credit score

[Yo ssi]

I just got an alert from Experian that my credit score dropped by 15 points.

The only thing that changed from last month, is that I did not use any credit at all.

Is that a reason for a score to drop 15 points?

Yes

[ShimshonK]

Score dropped about 40 points for no apparent reason. Any ideas why this happens? I'm sure this was discussed before.
I constantly use only about 1% of available credit, no new accounts, and never any missed or late payments, so I don't understand what causes double digit negative drops (not the first time I've seen jumps like this).

Viewing FICO score from American Express (accesible under account services on personal cards only). I know the Wiki says that's FAKO, but it says "FICO Score 8 based on Experian data is the same score used by American Express". Maybe Wiki is referring to the MyCreditGuide score and report also accesible via American Express?

[CountValentine]

That is a real FICO score you are looking at. Pull your credit reports and see if there is a major change from last month to this month.

[teon00x14]

Score dropped about 40 points for no apparent reason. Any ideas why this happens? I'm sure this was discussed before.
I constantly use only about 1% of available credit, no new accounts, and never any missed or late payments, so I don't understand what causes double digit negative drops (not the first time I've seen jumps like this).

Viewing FICO score from American Express (accesible under account services on personal cards only). I know the Wiki says that's FAKO, but it says "FICO Score 8 based on Experian data is the same score used by American Express". Maybe Wiki is referring to the MyCreditGuide score and report also accesible via American Express?

What you're seeing is a real model 8 FICO score that AMEX has accessed to.  Score usually do not increase or drop if there is no changes to your file.  Have you checked if your total available credit has dropped recently?  Any closed account that you're not aware of?  A lot of times, a closed account could stay in your credit history for, i believe, 7 years.  If that has dropped off then it may have an impact on the scoring model thus affecting your overall score.

[ShimshonK]

That is a real FICO score you are looking at. Pull your credit reports and see if there is a major change from last month to this month.

What you're seeing is a real model 8 FICO score that AMEX has accessed to.  Score usually do not increase or drop if there is no changes to your file.  Have you checked if your total available credit has dropped recently?  Any closed account that you're not aware of?  A lot of times, a closed account could stay in your credit history for, i believe, 7 years.  If that has dropped off then it may have an impact on the scoring model thus affecting your overall score.

I tried pulling my credit reports but I got errors. I'll try again today.
BTW, which should I be pulling, or all 3?

I definitely have some closed accounts from a while back, not sure about 7 years ago though. In any case, I'm using such a small amount of credit, pretty shocked that something like that can cause such a significant drop.
And, did you mean a closed account staying on your credit history is good or bad for your score?

[Yo ssi]

I tried pulling my credit reports but I got errors. I'll try again today.
BTW, which should I be pulling, or all 3?

I definitely have some closed accounts from a while back, not sure about 7 years ago though. In any case, I'm using such a small amount of credit, pretty shocked that something like that can cause such a significant drop.
And, did you mean a closed account staying on your credit history is good or bad for your score?

From the above image it seems the discrepancy is by experian (and it seems your comparing now from August), so I don't see why you would pull all 3.
Experian also has a free app which let's you know all the details of your score.

[ltttc]

I tried pulling my credit reports but I got errors. I'll try again today.
BTW, which should I be pulling, or all 3?

I definitely have some closed accounts from a while back, not sure about 7 years ago though. In any case, I'm using such a small amount of credit, pretty shocked that something like that can cause such a significant drop.
And, did you mean a closed account staying on your credit history is good or bad for your score?

It may be something as simple as credit inquiries (like applying for cc...)

[ShimshonK]

It may be something as simple as credit inquiries (like applying for cc...)

I didn't have any inquiries in the last few months.

[pointer]

I didn't have any inquiries in the last few months.

Check on Credit Karma what changed from last month, something definitely did.

[ShimshonK]

Check on Credit Karma what changed from last month, something definitely did.

Just signed up for Credit Karma now, so it's not showing me any changes, though CK only has TU and EQ it seems, not EX.
Checked via Chase CreditJourney which is Experian (VantageScore 3.0, not FICO) - and that score has been much more stable, didn't drop like my FICO.

[Euclid]

Just signed up for Credit Karma now, so it's not showing me any changes, though CK only has TU and EQ it seems, not EX.
Checked via Chase CreditJourney which is Experian (VantageScore 3.0, not FICO) - and that score has been much more stable, didn't drop like my FICO.

I'm going to guess is that the FICO algorithm may have been tweaked and the cause is some account that previously was fine...

[ShimshonK]

I'm going to guess is that the FICO algorithm may have been tweaked and the cause is some account that previously was fine...

I can't think of any negative marks my credit profile should give off, but I guess I'll let it go.
It's just that I've noticed double digit changes more often than my perception of the accepted norms.

[churnbabychurn]

What does it mean when Equifax returns a score of zero?

Initially lender thought it meant credit was frozen but Equifax says it is not frozen..

This is for a high net worth individual with dozens of inquiries, loans and investments.

[Shmulie]

What does it mean when Equifax returns a score of zero?

Initially lender thought it meant credit was frozen but Equifax says it is not frozen..

This is for a high net worth individual with dozens of inquiries, loans and investments.

Did all of their credit history come up when they pulled it?

I have pulled credit on people thousands of times I've never seen a zero it's probably a mistake in the information being entered and they're actually getting a 9004 / 9003  (no credit found, not enough information)

[churnbabychurn]

Did all of their credit history come up when they pulled it?

I have pulled credit on people thousands of times I've never seen a zero it's probably a mistake in the information being entered and they're actually getting a 9004 / 9003  (no credit found, not enough information)

I don't know what came up.. they keep insisting must be frozen but Equifax says it ain't..

[Dovdovmoneytree]

I read elsewhere on DDF that returning a lease (when the lease term is up) can significantly lower your credit score? Is this accurate?? If yes; how can I avoid this? I actually intend to transfer my lease to ALgo, Vrooom etc who in turn buyout the car from the finance co. To me it would seem the opposite should be true. A loan (lease) is now closed. And it's not like a lease is a revolving line of credit so my utilization ratio is not going up.

Thanks!

[Samb]

I read elsewhere on DDF that returning a lease (when the lease term is up) can significantly lower your credit score? Is this accurate?? If yes; how can I avoid this? I actually intend to transfer my lease to ALgo, Vrooom etc who in turn buyout the car from the finance co. To me it would seem the opposite should be true. A loan (lease) is now closed. And it's not like a lease is a revolving line of credit so my utilization ratio is not going up.

Thanks!

It will effect your credit mix. As your losing a installment loan. But if you still have other open installment loans like a mortgage or another lease then the effect will be very minimum to nothing

[Dovdovmoneytree]

It will effect your credit mix. As your losing a installment loan. But if you still have other open installment loans like a mortgage or another lease then the effect will be very minimum to nothing

Thanks. I don't have a mortgage on my credit (any more) and no other lease. But several credit cards and student loan. Credit score is currently above 754. How significantly will this affect me? Any way I can try to offset it or avoid it? I am looking for a vehicle (to buy and finance) but don't have it just yet!

[coffeebean]

AFAR: Haven't missed a payment in 20 plus years. Missed 3 payments while sick with Corona. Is it possible to dispute? Who do I speak to?

[Dovdovmoneytree]

AFAR: Haven't missed a payment in 20 plus years. Missed 3 payments while sick with Corona. Is it possible to dispute? Who do I speak to?

I assume it hit your credit report?? How late? I believe the creditor can have it removed, although they are usually very hard about it. Perhaps with Covid they will be more understanding.