01-23-2013 07:25 PM
We had an emergency and I got a USAA college mastercard and spent $830 in one week. When they reported the new balance from 0 to 830 my scored dropped from 646 to 627. When I got the message from Myfico about the score drop they said it was because TWO of my account balance reported an increase....when I looked at it, it was the same account (USAA). Is that how it's suppose to be? Is it because more than one credit bureau reported it or they made a mistake and put the same account twice. Please help, Im very new to this whole keeping up with my credit thing.
01-23-2013 07:29 PM
Myfico did the same thing to me when my chase preorted a $44 balance. Along with opening a new TL I got dinged 22 points. I reported two alerts for oncwe balance, but I checked my report and it looked normal. I would expect the score to go back up as soon as the balance is paid lower or off.
01-23-2013 07:37 PM
It is just how you have the alert settings. Like I had mine set to alert me if I have an increase of $1.00 more on an account and also if my balance increases by 5%. So if my card reports a balance and it fits both of these settings, I get two alerts for same account.
01-23-2013 07:42 PM
i mean you did use quite a bit Its normal as soon as you pay more than half your scores should be just fine. Is it the only card you have and if it is does it hav the HIGHEST CL?? I say its normal.
01-23-2013 07:43 PM
+2 its in your settings.
i got dinged almost 70 points for 3 cards double reporting apperantly and 2 of them were 90%+ 1 of those cards reported pif this month and my score bumped 20 points, so i expect for my scores to go back as soon as my util goes back too under 9%
|Current: EQ 735 Discover 9/5/13 Walmart TU 730 EX FICO 726 Amex Pull(1/1/13)|
Starting total revolving credit: $2600 | Current total revolving credit: 31k+
Inquiries (24 Months): EQ 8 TU 7 EX 8 | Most Recent: 09/04/2013
|Amex Zync(Unicorn) |
Citi Diamond Preferred$6000
01-23-2013 08:12 PM
01-24-2013 05:47 AM
Scores go up and down with charges, payments, etc. As with any new balances reporting, there is always a higher chance for default, thus the decrease in the score. Pay it back down, let the payment report and your score will rebound. Remember, a FICO score is a picture shot of your credit at that instant. It has no memory and is created the moment you request it.
01-26-2013 02:14 PM
Don't worry, that is normal, just pay in full and keep utilization low, best below 10% but never more than 20%, that is gonna keep your scores above 720 and they will bounce back in a few months....
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO