FICO SCORES NOT UPDATING

[rjordon]

Look at this from MYFICO on 1/27/23:

• January 27th 2023 - Account Information from Equifax. Descriptors for an account listed on your credit report have been updated

Equifax+0 647

Descriptors for an account listed on your credit report have been updated

Credit change

• Company

CAPITAL ONE

• Balance

$34.00

• Account number

************3579

• Date Opened

4/1/2022

[rjordon]

NOW look at this from MyFICO on 1/28/23:

1/29/2023January 29th 2023

• January 29th 2023 - Account Information from Equifax. Descriptors for an account listed on your credit report have been updated [Your FICO Score 8 based on Equifax data is down by 46 points to 601.]

  Equifax-46 601

  Descriptors for an account listed on your credit report have been updated

  Credit change

  • Company

    CAPITAL ONE
  • Balance

    $0.00

    Account number

    ************3579

    Date Opened

    4/1/2022

[Remedios]

@rjordon please help me understand, you said you had no negatives but scores in low to mid 600s and rebuilder cards indicate otherwise 

So, which negatives do you have?  

[rjordon]

I didn't pay my car note on time with Truist Bank on 11/1/22 because I planned on paying it off on 11/28/22, which i did however Truist Bank reported the 30 days late. I've talked with Truist Bank and they approved to remove the negative from my credit reports howver that hasn't been done yet. I had 60k debt that I paid all accounts off 11/30/22, that some are still showing on the reports however they are good accounts. The only negative is the 30 day late payment & the high credit usages (paid off Nov) & many mistakes that I've disputed on my reports is the reason of the low scoring. When I bought my house in 2016 my scores were in the high 700's, never really pay attention to them because I had the house, and 3 vehicles, furtiture, credit cards etc so when I sold my house in Nov.2022 I paid everything off so I thought, cool I'll buy another house in the process my lender said my score was 518! Anywho, with disputing it's slowly rising again. The Equifax was 647 but on 1/29/23 it dropped 46 points & per the FICO supervisor it's because I paid the Capital One card to zero balance. The cards are not rebuilding cards taht I'm aware of, I chose these low credit cards so I won't get to far over my head in debt. The Merrick card i've had for 5 years is $1200 limit.

[Remedios]

Okay, one more question for you, the auto loan you just paid off, was it your only open loan?

[rjordon]

No, I had a Carmax loan for $25k, never late good account paid in full 11/30/22. House note, never late for 6 years sold, paid in full 11/28/22, Premier Bank loan 3500.00, never late paid in full 11/30, Personify loan $5,000 never late paid in full 12/5/22. I had a few more, but as I mentioned all are good accounts, no late payments other than that car note with Truist Bank reported 30 days late. The 46 point drop was due to the Capital One card paid to zero balance per the myFICO rep and shows on the my fico account notification. I copied & pasted the notation in the reply comment above. 

[Remedios]

That's why you lost points. There is a scoring loss when loan(s) are paid off, especially if no other loan is present on the CR. Scoring loss varies from profile to profile, 35(ish) being the average on clean profile. 

Your scores will rebound in time. 

[rjordon]

I understand that however it didn't drop 46 when these loans were paid off, it dropped when the Capital One card showed a zero balance, which I found odd. 46 points is a huge hit more than i got for the 30 days late payment. I'm just trying to wrap my head around it to be honest. My Transunion & Experian scores are 99 points higher than Equifax. I honestly beleive someone made a key entry mistake, as it should've been a 46 point increase, not a loss but I can't get anyone to expalin the loss (because it makes no sense) or admit to the mistake & make the correction. I filed a complaint with the CFPB today so hopefully I'll get an answer. I'm also contacting the corporate office of Fair Isaac Corporation. 

Thanks for you input. 

[Remedios]

Cap One reporting only triggered updated score, loan closure isn't something that would trigger alert but credit card balance changing is alertable event, making it appear as if alert is caused by balance change.

You can save yourself some time (and grief) by looking at the date loan reported as closed, however, since you've chosen road that won't help you in getting points back (only time will) or provide you with better understanding, good luck with your future endeavors.

[rjordon]

Oh ok, well that at least makes sense rather than have a zero balance causing the 46 point loss. I did get two other alearts today with point increases on both Experian & Transunion with both showing the zero balances on Capital One & Credit One as well as all the paid & closed loans so why it caused Equifax to drop considerably and not the other two is confusing but hey, i'm thankful. I guess with time of the credit bureaus reporting probably 6 months or so i'll be able to buy a house again. 

Again, thanks for all your advice and input. I do appreciate it but i'm still boggled at the money pit racket.