Hello humans of PF,
Long time lurker, first time poster. First, let me just start by thanking you all for helping me fine tune my financial habits even more than they already were.
I’m wondering if any of you credit score experts can help me figure out why my score dropped from 715 to 674.
A snapshot of my credit situation:
I don’t have a credit card, my lines of credit are federal student loans (two accounts, one for FFEL loans pre2010, the other standard direct loans, both with a couple loans per account), and my car loan. As a result, my payments are 100% on time, but my utilization is 0.
My average credit age is okay, 5.8 years. 6 total accounts, with 3 open (2 student loan accounts, and car loan), and 3 closed. No derogatory marks ever.
The one variable that did change recently is my credit inquiries. Previously before the drop, I had about 5. When I bought my car, they ran hard checks on my credit for different possible car loans, and now all but one has dropped off. I would have expected that to be a positive change rather than a negative one.
Now there are two other changes that aren’t visible in a report that may or may not contribute. One is I froze my credit after the Equifax breach, which I’m sure some of you did as well. I don’t see why that would negatively affect things though.
The other is I have paid off two student loans since accelerating my debt payments. But those accounts are still open.
Would any of these factors really cause my score to drop 41 points though?
Looking forward to hearing your thoughts.
Submitted November 23, 2017 at 07:22AM by Atlov http://ift.tt/2A62Ivz
