credit score dropped 100 points

J

jeffd

Dryer sheet wannabe
Joined
Apr 21, 2010
Messages
20
Hi, I have a question about my credit score and getting my free yearly report.

I have a cc account and home loan with chase and they have a credit score app
that lets you check weekly. So I started checking it just to see and it's been at about 810-822 for quite awhile(bought new car in 2016 and it was 822 then)
and about 3 weeks ago I checked and it was mid 700's,last week low 700's !!

I have not changed anything,so I'm a little concerned to say the least. So I tried to do the free online report for the big 3 but it says it wont send an online report, there were no errors on my form.

I really don't want to mail copies of my ss card or dl or some of the others they requested if I can avoid it.

So long story short, have any of you been able to do the online check or should I not worry about it and just mail it in? Thanks
 
It just goes to prove the limited usefulness of the whole credit scoring and reporting system. Unfortunately, we are probably stuck with it.
 
For that big of a change I would definitely get a more detailed report. Something sounds very off. I'd probably also do an credit freeze asap as well, until you find out what is going on.
 
Thanks for the response, I already froze the 3 about 1-1 1/2 ago. I was wondering though why do they have the online request for reports if they're not going to give you the report, am I missing something? If I went to my bank
can they run a report for me?
 
Try creditkarma.com. It allows one to check their score at two of the big three once a week.
 
Niuatoputapu said:
Try creditkarma.com. It allows one to check their score at two of the big three once a week.
Click to expand...

+1. I use Credit Karma as one of my warning checks with fraud amongst other checks.
Cost nothing.
 
When our identity was stolen, or better said a business account was opened in DH name without his knowledge, my cc score went down 30 pts. After correcting the mess and I mean mess, took about 6 months and credit score went back up. Credit score going down 100 points, big problem there.
 
I bought a new riding mower with my credit card and it dropped my score a fair amount. After I paid the next bill, it jumped back up.
 
Get onto a site like Credit Karma and see if anything unusual happened. This could be a mistake on somebody's part, or it could be a sign that criminals are faking your identity and running up big unpaid bills in your name. If so, you need to get on that fast.

After you get your credit reports from all three agencies (TransUnion, Equifax and Experian ) make sure you freeze all three accounts, ASAP. Keep in mind that since the Equifax breach, many of us have lost control of our identity information. It's out there, in the wild, for the bad guys to use.
 
Hi again and thanks for the help !

I have been trying to register at credit karma but it stalls at step 3 because I have a freeze at trans union. so went and temporarily lifted at all 3 effective today, so how long should it take for credit karma be able to finish registration?

Sorry for all the questions,just a little concerned. Thanks again
 
I froze our credit last fall after the Equifax breach. I needed to unfreeze it back in the winter to install Dish TV at our winter home. Could not get it unthawed, ended up getting a roof top antenna and a smart tv. Our neighbor shares his internet so we got by ok. We tried for two weeks to unfreeze it. Equifax would tell us it was NOT froze, but the folks at Dish were not able to run a credit check. It has become unfroze sometime since, but now I'm leary of freezing again.
 
OP
My chase account includes a monthly or weekly credit report (1 bureau) with quite a bit of detail if you drill down. I think it’s called Credit Journey and also has a ‘what if’ credit score simulator. Have you tried that?
 
calico1597 said:
I froze our credit last fall after the Equifax breach. I needed to unfreeze it back in the winter to install Dish TV at our winter home. Could not get it unthawed, ended up getting a roof top antenna and a smart tv. Our neighbor shares his internet so we got by ok. We tried for two weeks to unfreeze it. Equifax would tell us it was NOT froze, but the folks at Dish were not able to run a credit check. It has become unfroze sometime since, but now I'm leary of freezing again.
Click to expand...

Maybe Dish is using one of the other reporting agencies and not Equifax?
 
travelover said:
I bought a new riding mower with my credit card and it dropped my score a fair amount. After I paid the next bill, it jumped back up.
Click to expand...

That reminded me...back in 2016 I had a credit card that let me do balance transfers with 0% for something like 18 months, and a low transfer fee. So, over the course of a few months, I charged EVERYTHING, including a new riding mower, on one credit card, and used the balance transfers to pay it off. I figured it was akin to borrowing money at around 2% for 18 months.

