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Question By
harrythedog100

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why did my credit score drop 40 points

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Credit Game

Helpful to 55 out of 59 people

To: Everyone

I have experienced the same issue along with everyone else on this forum, a dramatic loss in points by Equifax (60 points) overnight! Now I consider myself a credit guru, being that I have been dealing with this credit game for at least 20yrs. I have some of the most sought out credit cards, cars, and loans due to outstanding credit history and score. This is a total slap in the face to the American people who work so hard to achieve their scores and credit history from the challenges of this world. My score changed overnight, which I check daily cause things can pop-up on your report overnight and the sooner you discover it, the more likely you can get it removed from my experience. The key is nothing has changed on my credit report from the previous day to the new report except decreases in balances. This should cause an increase in score not a severe point loss. I did not pay off and close any accounts nor utilize over 30% percent of my cards, or any other method that would or should cause a decrease in score. I emailed Credit Karma for some insight on this error, they replied with this link to why credit scores can drop instantly which is BS in my book. We all know that Credit Karma has a different scoring model than Fico. There's about a 30-50 point difference in score. If Credit Karma has this dramatic drop in score, you could only imagine what Fico score would look like. I know that contacting the Credit Bureau will not do anything, they will give you the same story that goes like this( Sorry we don't have control over the score it is generated on it's own and we don't know why the score dropped!) been there, done that! My opinion I think it's political, because this has only happened to people with decent credit scores. If your're going to take points away from me, give me a credit card or give me  some kind of approval for something in value. Don't just screw me with no vaseline! I  can make my own points drop without help! What if someone was rebuilding their credit or purchasing that dream house, car, furniture ect.... and this happened? That's enough to send someone into a rage or depression. Credit is our lively hood these days and playing games with the system is just another way to rip off the American people. I know this didn't help getting your scores back, but I hope it help relieve some frustration that you suffered from Credit game. We're all in this together! I'm still ****ed off! Lol......

5 Contributions
31 People Helped
Helpful to 20 out of 23 people

Enter Your ReplyCredit dropped overnight with NO expanation at all in ONE NIGHT !! MY credit card is 0zero balance, 100 percent payment history, no explanation for drop. .100 point difference between transunion & equifax.  ..ITS A SCAM. I went from GOOD to it NEEDS WORK. . with NO NO NO reason !!!!!!!!!!

my score w transunion 697Credit dropped overnight with NO expanation at all in ONE NIGHT !! MY credit card is 0zero balance, 100 percent payment history, no explanation for drop. .100 point difference between transunion & equifax.  ..ITS A SCAM. I went from GOOD to it NEEDS WORK. . with NO NO NO reason !!!!!!!!!!

my score w transunion 697

equifax dropped to 620 SAYS NEEDS WORK. !!!!!! NO LATE PAYMENTS. . 100% PAYMENTS, NO INQUIRIES

IM SINGLE MOM & HAVE KILLED MYSELF TO IMPROVE CREDIT TO RENT APARTMENT FOR MY KIDS. . NOW I AM DISAPPROVED. . 

equifax dropped to 620 SAYS NEEDS WORK. !!!!!! NO LATE PAYMENTS. . 100% PAYMENTS, NO INQUIRIES

IM SINGLE MOM & HAVE KILLED MYSELF TO IMPROVE CREDIT TO RENT APARTMENT FOR MY KIDS. . NOW I AM DISAPPROVED. . 

I CALL EQUIFAX & ALL MY SENSITIVE INFORMATION AND CALL IS REROUTED TO 3RD WORLD COUNTRIES, HELP WITH NOTHING, KNOW NOTHING.. HORRIBLE .. ready to shoot myself in head. ..  cannot win in this world

Reply by
Jkinabru

3 Contributions
15 People Helped
Helpful to 11 out of 11 people

Enter Your ReplySame thing just happened to me. After doing a bunch a research into why it could have happened, I finally have come to believe that it's a scam and a way to get you to go to Transunion and pay for a monthly subscription. I almost did go to Transunion and do so to try and get to the bottom of why it dropped so much. Then I changed my mind. Since then I get an average of 3 emails a day from Tranunion basically trying every other tactic in the book to fear, guilt, or shame you into openning an account with them. In the end I have just accepted that just like everything else in this country, it's just a game with no ryme or reason other than to manipulate people into buying things. I don't think they understand that they are cutting their own throat. Many I talk to are growing weary of the never ending BS. They are returning to minimalist lifestyles and are cutting up thier credit cards. Others are diversifying and starting to explore crytocurrency and old school bartering of skills and services. 

