My FICO score at Discover went from 820 to 783 recently
And NOTHING has happened on my end to account for it
No inquiries- No large balances and no late payments anywhere
My score usually remains the same or up or down a point but one month I had a larger than normal credit card balance and it went down by 8 points for a month
Nothing to account for a 37 point decline
I have multiple other free credit score sources and none of them have decreased
Key factors affecting your score:
What's helping
No missed payments
Long credit history
What's hurting
Credit mix lacks different types of credit
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I remember reading somewhere that the people who have not been paying their house note because of the pandemic had increases- but this does not apply to me as I do not have a mortgage
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Part of the turbulence in the traditional scoring models comes as a result of the pandemic. The Fed found that, in one example, the scores for homeowners who entered forbearance programs tied to their mortgage payments saw a jump of 14 points in their FICOs. Those who did not enter the forbearance programs saw their scores grow by 7 points (let’s call it scoring inflation).
“This is because, although they were not making payments, their credit reports are treated as if they’re making continued payments for credit-scoring purposes and account histories,” the Fed said in a blog post.
The Fed post continued, “So, at the end, this brings two messages: on the one hand, it is good for the borrowers in forbearance not to suffer credit score-wise from missed payments. On the other hand, the concept of the credit score, a device to distinguish good borrowers from bad borrowers, may lose some of its power in signaling creditworthiness to lenders, at least for some time.”
