I agree with the allergies causing bleeding. We have a mare that historically had lung issues. She always seemed to have something going on, bleeding, mucous, etc. We ran every antibiotic through her (even though bloodwork never indicated anything amiss), nebulizers, meds, and she was still declining. It was to the point that we had to have her on lasix and Amocar just to work her in the mornings. We had her lungs scanned and were told they were huge and healthy. As a last resort we did a full panel allery test.
Wow - did we get surprising results. We were making her sick. She was allergic to oats and timothy.
No joke! Over the winter the horses had been getting a cooked oats/bran mash and as much timothy as they could eat. We had no idea this was causing the problems.
We turned her out for 2 months - fresh air and bluegrass only. Amazingly she started gaining weight immeadiately and her coat really changed. She's now back in training. Orchard grass/alfalfa only and a Triple Crown feed that contains no oats. She is a completely different horse. Time will tell if this has been the magic wand - but she never looked or trained this good in the past.
Moral of the story - when you've got a horse that isn't quite right (coat quality/bleeding/poor performance) get it allergy tested. You never know what you may find!