does anyone know what to do if your credit score drops fifty points for no reason?

Question

I already checked with fica,equifax,and they can't explain. I have no late payments,no delinquencies, or outstanding balances.

Answer 1

It sucks, doesn't it? I'm on a credit monitoring site and I can literally print it out and compare it to a few days later, and the reports are IDENTICAL-- even including inquiries-- and there's a 60 point difference! I hate it.-- and it seems to be unexplainable. NOT FAIR at all.

edited to add: everytime someone asks a question like this-- everyone is quick to assume that the person HAD to have changed something on their report-- inquires or something-- to do this.

A pre-approval offer DOES NOT effect your credit score. YOU have to apply for it. And also, its not automatically 3 points-- an inquiry can drop it much more than 3 points.

But i'm with you onthis one-- i know that it can drop for aparently no reason-- but as far as repercussions? Dont think you can do much. :-(

Answer 2

It doesn't just drop for NO reason. There has to be something that changed. Take a look at myfico.com for what factors they use to determine credit score. Your balances, availability of credit, date of payment, something had to change from previous score date. Remember that credit score is like an "instant" picture at a particular time...........it changes depending upon how your bureau looks at the time your score is checked.

Answer 3

Have you applied for any credit cards recently, or received a flurry of credit card offers?

Every time a creditor does a "hard pull" on your credit, you lose 3 points. I'm not sure what the penalty is if you have a dozen "pre-approved" credit card offers come in - it depends on how they check your credit before making the offer, but at 3 points a pull, that's 48 points.

It's not just a matter of making payments on time - it's also a matter of who's looking.