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Reply by
Aimit12

124 Contributions
82 People Helped
Helpful to 5 out of 9 people

Lexington Law is a huge rip-off scam. They tell you that they will fix your credit, they make very big promises to get you to sign their contract. You pay the monthly payments and getting nothing in return. I used them for over a year and 8 months and my credit scores actually went down. We had a very sick child and had a lot of medical collections and because they inquired about those to try and dispute them it basically quote refreshed the debt thus making our scores lower. We were young and dumb back then. I recommend yatesnovakovic @ g m a i l . c  o m. He is a genius, get through with him today and you will be glad you did. He saved us from Financial ruins and bankruptcy...He deleted all the hard inquiries, BK on our credit report and then proceeded to improving our credit score to the early 800's 

Reply by
Tammerly0808

1 Contribution
0 People Helped

You are spot on!  I have worked so hard to bring up my credit score over the past year to a 658 (added 110 points!) with the sole goal of qualifying for a mortgage.  I paid off my debts, medical collections, all of it.  Yesterday, I received a notification that my score dropped 52 points (almost HALFof the gains I made in a year).  Nothing had change except that my previous paid for mortgage from 2010 "dropped off" and my score dropped. No late payments, no collections added.  All that I could find to explain it was that paid mortgage fell off.  The system of scoring is a racket and a rip off. I am one of those people who have worked really hard to rebuild and was within a month from applying for a mortgage.  Now I won't qualify and I have no idea how long it will take me to get those points back - especially when the rates are creeping back up. I also used the "score simulator" and nothing I could do would add mre than 12 points.  Congress should do something useful and tackle this broken system of scoring. After reading other people's experiences, I am really depressed.....

Reply by
Thethrue

3 Contributions
0 People Helped

If you pay off a loan, credit cards, car loans, or other kind of credit they look at you as a potential success person, and that cant happen or they dont want that happen and their most important allied is CREDIT BUROUS, lets said that you are not a good candidate for them, because you will not pay a high interest or higher fees that let them be more rich an you more poor, otherwise everyone that are able to rich that point and expecting the credit score goes up will be able to get more credit at lower cost, AND THAT IS NOT THEIR REASONS TO DO A BUSINESS,the financial institutes like the people pay higher rates, fees and go on because they will gain more money, thats why they uses any kind of NO UNDERSTANDABLE RULES FOR REGULAR PEOPLES IN ORDER TO GET THE MORE ADVANTAGES AS POSIBLE, and that is not the worse the worse the most is that THE GOVERNMENT IS NOT DOING NOTHING TO OBLIGATE THOSE ROBBERS TO EXPLAIN AND DO A FAIRLY RULES ABOUT THE CREDIT PROCESS BECAUSE THEY ARE PART OF THEIR CLOSED CIRCLE, this is some of the reasons that the credit score inexplicably drop instead of rising as expected, If Im millionair I DONT NEED TO UNDERSTAND OR UTILIZE CREDIT AT ALL !!!! , dont you guys thing soooo!!!Enter Your Reply

