Temporary FICO Score Drop

  • Posts: 3479

Replied by hjm331 on topic Re: Temporary FICO Score Drop

If you can post the credit cards you have with their opening date, current balances, and credit limits, I will be able to help you a lot more.

Also, what credit card is it that you want to close? Any specific reasons? Make sure you don't close a credit card until the balance is at $0.00.
It's a bad idea to close a credit card that has a long history and in good standing due to a credit limit decrease or interest rate increase. If the card has significant age compared to your other cards, then it's worth keeping it open because it would valuable to your credit report and scores.
10 years 9 months ago #1

Please Log in or Create an account to join the conversation.

  • Posts: 2

Replied by kdb112908 on topic Re: Temporary FICO Score Drop

I know everyperson is a little different any idea of a range ? Like five to ten or even twenty points. Does anyone know if the credit bureaus might be able to provide this information to an individual.
I'm looking for more specific answers. So I can make educated decision on what cards stay and what cards will go! I'm trying to plan ahead so my credit is in the excellent range. I want to be able to buy a house soon and want a good rate. In this day and age every little bit helps!
The banks seem so fickle at this time. You never know what to expect from them. Its obvious they don't care if they hurt longtime customers in goodstanding. There are enough negative blogs on the internet. I will remember the bad ones and not go down those roads.
10 years 9 months ago #2

Please Log in or Create an account to join the conversation.

  • Posts: 3479

Replied by hjm331 on topic Re: Have TU, EX, & EQ dropped baddies from you today?

It will vary for everyone because it all depends on your average age of history, your oldest credit card, etc.
10 years 9 months ago #3

Please Log in or Create an account to join the conversation.

  • Posts: 2

Replied by kdb112908 on topic Re: Have TU, EX, & EQ dropped baddies from you today?

Does anyone know how much a fico score can change if you cancel a card? Whether it is an old or new account. Also what the difference would be if the bank does it due to lack of use. Any information on this would be greatly appreciated.
:embarrassed: :worried:
10 years 9 months ago #4

Please Log in or Create an account to join the conversation.

  • Rockin35
  • Rockin35's Avatar Topic Author
  • Offline
  • Junior Member
  • Junior Member
  • Posts: 142

Replied by Rockin35 on topic Yeah, I knew I would

Yeah, I knew I would experience this recently because I've opened some new accounts to do some balance transfers and those 5 accounts I just opened will have to be established in 7-9 months. I must admit, I am a "credit w***quot;. I pull my own credit sometimes 2-3 times a month because I have all of these programs through my credit card companies. But last night, I closed out Credit Expert, Trans Unions program, and ChaseID Protection. I only use "MyCreditKeeper" but the problem with MyCreditKeeper is that the Risk Scores are out dated and run 30 days behind time.

My score updated yesterday as of 04/24/8 with a 722 Risk(low risk score). I called them, the lady told me, you should wait until May 26th for that update to see what your score is for April. How messed up is that. Anyways, they are the cheapest at $9.99 a month for all 3 reports and monitoring alerts. Thanks for all your information and help. Rockin35!
11 years 5 months ago #5

Please Log in or Create an account to join the conversation.

  • Posts: 4523

Replied by Meya on topic You know what? I took

You know what? I took nearly a 60 pt drop for some reason, but I thought it was because I have been shopping, but i was not more than 50% on utilization. Then I thought it was because of Chevron closing accounts and not finished putting our history back. But one day, it all came back in a snap. I don't know what happened niether, maybe the new scoring system is kicking in.
:scared: :scared: :scared: :confused: :confused:
11 years 5 months ago #6

Please Log in or Create an account to join the conversation.

  • Rockin35
  • Rockin35's Avatar Topic Author
  • Offline
  • Junior Member
  • Junior Member
  • Posts: 142

was created by Rockin35

Hello,

I was wondering if anyone else has heard of this. I 've been reading more and more that the new "Vantage Risk" score will be utilized for granting credit but folks are still skeptical about how the score is calculated. But anyways, I've heard that if you are mortgage shopping and apply with 5 or 6 finance companies within a 14 day span it all counts are 1 inquiry thus lessening the impact to your Credit Score. On the flip side, I was told that for credit card applications and auto loans if a shopper were to apply 5 or 6 or 8 or 9 times in a 14 day period, it is considered different and the inquiries are not grouped as 1 & can cause damage to your report and it you don’t get the points back until the inquiries drop off.

Question: Has anyone ever experienced a Temporary Drop in their Fico Score after house shopping, auto shopping, or credit card hunting?

I ask this question because in June 2006, I went looking for a house, my application was ran with 7 companies (fico then was a 686 with Equifax), I got a credit app pulled on myself through the online Equifax Website and it reflected 589 about 2 weeks after I ran all of those apps. I pulled it again 1 month later in August and it was 690. What does this mean?
11 years 5 months ago #7

Please Log in or Create an account to join the conversation.