Has the credit score system changed recently?

Question

I was shocked to see my credit score dropped by 100 points yesterday. From 778 to 666. I checked my credit report, everything is the same, good solid report yet the FICO dropped 100 points. How is this possible? Nothing in my credit has changed it has been constant since a year ago in the mid 700's. I have no new accounts, I have NEVER been late, no inquiries. Nothing from my part. How can this happen?

Answer 1

yes its changed. The so called credit score is not even used by most lenders now they have a modified version of the fico it being phased out for a while now.

The lenders changed it because of the ineffeciencies in the credit score and wildly reporting innacuracies from the three top guns.

I would not sweat it the "credit score" is now pretty much meaningless.

Answer 2

This is tricky t explain, so read carefully!

1. There are many different types of scores Beacon, Empirica, Experian all 3 referred to as the FICO (Fair Isaac and Company) as well as over a thousand resellers that have their own system.
If you have bought your report from a reseller, it is likely it is completely wrong!

2. There is a new scoring system announced in March 2006 called the Vantage Score that all 3 bureaus and the new 4th Bureau Innovis will be using and is on a scale from 501-990 but it is not being used as of yet.

3. If you really want to know your true score you will need to get a three bureau professional mortgage report and you will get 3 scores. You should take the middle score and assume that is your score.


Heres a good page on FICO scores and on the same site, you should request a credit analysis, very informative.

http://www.expert-credit-advice.com/credit_score.htm
http://www.expert-credit-advice.com/request_analysis.htm

This is the best answer!

Answer 3

Speaking as a nationally known credit score and lending expert (book, radio shows, newspaper column, etc).....

Yes, it changed a little in July regarding "authorized user" accounts, but this does not account for the score drop you experienced.

However the MANNER in which the scores were pulled could account for some of this. For example, was the original score found when you went to a site on the internet, and then you applied for credit somewhere and they told you the score(s) they pulled?

I have found that there are large difference between the scores consumers get and the scores various types of creditors get. Additionally, there are many others kinds of scores. Mortgages, auto lenders, landlords will all pull different scores because there are different score programs made by FICO.

And finally, like any software program, the FICO programs have glitches.

Answer 4

Have you raised the balance on any credit cards? High Balance to Limit ratios will drop your scores too.

Answer 5

you should definitely, call them up and ask what happen........ b/c to my knowledge nothing has changed at all.