Anyway, at its peak I think I got that credit card up to around $14K in balance transfers. But then, I saw what it did to my credit score. I had been around 820-825, according to Credit Karma. But, once I had that big 0% balance, I got dinged hard and knocked down to around 790. Even though my overall credit utilization was only around 10%, I got hit because on that one card the limit was $15K, and they didn't like the fact that I was near the limit. Nevermind all the other credit cards I had that had a zero balance...they just focused on that one.

I think once I got the balance down to around 50% on that one card, my score started going up.
 
I get twitchy when my credit score drops more than 10 points and start seeking an answer which in my case a 10 point swing is normal, a 100 point move would send me off the deep end.
 
Lewis Clark said:
It just goes to prove the limited usefulness of the whole credit scoring and reporting system. Unfortunately, we are probably stuck with it.
Click to expand...

Actually the credit scoring system does work. I use credit Karma(free service) often to get a quick snapshot of my entire credit picture. Thats 2 minutes to see everything and not hassle with a credit freeze.

If there is a change to my credit score or new activity, credit Karma will notify me immediately to confirm it.

My score is now 820 on credit karma so if it dropped to 720 I would be able to see the reason for the score change.

The cool thing about credit karma is that they explain in detail why your credit score is what it is.
 
Andre1969 said:
That reminded me...back in 2016 I had a credit card that let me do balance transfers with 0% for something like 18 months, and a low transfer fee. So, over the course of a few months, I charged EVERYTHING, including a new riding mower, on one credit card, and used the balance transfers to pay it off. I figured it was akin to borrowing money at around 2% for 18 months.



Anyway, at its peak I think I got that credit card up to around $14K in balance transfers. But then, I saw what it did to my credit score. I had been around 820-825, according to Credit Karma. But, once I had that big 0% balance, I got dinged hard and knocked down to around 790. Even though my overall credit utilization was only around 10%, I got hit because on that one card the limit was $15K, and they didn't like the fact that I was near the limit. Nevermind all the other credit cards I had that had a zero balance...they just focused on that one.



I think once I got the balance down to around 50% on that one card, my score started going up.
Click to expand...



Disclaimer: while I do believe credit history is a reasonable way to assess credit worthiness, the idea of a credit score as typically utilized is just a scam in my opinion to generate revenue from data. That said, I have frequently queried credit scoring “experts” about the issue of xfering balances to a card with favorable terms which does not impact overall utilization ratio. The response to my queries ranged from crickets to vague comments like “ it should not affect my score, but it might. “. I suspect the formula does punish borrowers that attempt to benefit from favorable balance xfer terms.
 
Self checking, and monitoring checks do not count as credit inquiries and should have no impact on score.I have two services which do this monthly and my score rarely budges more than 5 points.
 
Aerides said:
Self checking, and monitoring checks do not count as credit inquiries and should have no impact on score.I have two services which do this monthly and my score rarely budges more than 5 points.
Click to expand...


Agreed. It's the so-called 'hard' inquiries such as when one takes out a car loan, that can bring the score down. Some CC companies check your score monthly, maybe more often if they get nervous for some reason.
 
About 15 years ago DH had major medical bills. We thought everything was paid-either by the insurance company or by us. All (or at least almost all) of our credit was joint credit.

His score was about 100 points less than mine.


We found out the cause--he had a $30-$40 medical bill that was never paid. All of our other credit scores were the same.

Turns out the medical facility admitted that they never sent a balance bill to us (and we never received anything from a collections agency, etc) they just reported him as non-paying. We never knew about the bill.
 
Thanks everyone for the help! I sent an e-mail to the help line on their credit journey site(takes 3 days to hear back).Did some digging around on there and had no alerts or concerns show up,no lates. I always pay the balance in full so it's confusing. Tried a few minutes ago to finish registering on credit karma but it stills says they are froze so maybe because it's the weekend?

I will have to bite the bullet and send in for the reports,I just don't like sending that much personal info through the mail !! Thanks again and I'll let you know how it turns out.
 
Use annualcreditreport.com

Only reliable and free site that I am aware of. Can get a copy of your report from any or all of the big 3 credit bureaus.

I've got zero use for kredit karma. Their scoring model is way different than what is used in the lending industry.
 
Backpacker said:
Use annualcreditreport.com

Only reliable and free site that I am aware of. Can get a copy of your report from any or all of the big 3 credit bureaus.

I've got zero use for kredit karma. Their scoring model is way different than what is used in the lending industry.
Click to expand...

Supposedly over 80 million people use Credit Karma. They must be doing something right.

The real value of credit Karma is being able to see all your accounts and just check everything in a few minutes. Its pretty amazing.

The score is ballpark.
 
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