60 Point FICO Score Drop

[real_madrid09]

Made a payment (on time) for $1500. The balance was only roughly $400.  However, I had a pending transaction for $800, which was why I paid $1500.......

So, surprisingly, when I received my statement it was showing $950 due! After calling them, they informed me that they put $700 on my savings account!!!!! Wow. I had them immediately transfer that to pay off the balance. However, the damage has already been done -- 50 point drop across the board.

How can I get this fixed? Do I call/fax the 3 credit bureaus? Also, are there any negatives to attempting to have it fixed? 

[Anonymous]

wow I'd axe that card/bank

[john398]

If you need it fixed before next statement and its a mortgage your trying for theres something called a rapid rescore that the mortgage company can do

[FrugalRican]

Did you explain to them what had happened and why you were "late"?

Then asked if they could remove that "late payment"?

I would have started with them.

Because seriously, how do they justify putting it into a savings account if you specifically requested to pay towards a certain account.

[pipeguy]

If everything is currently paid on time rather than "prepaid" by your over payment, there is no actual damage. Just pay the $950 due using the $700 they transferred to your savings account and you'll see your score return to previous levels, assuming the increased utilization was the only factor causing the score decrease. Your daily credit scores are really not that important that you have to worry day to day what the score is today.  

[real_madrid09]

It was for a new card that I needed. I was denied due to the huge score drop, and the high balance. If it wasn't for that, I would of been accepted. 

It's not a late payment, just a very high UTI that caused the score drop. Customer service (from the credit union) informed me that I'll have to fax the document showing my new balance for January. I recall reading here serveral months ago that if you attempt to correct something on you credit report, there's a negative side-affect?

[john398]

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@real_madrid09 wrote:

It was for a new card that I needed. I was denied due to the huge score drop, and the high balance. If it wasn't for that, I would of been accepted. 

It's not a late payment, just a very high UTI that caused the score drop. Customer service (from the credit union) informed me that I'll have to fax the document showing my new balance for January. I recall reading here serveral months ago that if you attempt to correct something on you credit report, there's a negative side-affect?

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In that case it should be fixed with your next statement

[Anonymous]

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@real_madrid09 wrote:

It was for a new card that I needed. I was denied due to the huge score drop, and the high balance. If it wasn't for that, I would of been accepted. It's too late. I really don't want to deal with a recon, and another inquiry. Just want to get it fixed. 

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Unfortunately, you can't really get it fixed any sooner than your next statement... Your score will go back up next month once your utilization drops down, but until then there's really nothing you can do. A mortgage company could request the rescoring, but as a consumer, there's really nothing you can do except to wait for your CCC to update the balance in the next statement.

[real_madrid09]

Thanks for the help, really apprecaite it. I'm glad to hear that it will be fixed automatically next month.

One thing's for sure, this card is going to the back of my wallet, and it's staying there until I get it removed. 

[Creditaddict]

$960 balance killed your Fico by 50-60 points???

What is the CL, what other cards do you have?

anything negative?

BK fall of or something else big.... that is huge for one little balance on 1 card.

dropped too?