Reply by
Kc7lgt

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0 People Helped

Enter I just had this happen to me for the second time. I called EquiQUACKS and the same exact line. "We don't have control over it. A few years back they were caught lowering scores of conservative voters. I kinda fit that denomination and make plenty of posts on Social media to that effect. This is also to keep hard working responsible Americans down. Our biggest mistake as a nation was going off our cash based society into a credit based society. 1913 was a huge mistake. I think I am going to contact an attorney because I know they can fix it, it's just the lower level minions who answer the phones can't. I had the same thing happen, balances decrease and they either don't give me any rise in the score or the don't change it at all or lower it. I have a 100% payment history and not once did I pay late. It doesn't take long to know the whole system is a scam. I even called Capital One and Credit One and they said they are dead wrong. I think the only way to fight them is with an attorney. That's my next step. I even have a new vehical that I pay down 400 a month on time every time for 7 months now and they are ignoring it. The payments made post to my report and they have yet to give me one point for it but you can rest assure if I miss 20 bucks out of the 400 they points will drop faster then Tower 2 on 911. It's a shame designed to keep hard working responsible Americans from getting ahead. Reply

1 Contribution
9 People Helped

Dropped 32 points

Helpful to 9 out of 9 people

Interesting that everyone on here is having the same issue in March 2018. Something screwy is going on, but CK won't come clean. I've went through both credit reports wondering if someone tried to get credit in my name. Can't find anything. Only my normal monthly payments on all of my credit accounts. Its definitely aggravating when you're working hard to make perfect payment history

Reply by
qatmama

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3 People Helped
Helpful to 3 out of 4 people

get this: i just posted a quesiton..i had to upen a fraud dispute and  my credit scotr had plummeted by 150 points. my payments are 100%, my card us is low, i have no hard inquiries, NOTHING negative.. ck hasn't helped but to tell me "gee, that's horrible.... lool at the community boards".. seriously?!

1 Contribution
5 People Helped

Helpful to 5 out of 5 people

Mine dropped 26 points, and I was wondering why too!

1 Contribution
4 People Helped

74 pt drop overnight

Helpful to 4 out of 4 people

Same here, was pts away from an excellent score. No explanation, making on time double payments, paid off personal loan that was reported as "closed" and BOOM, I feel betrayed. Worked hard to achieve my score then they took it away for what reason? Paying on time? Bringing my balances down?

Reply by
yaegerl

4 Contributions
4 People Helped
Helpful to 3 out of 3 people

That's exactly it. I got a car loan 5 years ago and was doing my best to pay it off early because a decade ago it was seen as a positive thing to pay off loans early. Not any more. Now the banks see a loss in revenue and penalize you for paying off a loan, early or on time.  I've been dragging out my car loan by paying $10 a month to hopefully reduce the hit to my credit score when it is paid off.

Lenders want interest payments. Rates have dropped, they are collecting less revenue so they punish the borrower by dropping their score. The next loan you get, the higher interest rate you're charged and the lender gers more money. 

Who do you think you are paying your bills and living within your means! You must be punished for that!

Reply by
Kbogdanoff1

2 Contributions
0 People Helped

Ditto

on time payments

liwered my balances

and was robbed of my score that took years to repIr

recoveted from devastating financial ruin 

It’s shocking and cold

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Reply by
Jensetter04

453 Contributions
79 People Helped
Helpful to 0 out of 4 people

Hello Everyone, for the past 18 months, I have been battling with my credit score because it was very low, until I met this programmer and senior tech analyst (sgiacalone03 @ gmail . com) through a friend of mine. He helped increase my credit score from 435 to 780. I was really surprised that he helped me do it within 7 days, even though I doubted him at first because he told me to pay an upfront service charge, before any action can take place. After I paid a little upfront fee. he got my credit report fixed within 5-6  days, my credit score increased. He also cleans up chexsystem report and the DUI report. You have 110% guarantee of a clean and safe job from him therefore, I advise you contact him (sgiacalone03 @ gmail . com.) for a similar service. He is completely good and trust worthy. You will be glad you send him a message

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3 People Helped

Score drop a bug, maybe.

Helpful to 3 out of 3 people

I, too, have seen a drastic drop from "amost perfect" to the lower 800's. I suspect a "bug" because my credit card amounts owed are correctly noted as to the LOWER amounts outstanding, YET CK says the usage has INCREASED. That, of course, is a mathematical impossibility. Given that many others are reporting a sudden drop, as well, I wonder if there is a bug. Otherwise, the credit agencies themselves may have adopted some new calculation. Just don't know.

