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  4. Has Anyone Else Noticed A Big Discover Fico Score Decline Recently?

Has Anyone Else Noticed A Big Discover Fico Score Decline Recently?

Rickny
  |     |   1,299 posts since 2017

4 Banks rate me at 815 credit score. NASA gives me a 783. I wouldn't worry. Did you get your free credit report for the year just to make sure there are no errors?

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8


Answers
david3
  |     |   9 posts since 2012
Did you have any type of loan that was recently paid off, such as an auto loan.
If you did, and that type of credit is now a closed account, that can cause your score to drop.
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enduser
  |     |   711 posts since 2015
Mine dropped from 836 to 784. I acquired a different Amex CC and closed out the old one. I also added a second CC from Chase. I still use my CC's the same way, but I rotate them based on the quarterly bonus offers. I have never had a late payment nor ever carried a balance. CC issuers have never made a cent of me in interest or fees.
I think the third bullet below is what lowered my score.

Regardless of the FICO® Score version, the keys to obtaining favorable FICO Scores remain the same:
  • Make payments on time
  • Keep credit card balances low
  • Open new credit accounts only when needed
https://www.myfico.com/credit-education/credit-scores/fico-score-versions
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7
GreenDream
  |     |   358 posts since 2019
enduser, Closing an older account can also affect your score. 15% of the credit score is "length of credit history".

https://www.myfico.com/credit-education/whats-in-your-credit-score

"Your FICO Scores take into account:
- How long your credit accounts have been established, including the age of your oldest account, the age of your newest account and an average age of all your accounts
- How long specific credit accounts have been established
- How long it has been since you used certain accounts"

so not only was the third of your bullets a factor, but likely you shortened the average age of your credit accounts by both closing an older account and by opening a new account(s)..

For example: if you had 3 cards ages 30, 20, and 10 years, your average age of credit was 20 years, if you closed the 20 and added a couple zeros (new cards), you now have 30, 10, 0 , 0 for an average age of credit of 10 years.
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4
Rickny
  |     |   1,299 posts since 2017
Actually from Discovers site: Your Score is calculated using positive and negative information on your TransUnion® credit report.

Maybe you should get a report from Trans Union
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3
me1004
  |     |   1,381 posts since 2010
My FICO score at Dsicover has remined consistent. In fact, the May 11 score was exaclty the same as the April 11 score.

I note, Discover indicates the score is based on TransUnion data. So perhaps TransUnion has some error about you, you might want to check your TransUnion data. Maybe there has been some identity theft. The different credit scoring places can get different data, they do not always all get the same.
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2
enduser
  |     |   711 posts since 2015
I get my FICO score from Discover also. That is where I discovered the drop in my score. I checked my credit history on the 3 main reporting agencies and also from Innovis and I found nothing had changed.

I closed an active Amex cc account that I had since 2001 and opened another new one with them. In doing so, I lost that lengthy credit history doing that. I also added another new cc from Chase and still kept the old one active. Opening new accounts, or closing old active accounts takes a toll on the credit score since the score is partly based on the length of the credit history.
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Rickny
  |     |   1,299 posts since 2017
I have access to credit scores at Chase, NASA FCU, Wells Fargo, Penfed, Bank of America off the top of head. Those scores range from 782 to 850. I have a free Experian account which is 839 and that is a score most likely to be used by a credit issuer.

I also in the last 8 months Gotten
a Chase Freedom card and a Citibank Extra cash back card with bounuses. My scores went down about 5 points.
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2


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