TransUnion and Equifax drop

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Grupet
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TransUnion and Equifax drop

Postby Grupet » Sat May 30, 2015 11:11 am

I just went on Credit Karma, as I do every week, and for some reason my TransUnion CS dropped -20pt. and my EquiFax dropped -55pt.
It's the first time in a long time it has dropped. My CS was finally over 800, but now for no reason (not that I know of) the TransUnion is now 783 and The Equifax is now 748.

Anybody has any idea of why that is?
Is there anyway to find out?

Thanks
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flan
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Re: TransUnion and Equifax drop

Postby flan » Sat May 30, 2015 11:23 am

Grupet wrote:I just went on Credit Karma, as I do every week, and for some reason my TransUnion CS dropped -20pt. and my EquiFax dropped -55pt.
It's the first time in a long time it has dropped. My CS was finally over 800, but now for no reason (not that I know of) the TransUnion is now 783 and The Equifax is now 748.

Anybody has any idea of why that is?
Is there anyway to find out?

Thanks


Soemthing changed. Did an installment account (like a car loan) get paid off? Did something report a higher than normal balance?

Grupet
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Re: TransUnion and Equifax drop

Postby Grupet » Sun May 31, 2015 9:48 am

flan wrote:
Grupet wrote:I just went on Credit Karma, as I do every week, and for some reason my TransUnion CS dropped -20pt. and my EquiFax dropped -55pt.
It's the first time in a long time it has dropped. My CS was finally over 800, but now for no reason (not that I know of) the TransUnion is now 783 and The Equifax is now 748.

Anybody has any idea of why that is?
Is there anyway to find out?

Thanks


Soemthing changed. Did an installment account (like a car loan) get paid off? Did something report a higher than normal balance?


No, nothing like that. Nothing change.
I have no credit inquiries, no late payments. The only thing that went from excellent to good on my Equifax is my credit card utilization, that went from 9% to 12%. But would that really make a -55pt drop? (It is only because I bought the new 5K iMac)
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flan
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Re: TransUnion and Equifax drop

Postby flan » Sun May 31, 2015 9:33 pm

Grupet wrote:
flan wrote:
Grupet wrote:I just went on Credit Karma, as I do every week, and for some reason my TransUnion CS dropped -20pt. and my EquiFax dropped -55pt.
It's the first time in a long time it has dropped. My CS was finally over 800, but now for no reason (not that I know of) the TransUnion is now 783 and The Equifax is now 748.

Anybody has any idea of why that is?
Is there anyway to find out?

Thanks


Soemthing changed. Did an installment account (like a car loan) get paid off? Did something report a higher than normal balance?


No, nothing like that. Nothing change.
I have no credit inquiries, no late payments. The only thing that went from excellent to good on my Equifax is my credit card utilization, that went from 9% to 12%. But would that really make a -55pt drop? (It is only because I bought the new 5K iMac)


12% is your total utilization (sum all your credit car limits, divide by total balance). What's the utilization on the card you boutght the mac with? Betcha it's a lot higher than 12%.

So, nothing changed, except your utilization shot through the roof. Utilization is the second most important factor in most fico scoring. so, yeah, a card going from zero to 30% or more can cause a drop like that. I'd bet the utilization was reported at more like 70 or 80%.

takeshi
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Re: TransUnion and Equifax drop

Postby takeshi » Mon Jun 01, 2015 8:11 am

Could be utilization but you'd need to carefully review reports before and after the change to determine the cause(s). You have access to your historical reports via CK.

Grupet
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Re: TransUnion and Equifax drop

Postby Grupet » Mon Jun 01, 2015 9:09 am

12% is your total utilization (sum all your credit car limits, divide by total balance). What's the utilization on the card you boutght the mac with? Betcha it's a lot higher than 12%.

So, nothing changed, except your utilization shot through the roof. Utilization is the second most important factor in most fico scoring. so, yeah, a card going from zero to 30% or more can cause a drop like that. I'd bet the utilization was reported at more like 70 or 80%.



Hmmm...
thats interesting... my max on that card (Chase, Southwest) is $18K and I paid just short of $3600 for the iMac.
So it would have been better to use my Amex Platinum for something like that, since it has no spending limit?

This system is just ridiculous. You have a $18 spending limit, but can only use $1500-1600 or else you will see a major drop in your CS.
Is it just me, or is that just ridiculous?
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