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7 pt. score drop because of a $32 Walmart balance????

Frequent Contributor

Re: 7 pt. score drop because of a $32 Walmart balance????


Jutz wrote:

newportguy wrote:

racer-x wrote:

I'd say I have a thin profile.

 

Cap One - $500 CL, $0 balance

Walmart - $700 CL, $32 balance

U.S. Bank Reserve credit line - $750 CL, $47 balance

Cap One - $15k CL, balance $8000

 

total utilization 49%.  2.5 yrs AAoA.  No lates, no negs on EQ,(1 paid collection on TU and EX) perfect payment history last 4.5 yrs, 0 to 1 hard inquiries

 

myfico EQ 695

myfico TU 684

EX 672


That's what killing your score !!!  your score will go up as  you lower the Bal .


we definitely agree on that!!

 

Additionally, I think that your score dropped from having your third of four cards report a balance


Hey, that's a start   Smiley Happy

Current Score: myFico EQ - 794 ( 11/ 29/2012 ) amexFico EX - 787 (10/15/2012) myFico TU - 780 (11/29/2012) Credit Sesame - 809 (02/04/2013) Goal Score * 800 Club *
****** Garden Club Member -- Last HP Jan 3rd 2013 *******
*** Amex - BCP 10 K * PenFed - CR 5 K * Amex - GDSM 5 K *
Discover - IT 5 K ***** NO MORE APPS FOR ME IN 2013 *****
Message 11 of 22
Established Contributor

Re: 7 pt. score drop because of a $32 Walmart balance????

probably it's a combination of the percent balance and an icrease in # of accounts reporting a balance.

EQ-736(08/14) TU-752(09/14)
Newest to Oldest
Barc Sallie Mae 6K | Citi TY Pref 4.5K | US Bank Cash+ 10K | Chase Freedom 11.7K | Disc It 10.5K | Amazon Store 2.5K | BOA Cash Rewards 10.5K |

Closed Cards: 4 Oldest: 3yrs AAOA: 2yrs
Message 12 of 22
Valued Contributor

Re: 7 pt. score drop because of a $32 Walmart balance????

That cap one account, formerly an hsbc acct, is going to be taken care of in the next couple of days.
Im getting an $8000 auto loan from my cu on a vehicle that i paid cash for a few months ago, and paying off that account.

That should greatly improve my credit across the board. Utlization will be 0 and having a new type of credit (auto loan) should help as well.
Message 13 of 22
Frequent Contributor

Re: 7 pt. score drop because of a $32 Walmart balance????


racer-x wrote:
That cap one account, formerly an hsbc acct, is going to be taken care of in the next couple of days.
Im getting an $8000 auto loan from my cu on a vehicle that i paid cash for a few months ago, and paying off that account.

That should greatly improve my credit across the board. Utlization will be 0 and having a new type of credit (auto loan) should help as well.


And it will ... Also remember 1% utlization will have a higher score than a 0 %


Current Score: myFico EQ - 794 ( 11/ 29/2012 ) amexFico EX - 787 (10/15/2012) myFico TU - 780 (11/29/2012) Credit Sesame - 809 (02/04/2013) Goal Score * 800 Club *
****** Garden Club Member -- Last HP Jan 3rd 2013 *******
*** Amex - BCP 10 K * PenFed - CR 5 K * Amex - GDSM 5 K *
Discover - IT 5 K ***** NO MORE APPS FOR ME IN 2013 *****
Message 14 of 22
Valued Contributor

Re: 7 pt. score drop because of a $32 Walmart balance????

Right on newport. That capone is at 17.99-19.99%.
The CU is gonna be at 6%-ish.

Cant wait to do this tomorrow.
Message 15 of 22
Frequent Contributor

Re: 7 pt. score drop because of a $32 Walmart balance????


racer-x wrote:
Right on newport. That capone is at 17.99-19.99%.
The CU is gonna be at 6%-ish.

Cant wait to do this tomorrow.

