Credit score took a BIIIIGG hit and I don't know why

[Mighty Favog]

So, I check Credit Karma and my credit score took a 65-POINT HIT!!!

 

My score is normally in the 810-815 range and now is 753. I made no big purchases and I called each credit card and they don't see anything either.

 

Is this similar to when Chase Bank cut my credit line in half just because they could? Or is there some government involvement goin' on here??

[Schu]

did you check HARD inquiries?

did ANY credit line accounts close?

 

[Mighty Favog]

I did and there weren't any.

 

One credit reporting (Transunion) said I had a note on my account. I looked at the note and it said my e-mail and password is on the dark web. But it's an old password from years ago.

 

I don't think any credit lines closed that I know of. Don't they have to give you notice when that happens?

[Mighty Favog]

I did try to make a big purchase using PayPal and my main credit card that were both declined. (????)

[Dave1291]

That's strange.  Youngest does a ton of electronic deposits in her business.  She told me to get rid of my Paypal because they weren't  bank.  She said they will also hit your credit report over returns/complaints .  They hit her score over something she knew nothing about.  She sent a detailed email to them and they just left it on.  She was done w/Paypal at that point.  Mine's gone too.  She said the one thing people don't understand is PayPal is NOT A BANK!  Just about everyone she knows has had problems w/them.  Good luck! 

 

 

[Dave1291]

12 minutes ago, Dave1291 said:

That's strange.  Youngest does a ton of electronic deposits in her business.  She told me to get rid of my Paypal because they weren't  bank.  She said they will also hit your credit report over returns/complaints .  They hit her score over something she knew nothing about.  She sent a detailed email to them and they just left it on.  She was done w/Paypal at that point.  Mine's gone too.  She said the one thing people don't understand is PayPal is NOT A BANK!  Just about everyone she knows has had problems w/them.  Good luck!   Maybe using both cards on one purchase set off some notification.  I just don't use it at all anymore.

 

 

 

[JL Sargent]

No telling why that happened, but does it really matter? I have never even checked my credit in these 58 years. 

 

 

[Emile]

5 hours ago, Mighty Favog said:

my credit score took a 65-POINT HIT!

Haha; same here   Always was around 800 and now it came down the last several months to 730   And we pay in full every month. One possible explanation (???) is large/many purchases on a single card; say up to 50% of the card limit. No clue why, but read it somewhere  

[JJkizak]

All I know is the rating will vacillate between large amounts of purchases (80% of card) and small amounts. If one of your credit cards is cancelled there will be a large drop in the rating. And it doesn't matter who cancels it.

JJK

[Seadoc]

FYI every time anyone checks your credit out your rating takes a hit.  Also reductions in credit lines causes a hit (no matter who initiates).  IMHO freeze your credit with ALL three credit reporting agencies, don't miss payments, and pay the balance off (if possible) when due, and check regularly (could be someone else has their hand in your cookie jar).  I don't like dealing with these agencies-just a necessary annoyance.  840 frozen and happy.

[OO1]

 the world of credit is changing , you're way better off raising your credit limits  ASAP  across the board and take a FICO hit , a few months down the road  everything  is going sky high  expensive ,  we'll be getting half for the same amount    ,  as an example buy a cake for 10$ , it will be 15-20$ pretty soon , add the 20% interest rates , then add the monthly  interest charges of credit cards  , yes it's going to be a dandy .  we're back to the 80's   ,

[JL Sargent]

I was 17 years old in 1980 and bought a slightly used 1980 Trans Am car at a whopping 22% interest  (that was the going rate!!!). I will never do that again. I did get it paid off early at least.

 

[Bubo]

First thing that came to mind

If for an income producing asset a risk may be warranted

Debts are Certain, gains are not

I would borrow money for a milk producing cow, but not for a steak dinner

 

Hamlet Act 1, scene 3, 75–77

Neither a borrower nor a lender be

Polonius:
Neither a borrower nor a lender be,
For loan oft loses both itself and friend,
And borrowing dulls the edge of husbandry.

Old Polonius counsels his hotheaded son Laertes, who is about to embark for Paris for his gentleman's education [see THE PRIMROSE PATH]. While he still has the chance, Polonius wholesales a stockroom of aphorisms, the most famous of which is "Neither a borrower nor a lender be."

On Polonius's terms, there is little to argue with in his perhaps ungenerous advice. His logic is thus: lending money to friends is risky, because hitching debt onto personal relationships can cause resentment and, in the case of default, loses the lender both his money and his friend. Borrowing invites more private dangers: it supplants domestic thrift ("husbandry")—in Polonius's eyes, an important gentlemanly value.

Incidentally, in the days when Hamlet was first staged, borrowing was epidemic among the gentry, who sometimes neglected husbandry to the point where they were selling off their estates piece by piece to maintain an ostentatious lifestyle in London.

https://www.enotes.com/shakespeare-quotes/neither-borrower-nor-lender

[Bubo]

21 hours ago, RandyH said:

 the world of credit is changing , you're way better off raising your credit limits  ASAP  across the board and take a FICO hit , a few months down the road  everything  is going sky high  expensive ,  we'll be getting half for the same amount    ,  as an example buy a cake for 10$ , it will be 15-20$ pretty soon , add the 20% interest rates , then add the monthly  interest charges of credit cards  , yes it's going to be a dandy .  we're back to the 80's   ,

The financial condition of the US debt is $30 trillion greater than 1980s

With move off of petro dollar, inflation may be noticeable from one trip to the grocery to the next

Local Trader Joes only had one type of large chocolate bar, occupying the spaces of four bars normally

Chocolate shortages ?

I just had a lot of parts replaced on my Buick Sedan to ensure at least another 50kmi with little to no service other than oil.

My second car is mint

I may get my motorcycle running as a 2nd backup or buy an enduro dirt bike for Mad Max Fest

If I had more hair I might get a Mohawk and Colored spikes.

[OO1]

3 hours ago, Bubo said:

The financial condition of the US debt is $30 trillion greater than 1980s

 

I would not worry about the debt too much , we could make up the 30 trillion in a few years simply with isolating the North American  economies and the EU  ,  and until this happens , the debt is  shared  , risk wise , around the world .

[babadono]

On 4/23/2022 at 9:03 AM, Mighty Favog said:

Don't they have to give you notice when that happens?

"we don't need to show you no stinking badges"

[JL Sargent]

As a Costco Citicard member, I guess I can check my score anytime. My current score is 797 and its been about that for the last 6 months. The statement said I have too few accounts that require regular payments??? That makes no sense to me.

 

[Dave1291]

4 minutes ago, JL Sargent said:

The statement said I have too few accounts that require regular payments???

Sounds about right!  lol  Sooo, today the Fed raises the rates?  hahaha  Buckle up!   😂

[Mighty Favog]

Follow up:

 

My new credit score is back up to 801-803. Still lower than what it was by about 10 points but that should come back too.

 

I still think it's because both PayPal and Chase bank' security system automatically rejected a purchase I wanted to make for some $3,800. I called Chase BEFORE the purchase and they told me there was no need to notify them. That if I had the room on my account it would go through just fine.....(Price is Right buzzer sound).

[billybob]

Read recently online that medical bills would no longer effect credit scores starting this month or next.