Reply
New Member
RAVM
Posts: 1
Registered: ‎04-25-2013

Score Plummeted, will it increase again?

My original score was 720. It went up a bit for a payment on a loan and lowered back down for 2 new cards. I have 2 cards that are around 60% utilization and one that is nearing 90% (very low credit limit for this one). According to CK my score went down 100 pts. I haven't had an update for myfico yet. When I pay down the balances will my score go up to what it used to be if the only thing affecting my score is the high utilization and 2 hard inquiries?

Established Contributor
missjae
Posts: 522
Registered: ‎07-18-2013

Re: Score Plummeted, will it increase again?


RAVM wrote:

My original score was 720. It went up a bit for a payment on a loan and lowered back down for 2 new cards. I have 2 cards that are around 60% utilization and one that is nearing 90% (very low credit limit for this one). According to CK my score went down 100 pts. I haven't had an update for myfico yet. When I pay down the balances will my score go up to what it used to be if the only thing affecting my score is the high utilization and 2 hard inquiries?


Welcome!  I'm new here too and I'm sure some vets can weigh in on this better than I can.

 

CK has a score simulator you can use to see how changes would affect your score.  However, I think CK is a little off (just my opinion).  I just started using it and before I can say it's close to reality, I'd have to pull my own scores.  CK compared to other scores of mine is off by over 50+ points....

Frequent Contributor
GaTech
Posts: 374
Registered: ‎02-10-2013

Re: Score Plummeted, will it increase again?

If you pay down your balances, your score will increase the following month as if nothing had happened (utility is only relevant for a month and updates every time it goes up or down each month).
As of 1/10/2014 EX FICO - 748. EQ FICO - 728. Trans FICO - 755

WellsFargo - $3,000 AMEX BCE - $18,000 Chase Freedom - $4,000



Regular Contributor
ternify-
Posts: 185
Registered: ‎10-11-2012

Re: Score Plummeted, will it increase again?


GaTech wrote:
If you pay down your balances, your score will increase the following month as if nothing had happened (utility is only relevant for a month and updates every time it goes up or down each month).

+1. Utility only affects your current credit situation, no long-term effect.

Chase Sapphire Preferred / Chase United MileagePlus Explorer / Chase Freedom / AMEX PRG / AMEX SPG / AMEX BCE / Discover IT / Barclaycard Financing / BofA Cash Rewards for Students / CITI Classic
Established Contributor
knoregs
Posts: 566
Registered: ‎06-04-2012

Re: Score Plummeted, will it increase again?

CK is useful for certain things... your credit score is not one of them. Lowering your UT will raise your score as soon as the new balance reports to CRA. The rebound from a few new accounts will take a few months, give/take.

 

~kn


EQ: ??? (No Current)
EX: ??? (No Current)
TU: 667 (Discover FICO) 6/12/14

Last App 12/17/13... In Garden 'till July/August '14
Valued Contributor
djc1puno
Posts: 1,715
Registered: ‎03-07-2013

Re: Score Plummeted, will it increase again?

Ck scores are fako. Even their simulator is completely unreliable IMHO. I put in 24 months on time payment and my score drops!

As for your score recover don't sweat it. It'll go back up as the new cards age and even more so once you start bringing your utils down. Gl!


GARDEN GOAL: MARCH 2014
LAST APP: 08/20/2013
---=[NORTHBOUND]=---

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
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+