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New Member
Posts: 3
Registered: ‎12-15-2012
0

19 Point DROP! HELP!

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.

Frequent Contributor
Posts: 371
Registered: ‎12-30-2012
0

Re: 19 Point DROP! HELP!

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. 


CSP-$8700, Amex BCE-17.2k, Chase Freedom-$5700
Discover It-$6600, USAA MC-$5900 Ink Bold- $18k
EQ-742 EX-702 TU-737
Established Contributor
Posts: 794
Registered: ‎05-16-2012
0

Re: 19 Point DROP! HELP!

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.

100% Ficos: EX 762, TU 767, EQ 762 Inquiries last 1 year/6 months: EX-0/0, TU- 0/0, EQ-1/0~ last credit card app 6/24/13- New car loan 3/8/2014
Discover IT $9500~Kohls $1000~Amex BCE $2000~ Walmart Discover $7500~NFCU Signature CashRewards $16,100~ Chase Freedom MC $6000~ Chase Amazon Visa $1900~ Cap 1/HSBC MC $3500~ Amazon Store $7000~ Fingerhut $1050
Senior Contributor
Posts: 3,752
Registered: ‎10-02-2012
0

Re: 19 Point DROP! HELP!

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. :smileyhappy:

Valued Contributor
Posts: 2,256
Registered: ‎07-23-2012
0

Re: 19 Point DROP! HELP!

+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: Discover Fico 682 1/15 Walmart Fico 684 1/15

Inquiries (24 Months): EQ 4 TU 1 EX 5 | Most Recent: 09/26/2014
Over 12 Months:6


2014 Goals:
Lower Utility
47%(OUCH!!)
Freedom Signature

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$2900
Citi Diamond Preferred$6000
Citizens Mastercard$7000
Established Contributor
Posts: 574
Registered: ‎06-04-2012
0

Re: 19 Point DROP! HELP!

19 points? Heck that's nothing. I just racked up my Discover card and took a 65 point hit. I'm not worried though 'cause I'll be getting it paid off within the next few months and I'm now in the garden. My scores will be back and possibly higher than before soon enough. ~kn

EQ: 700 (FICO ScoreWatch) 11/26/14
EX: ??? (No Current)
TU: 681 (Discover FICO) 11/12/14

Last App 9/22/14... In Garden 'till Summer '15
Established Contributor
Posts: 760
Registered: ‎02-11-2012
0

Re: 19 Point DROP! HELP!

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.

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico) EXP 735 (FAKO)
Updated scores 06/01/2014 EQ 797(Fico) TU 768(Fico) EXP 769 (Fico), EQ 849 (Next Gen 5/27/14 Penfed)


Remember the Three P's: Pay early in Full, Pay on Time, Patience
Regular Contributor
Posts: 127
Registered: ‎08-13-2012
0

Re: 19 Point DROP! HELP!

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....

BOA Cash Rewards Visa Sig. 12K; BOA Travel Rewards Visa Sig 5K, US Bank Cash+ 11.5K, AMEX BCE 6200, AMEX BLUE Sky 7K, Chase Freedom Visa Sig. 5400, Fort Knox FCU Visa Platinum 2500; CAP ONE Cash Rewards WORLD MC 5K

Starting Score: 580
Current Score: 747
Goal Score: 800+


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