How can my score be LOWERED by 40 points with no change on the credit report???? I am SUPPOSED to close on a house this Tuesday and when they pulled a 2nd credit report it had lowered by 40 points and there is no explination to why!!! Any ideas how it can lower that much with no reasoning??? HELP!!!
Are you sure that no information changed? No new inquiries? Did you have a tradeline that was under investigation. If your original FICO score was done while a tradeline was being investigated it can not be included in the scoring. If that same tradeline has been verified and is no longer under investigation it would then be included in the new FICO score and could have lowered it.
Score change daily because your finanacial picture changes daily as well. Remember that very little thing on your report ... Good or bad has an effect on your score. I can think of several reasons your score would have dropped. Assume that absolute nothing happened since the report was pulled. The report it's self is a hard inquire for credit. That would lower your score soon after it is pulled. There are many more reasons.
Nothing has been investigated or changed withen the last 30 days. (1st report was pulled end of Jan , 2nd pulled this week) All bills have been paid on time. The only inquiries that I know of have been for getting financed for our house, but the broker said that it would not drop it. Actually, My husband cancelled a few of his credit cards that he had paid off...he had about 5 cards and just cancelled 3 store cards (like Foley's, JC Pennys) Would this drop a rating?? If so is there anyway to get it back up quick...I just need 40 points...aaagh!
Yes, This changes your total utilization when these accounts are closed. Your debt to CL utilization is higher which has an adverse effect on FICO.