Yeah , i know your excited..... Next month you will see a nice rise in your score too  Smiley Happy


Current Score: myFico EQ - 794 ( 11/ 29/2012 ) amexFico EX - 787 (10/15/2012) myFico TU - 780 (11/29/2012) Credit Sesame - 809 (02/04/2013) Goal Score * 800 Club *
****** Garden Club Member -- Last HP Jan 3rd 2013 *******
*** Amex - BCP 10 K * PenFed - CR 5 K * Amex - GDSM 5 K *
Discover - IT 5 K ***** NO MORE APPS FOR ME IN 2013 *****
Message 16 of 22
Established Contributor

Re: 7 pt. score drop because of a $32 Walmart balance????

the number of accounts reporting a balance is what triggered it, I had 5 last month which is funny cause 4 had less than $100 each and one with $15,000 lol


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Message 17 of 22
Valued Contributor

Re: 7 pt. score drop because of a $32 Walmart balance????

dont feel bad i had walmart report a 245 balance on a 5k limit and best buy jumped from 200 to 1800 on a 2500 limit. 

score alert today. 

 

dropped 19 points =( to 669

Current: Discover Fico 709 3/15 Walmart Fico 743 4/15

Inquiries (24 Months): EQ 6 TU 1 EX 6 | Most Recent: 4/09/2015
Over 12 Months:9


2015 Goals:
Lower Utility
Earn Cash Back

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$7,400
Citi DC $10,000
Citizens Mastercard$7,000
Message 18 of 22
Community Leader
Valued Contributor

Re: 7 pt. score drop because of a $32 Walmart balance????


YahComb wrote:

probably it's a combination of the percent balance and an icrease in # of accounts reporting a balance.


Hey!   +1

FICO takes into account not only utility but also how many of your accounts are showing a balance.  Many on here play around with theire scores to tweak them.  If you do a little research, you will see why so many here say to "leave only 1 account showing a <10% utility".  The FICO score is affected also by the utility of the individual balances on the cards themselves too.  Hopes this helps. Smiley Happy


Starting Score: 642
Current Score: EQ 773, EX 780, TU 777 (All FICO)
Goal Score: 800+

Cards: NFCU Flagship 50K, DC 30K, BCP 28.6K, Arrival+ 25K, Citi DP 22.8K, CSR 20.5K, TotalRewards 25K, QuickSilver 20K

Message 19 of 22
Contributor

Re: 7 pt. score drop because of a $32 Walmart balance????


racer-x wrote:

WTH?   I've used my $700 Walmart card one time since I got it, 1 1/2 months ago.

I put a whopping $32 on it.  The $25 payment isn't due til 12-26.

 

Today I got a myfico Scorewatch alert and my EQ dropped from 702 to 695. 

 

I thought it was acceptable to keep your utilization under 10% without any negative effects to your credit score? 

 

So what's the solution?  As soon as you charge something, immeditely get to your smart phone or computer and pay the balance?  

 

Damn....I'm going to my CU tomorrow or Saturday to get an $8000 auto loan....I wonder how this will affect that?  My CU pulls EQ only. 


in my experience I have found that when you have a new account added to your report your score will drop due to AAOA but also when a very new account reports a balance that too can lower your score.  Most of the time your score will get better if your OLDER accounts report a balance.. Like say your oldest account showing activity however I have found that is not so with new accounts.   Not sure why but I believe the score factors in the age of the account and the balance being reported. 

 

I have a new account it reported a $760 balance one month. After the account reported the balance my score dropped. The following month the same card reported -0- and my score went back up.  Different card much older reported a $800 balance one month and my score did nothing.  

 

Worst thing you can do is have no balance report on any of your credit lines I did that one month and my score fell almost 25 points.  I figured that out the hard way Smiley Wink

AMEX Platinum, AMEX Blue cash (10k), AMEX Delta (10k), US Bank Premier Line (14.5k), US Bank Cash + (7.5k), Chase Freedom (5k), Fred Meyer Rewards Visa (7.5k), US Bank Flex Perks Travel Rewards (5k), Discover IT (9.5k), Chase Sapphire Preferred (8k), Alerus Financial Visa Signature issued by Elan (10k), BofA Cash Rewards (10k), Citi Thankyou Pref (6.5k) TU FICO Score = 807, EQ FICO Score = 780, EX FICO Score = 780,
CreditKarma score = 785, CreditSesame score = 773, Vantage = 903
Message 20 of 22