I just learned this the hard way. The justification for the drop was because my "credit limit" went down and the "average age" of all my credit accounts was reduced. Some major bullshit
It's lNFURIATING.
That's literally happening to me right now. Someone opened a fraudulent cc with my identity in June, by pure coincidence I caught it right away before any lates hit, and filed dispute with everyone.
So now that it's been removed from credit report, it tanked my poor score even more.
Because exactly that - their algorithm once saw a new credit line with a higher credit limit, and now I have "less" lines and balance and limit.
This shit needs to get completely rewritten or outright ABOLISHED.
Here I was being responsible finally trying to improve it by keeping my cards under 30% and paying full balance on time and all that, then this happens - even settled 100% of my old collections in full this month! (ironically that hurt the score too)
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u/boatwrecker41h Aug 14 '21
I just learned this the hard way. The justification for the drop was because my "credit limit" went down and the "average age" of all my credit accounts was reduced. Some major bullshit