Urgent: Credit Score Drop From 809 to 784 - Seeking Guidance on Next Steps

amitkukreja

KF Rookie
Subject Line: Urgent: Credit Score Drop - Seeking Guidance on Next Steps

Hello Community,

I hope this post finds you well. Recently, I've encountered an unexpected decrease in my Experian credit score, and I'm reaching out to seek your valuable insights and advice. Here's a breakdown of my situation:

**Credit Score Drop:**
My Experian credit score has plummeted from 809 to 784, and I'm baffled by this significant decline.

**Inquiries Overview:**
- January: 1 inquiry
- December: 1 inquiry
- November: 2 inquiries

**Concerns:**
My concern arises as I only made one credit inquiry in January, yet my credit report reflects a total of four inquiries over the past three months. Two in November, one in December, and one in January. This inconsistency is perplexing and has prompted me to seek guidance from the community.

**Attached Snapshot:**
To provide a clearer picture, I have attached a snapshot of my credit inquiries with dates and a credit score graph for your reference.

**Seeking Advice:**
I am looking for your expertise and advice on the following matters:
1. **Reason for the Credit Score Drop:** Can anyone shed light on why my credit score might have dropped despite a minimal number of inquiries?

2. **Next Course of Action:** Should I contact Experian to rectify this discrepancy, file a complaint, or take any other specific actions to address the situation?

3. **Future Credit Inquiries:** In light of this, would it be advisable for me to refrain from making any further credit inquiries until this matter is resolved?

Your collective wisdom is highly appreciated, and I believe your insights will guide me in navigating this situation effectively. Thank you in advance for your time and assistance.

Best regards,

Amit Kukreja
[Attached: Snapshot of Inquiries with Dates & Credit Score Graph]
 

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17ysaurabh

KF Mentor
Don't worry much. It happened to me as well.
I just made two inquiries related to a credit card and got that and the very next month, my Experian score dropped by 26 points.
And, the next month, it recovered as well.


P.S. Just make sure you keep the credit utilisation to less than 20%. It should recover for you as well.
 

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ShavirB

Founder
Staff member
H
Subject Line: Urgent: Credit Score Drop - Seeking Guidance on Next Steps

Hello Community,

I hope this post finds you well. Recently, I've encountered an unexpected decrease in my Experian credit score, and I'm reaching out to seek your valuable insights and advice. Here's a breakdown of my situation:

**Credit Score Drop:**
My Experian credit score has plummeted from 809 to 784, and I'm baffled by this significant decline.

**Inquiries Overview:**
- January: 1 inquiry
- December: 1 inquiry
- November: 2 inquiries

**Concerns:**
My concern arises as I only made one credit inquiry in January, yet my credit report reflects a total of four inquiries over the past three months. Two in November, one in December, and one in January. This inconsistency is perplexing and has prompted me to seek guidance from the community.

**Attached Snapshot:**
To provide a clearer picture, I have attached a snapshot of my credit inquiries with dates and a credit score graph for your reference.

**Seeking Advice:**
I am looking for your expertise and advice on the following matters:
1. **Reason for the Credit Score Drop:** Can anyone shed light on why my credit score might have dropped despite a minimal number of inquiries?

2. **Next Course of Action:** Should I contact Experian to rectify this discrepancy, file a complaint, or take any other specific actions to address the situation?

3. **Future Credit Inquiries:** In light of this, would it be advisable for me to refrain from making any further credit inquiries until this matter is resolved?

Your collective wisdom is highly appreciated, and I believe your insights will guide me in navigating this situation effectively. Thank you in advance for your time and assistance.

