I’m trying to figure out why Equifax suddenly crashed my score 57 points…. Went instantly from over 800 to 751.
I do have a construction loan now, but my balance isn’t much yet…
And I have a GM card that was transitioned from Marcus to Barclays….
I’m thinking the card transition might be showing as a closure. I have had that card for decades, and have never missed any payments on anything.
I’m shocked at the drop, and looking over credit karma, that is the only thing I can see. The transition has to be showing up as something awful negative .
I must get this corrected. This is really the same card, just transitioned to a different issuer
Get your credit reports from Equifax, Experian and Transunion. Check the Equifax report for any recent changes. See if the Marcus GM card is listed as a closed account and the Barklay GM card is not yet posted. If so and no other changes than your score will improve when the Barklay card is posted
Years ago I had a GM card. My rewards had gotten up to $5000 plus? I thought if I bought a new car I could use all that amount towards the car. 8+ years ago I went to my local Chevy dealer to buy a new 2017 Chevy Volt (that I still drive). I pulled out my card and the salesman said: “Oh yah, you can use $1000 towards your purchase”. I asked about the rest of my rewards: “You can use that for your next car”! I know I had not done my research on how the GM card actually worked, I should have known better. As far as I was concerned they had stolen the rest from me as I don’t buy new cars very often.
As soon as the car was in my driveway I went online and cancelled that card. Normal reward cards are much more useful.
Used to be a good card. I used several thousand on a car…. Not anymore. The rewards aren’t great these days. Plus, GM has really taken a nose dive in terms of quality. I’m sort of looking at trucks, but no GM brands are on my radar because of that terrible engine technology they use to shut down some cylinders. Those things eat engines like crazy
I checked my report. Nothing inaccurate is showing up. Maybe it is the construction loan…. I am starting to utilize that credit line. Amazed that it would drop so much . Scores are normal on the other two bureaus.