What is going on with my credit score?
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Krystle wants to know:
I had my credit score pulled from Experian a few months ago. I just had it pulled again and it has dropped 21 points. My credit score with Experian is almost 100 points less then the other 2 agencies. I have not had any negative activity in years! I never pay anything late! I have tried calling the 1-800 #’s but that hasn’t been any help. Does anyone have any ideas why it would drop so much so quick or what I should do? I don’t think it is fraud because there is nothing on the report I don’t know of.
I checked and my limits have not been lowered. I got approved for my loan but am just concerned why one score would be so much lower than the other two.
I had my credit score pulled from Experian a few months ago. I just had it pulled again and it has dropped 21 points. My credit score with Experian is almost 100 points less then the other 2 agencies. I have not had any negative activity in years! I never pay anything late! I have tried calling the 1-800 #’s but that hasn’t been any help. Does anyone have any ideas why it would drop so much so quick or what I should do? I don’t think it is fraud because there is nothing on the report I don’t know of.
I checked and my limits have not been lowered. I got approved for my loan but am just concerned why one score would be so much lower than the other two.
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Tagged with: Credit Score • Experian
Filed under: Credit Reports
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Hi
Before aswering it is probably worth clearing up exactly what the ‘score’ experian give you means- no lender ever refers to this score and it is never given to anyone except you. Lenders instead approach the credit agencies with a set of criteria (for example some will want borrowers who have never missed a payment; others will only want lenders with a certian amount of credit avaialble to them etc- these criteria are specific to each lender and generally kept secret from consumers). The credit agency then simiply says yes or no depending on if you meet the criteria.
The score from experian gives you a general idea of, across the market, how likely you are to get a loan. To cut a long story short all banks are tightening their lending criteria at the moment and therefore the general chance of ANYONE getting a loan has reduced. Hence your score has dropped.
I wouldn’t take it personally!
If the credit limit was reduced on some of your credit cards, then your score will drop. The available credit less balance owed has a big impact on the score. Many companies are now reducing limits without telling customers.
If you had recently applied for a loan, more than likely the 21 point drop is due to the inquiries from the loan and also the reporting of the new account.
Scores are rarely the same when compared to each other.
Not all lenders report to all of the consumer reporting agencies. Some may report to one or two but not report on the other.
Not all lenders update new information to all of the CRA’s at the same exact time.
In my experience they are lowered when your credit card amount is 40% to your limit. You must lowered the balance on the cards in order to see a higher credit score and lower interest.