Good evening everyone, I was just updating our CR's on truecredit and my wifes experian dropped from 567 to 538. The only change on her report was that the mortgage got sold to another company and t just hit her experian report. Is it such a large drop because it is showing as a new TL with no real pmt history? And if that's the case, shouldn't the old mtg being satisfied help the credit more? Any thoughts or reasoning would be greatly appreciated.
Has the old mortgage TL been updated to show $0 balance? Or does it look like she has 2 mortgages, both with balances? How does the new mortgage TL look? Does it indicate when the loan originally started?
The old mortgage TL shows closed (transferred), and the balance is blank, and the remarks say that it was transferred to another lender. The new TL shows when the loan opened, the payment amount, and everything looks good.
Yes it does, but it shows that there was only 1 payment made on time, could that be what is hurting it?
Are you all having discussions about FAKO scores? Why bother? TC does not sell FICO scores, no lender uses FAKO scores for credit decisions, so what is the point whether a FAKO score moves? The whole point in their status as FAKO scores is the flawed model, which is precisely what is failing in this situation. Correct?
I figured if the FAKO score drops, wouldn't that also mean that the FICO dropped as well? If not, then it obviously doesn't matter.