But I'm not too worried, about this, because my payment record and control of my credit speaks for itself. 

Reply by
yaegerl

4 Contributions
4 People Helped
Helpful to 1 out of 1 people

I contacted CK about an unknown 20 point drop overnight. They said they got their info directly from the credit agencies and had no idea why it dropped. I did the 20 question thing back and forth by email.  A week later, my score was back to what it was previously. My CK report no longer showed there ever was a drop in my score history. CK had no explanation. It is a racket. 

1 Contribution
1 Person Helped

Helpful to 1 out of 1 people

Enter Your Reply Wow this just happened to me. I been working at building my score and using CK to track it. Then I finally get it to a hgh 600s and applying for a home loan and 2 weeks later. boom...my score is down 43 point?!!!! WTF 

So I'm guessing CK is no longer an honest option. Does anyone have any other suggestions?

3 Contributions
15 People Helped

35 point drop from April to May

Helpful to 3 out of 4 people

Sadly I don't think there is a reason that is going to make anyone feel better about it. Other than manipulating poeple into go into a frenzy and spending money on services trying to find out. Chock it up to the same as gas prices always going up in late spring and around the holidays. I also don't believe that any of the agencies are on the same page. I have CK telling me that my score is down 35 points with Transunion, up 5 points with Equifax even though nothing has changed on either other than balances getting lower. What's intersting too is I did a soft inquiry with Lending Tree to possibly refinance my auto loan and I just got an offer from a place affiliated with Goldmen Sachs offering me rates and what they had stated my credit score was on their records was 20 points higher than it was before the strange drop. So which is it? All said and done I'm starting to think that we are all generated a ball park generic score to keep us pacified while their system of setting our score is privy only to them. I could be wrong but you would think this wouldn't be such a pain in the arse with technology and information being what it is today. Unfortunately history has shown marketing has never been an honest practice that is truly looking out for everyones best interests. 

1 Contribution
1 Person Helped

Points Dropped

Helpful to 1 out of 1 people

My credit score dropped 40 points. Dont have clue why. Since nothing has changed. Paid off car loan in Narch 2017. Obtained another loan in September. And the recommendation from Credit Katma is to obtain another credit card. This seems to be a sham. As this has always been their recommendations even prior to my points dropped.

1 Contribution
2 People Helped

Does credit really define who you are?

Helpful to 2 out of 3 people

So this has become the norm of credit karma. From what I’ve seen 2 months in a row a 60 point drop in both Transunion and Equifax. The first time the scores went back up to where they originally were plus an extra few points from doing good.

So now for the second time it has dropped a whopping 60 points from 715 to 655. I know it’s horrible to look at but it’s either a scam or some kind of cruel game, or just plain marketing as mentioned above by another poster. I’m sure it will go back up plus the new rise from paying everything down. Even if it doesn’t, who cares, there’s more to this world than credit.

I know credit is supposedly how some are defined but credit shouldn’t define who you are in this illusion called the matrix. So just continue doing good, and don’t worry about. 

Reply by
moe1278201

8 Contributions
49 People Helped

King Matrix, Mine too except mine didn't go back up, it continues to drop and the only difference is i paid my mortgage off in July 2018, August 60 point drop and September 10 point drop and oh yea in October up 1 point wow even though my credit utilization has gone down. I don't underestand it. I first of all thought it was just Credit Karma, but when i check some of my credit cards that offer free scores most of them reflect these low scores. I give up on ever obtaining a good credit score.

2 Contributions
0 People Helped

Score dropped 108 points

My score dropped 108 points today only changes it shows is 3 hard inquiries were REMOVED from my credit report from where I applied for a car loan 2 years ago and a few loan companies check my credit I would think my score would have went up if the hard inquiries were removed but to my shock it dropped 108 point I just don't understand WHY??? Something has got to be wrong

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