442@att.net — Fri, 01 May 2009 07:05:59 +0000

Please see my answer to mannix m question on credit.
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By: Scott P

Scott P — Fri, 01 May 2009 06:55:59 +0000

I found out the hard way that your credit score can drop if you get too many inquiries on your credit… if you apply for loans, or even just apply for something where you have to list your credit…

You know all that junk mail you get where they want to loan you money, give you a credit card, etc.? THEY check your credit and THAT can cause it to drop, although I don't know if it would drop 50 points…

Check out the web site below… it's EXCELLENT and it's probably a real good idea to find out why the drop! It could be something stupid like you don't have enough credit…
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http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre21.shtm

By: Stephanie

Stephanie — Fri, 01 May 2009 06:48:59 +0000

Just pulling your credit score can lower your credit. Make sure all your credit cards are under half used or that also brings your credit down.
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By: LD Debt Relief

LD Debt Relief — Fri, 01 May 2009 06:02:59 +0000

I can be. Also a mistake on your FICO report. Also, did you make a large payment to payoff a debt. That usually happens after making a large payment. If that's what you did it will take about 3 month for that score to go higher then the 50 it dropped.
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By: its_me_anji

its_me_anji — Fri, 01 May 2009 05:27:59 +0000

Do they also provide access to the report that supports the score?

I would be curious…

Have you, possibly, charged more on a credit card than you usually would? Even if you pay it in full each month, that will affect your score. The good news is if that's the case it will rebound next month.

For those below me:

Pulling your own score, as mentioned, does NOT hurt your score. Neither does the monitoring current creditors do as they are considered soft inquiries. Only the ones where you apply for credit,

Paying off a credit card does NOT trash your score… even temporarily… as long as you don't CLOSE the card.
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