Best regards,

Amit Kukreja
[Attached: Snapshot of Inquiries with Dates & Credit Score Graph]
Hi, the Jan query seems to be some sort of P2P loan. But the Nov and Dec Query are from Axis Bank. By any chance, did you apply for a credit Card or a Loan from Axis Bank in Nov/ Dec?
 

amitkukreja

KF Rookie
H

Hi, the Jan query seems to be some sort of P2P loan. But the Nov and Dec Query are from Axis Bank. By any chance, did you apply for a credit Card or a Loan from Axis Bank in Nov/ Dec?
Actually In November End I Applied for Axis Neo Credit It Got Rejected (Actually When I Applied Via Axis Bank Portal I Filled the Form Incorrect & KYC Guy Applied Again For Me )& Along Side This I also Emailed the Axis Bank to Increase the Card Limit Starting From December 1st Week & It Got Approved the New Limit From December End
 

imboy

KF Ace
Subject Line: Urgent: Credit Score Drop - Seeking Guidance on Next Steps

Hello Community,

I hope this post finds you well. Recently, I've encountered an unexpected decrease in my Experian credit score, and I'm reaching out to seek your valuable insights and advice. Here's a breakdown of my situation:

**Credit Score Drop:**
My Experian credit score has plummeted from 809 to 784, and I'm baffled by this significant decline.

**Inquiries Overview:**
- January: 1 inquiry
- December: 1 inquiry
- November: 2 inquiries

**Concerns:**
My concern arises as I only made one credit inquiry in January, yet my credit report reflects a total of four inquiries over the past three months. Two in November, one in December, and one in January. This inconsistency is perplexing and has prompted me to seek guidance from the community.

**Attached Snapshot:**
To provide a clearer picture, I have attached a snapshot of my credit inquiries with dates and a credit score graph for your reference.

**Seeking Advice:**
I am looking for your expertise and advice on the following matters:
1. **Reason for the Credit Score Drop:** Can anyone shed light on why my credit score might have dropped despite a minimal number of inquiries?

2. **Next Course of Action:** Should I contact Experian to rectify this discrepancy, file a complaint, or take any other specific actions to address the situation?

3. **Future Credit Inquiries:** In light of this, would it be advisable for me to refrain from making any further credit inquiries until this matter is resolved?

Your collective wisdom is highly appreciated, and I believe your insights will guide me in navigating this situation effectively. Thank you in advance for your time and assistance.

Best regards,

Amit Kukreja
[Attached: Snapshot of Inquiries with Dates & Credit Score Graph]
November, December, Jan you have enquiries. Total 4 Enquiries. This resulted in drop. You have to wait 3months it's the best practice to wait at least 3-6 months
 

Skylar

KF Master
My Experian credit score dropped by 30 points in February due to 4 inquiries (1 in December, 1 in January, and 2 in February) and 2 new cards (although 2 cards are not yet reported). While Experian scores can fluctuate more rapidly than other credit scores, I’m not too concerned since most banks primarily consider the CIBIL score for evaluating creditworthiness. 💳📉
 

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ShavirB

Founder
Staff member
My Experian credit score dropped by 30 points in February due to 4 inquiries (1 in December, 1 in January, and 2 in February) and 2 new cards (although 2 cards are not yet reported). While Experian scores can fluctuate more rapidly than other credit scores, I’m not too concerned since most banks primarily consider the CIBIL score for evaluating creditworthiness. 💳📉
Generally Experian score both drops and rises quickly
 

shashwat

KF Ace
Actually In November End I Applied for Axis Neo Credit It Got Rejected (Actually When I Applied Via Axis Bank Portal I Filled the Form Incorrect & KYC Guy Applied Again For Me )& Along Side This I also Emailed the Axis Bank to Increase the Card Limit Starting From December 1st Week & It Got Approved the New Limit From December End
This is probably why your score went down. Whenever you take more credit, like increasing your card limit, the Credit agencies reduce your score, then increase it again if they see no change in your repayment behaviour.

Don't worry. It should go back up by itself.
 

shashwat

KF Ace
Also, to answer your other questions, yes, refrain from making more credit enquiries for a while, because that will also indicate credit-seeking behaviour, which, coupled with your credit limit increase, may be seen as a negative indication. I'm not sure if they look at it this way, but they could.

Also, I'm not sure going to Experian will help. If there's nothing to change in the data, their algo will give what it has to give. If your score doesn't increase next month, maybe go through the actual report once too. I don't like One score 's way of summarising the report. Maybe there's something else causing an issue.
 
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