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New Member
Posts: 1
Registered: ‎04-25-2013
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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
Posts: 522
Registered: ‎07-18-2013
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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
Posts: 374
Registered: ‎02-10-2013
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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

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Regular Contributor
Posts: 185
Registered: ‎10-11-2012
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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
Posts: 574
Registered: ‎06-04-2012
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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: 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
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Valued Contributor
Posts: 1,715
Registered: ‎03-07-2013
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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
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