My credit score for the years 1980 through 2014 ran at the 800+- level. Also bought and sold two houses during this period.
In 2014 ran into a few financial issues not able to pay my second mortgage for 39 months. My FICO score collapsed and went to 617
Sold the house. Paid bank off in full in June of 2017 starting regrouping. Have been renting since this time. Since June of 2017 all bills have been paid on time all bills, utilities, credit cards and rent. The credit I have on file consists of two credit cards with a total limit of $39,000. The credit cards have been paid off in full each month and have been used to generate cash through the points system.
From June of 2017 though April of 2019 rebuilt my FICO score from 617 to 744. I use Credit Karma to check the FICO monthly and once a year use Experian to check the score. When I checked the Credit score in May of 2019, it listed a 122 point reduction from 744 to 622. Then checked it with Equifax for my free once a year score and it also showed a similar reduction of 120 points.
Both Credit Karma and Equifax showed no new negative reporting.
We were considering purchasing a home soon and are told that the FICO score has to be 640. And to get a more attractive interest rate it should be over 750. If the 640 score is required to purchase a home, then our score indicates we are out of the market. I just checkd credit Karma and the score has recovered to 635. Does anyone on this board have any ideas on why a credit score might show a significant reduction of 122 points with no negative news on the reports?
I fully understand why my score went from 800 to 622, as there was negative news, but I don't understand how a score can loose over 100 points in one month with the reporting showing positive prompt and on time payments.
In 2014 ran into a few financial issues not able to pay my second mortgage for 39 months. My FICO score collapsed and went to 617
Sold the house. Paid bank off in full in June of 2017 starting regrouping. Have been renting since this time. Since June of 2017 all bills have been paid on time all bills, utilities, credit cards and rent. The credit I have on file consists of two credit cards with a total limit of $39,000. The credit cards have been paid off in full each month and have been used to generate cash through the points system.
From June of 2017 though April of 2019 rebuilt my FICO score from 617 to 744. I use Credit Karma to check the FICO monthly and once a year use Experian to check the score. When I checked the Credit score in May of 2019, it listed a 122 point reduction from 744 to 622. Then checked it with Equifax for my free once a year score and it also showed a similar reduction of 120 points.
Both Credit Karma and Equifax showed no new negative reporting.
We were considering purchasing a home soon and are told that the FICO score has to be 640. And to get a more attractive interest rate it should be over 750. If the 640 score is required to purchase a home, then our score indicates we are out of the market. I just checkd credit Karma and the score has recovered to 635. Does anyone on this board have any ideas on why a credit score might show a significant reduction of 122 points with no negative news on the reports?
I fully understand why my score went from 800 to 622, as there was negative news, but I don't understand how a score can loose over 100 points in one month with the reporting showing positive prompt and on time payments.
