No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
@clewis122 wrote:
Correction: 41 point drop.
No collections. No late payments.
Just 2 new cards (my AAOA dropped a few months) & higher utilization.
Thanks guys.
hmm.... My worst cut was 18yrs to less than 3 yrs in 2012 and I only lost like 10 points but when more than 50% of my accounts reported a balance I lost 45 points. Could this be the reason for your drop maybe? How many accounts in total and how many of these reported a balance now?
@clewis122 wrote:
I just did a quick research on "rebucketing". That was a brand new term for me. How would I know if that's what caused the drop? For what reasons does rebucketing usually occur?
That is pretty much a secret and the same mystery as the Fico formula itself. ... if there is no other explanation this might be it but you cannot tell for sure.
I won't give you a good answer on it myself.
Not sure how your accounts reported. What I would suggest is to let 1 account report less than 10% and all others with 0 balance for your next cycle and then compare your scores again. Even a 1$ balance on an account makes a big difference. When I was testing Score Watch (an old Fico product for Equifax) I managed to loose 46 points for 8$ balance which was 1% overall utilization. I did let 1$ report on each of my 8 accounts at that time. Crazy ? yes but I was hardcore testing with my profile and found interesting results like this. The month afterwards I did 0 balance on 7 accounts and 8$ on 1 account and bam... 46points right back.
@clewis122 wrote:
Jan 4: 736 Fico
$66 on 1 of 2 cards
$650 Total CL
10 % Util
3.2y AAoA
Jan 7: 695 Fico
$254 on 2 of 3 cards (4th card hasn't reported)
$ 1150 Total CL
20% Util
2.4y AAoA
more than 50% of your accounts with a balance .. this is my explanation for the drop
edit: posted above before I saw your summary
@lg8302ch wrote:
@clewis122 wrote:
Jan 4: 736 Fico
$66 on 1 of 2 cards
$650 Total CL
10 % Util
3.2y AAoA
Jan 7: 695 Fico
$254 on 2 of 3 cards (4th card hasn't reported)
$ 1150 Total CL
20% Util
2.4y AAoAmore than 50% of your accounts with a balance .. this is my explanation for the drop
edit: posted above before I saw your summary
Hell, if that's the case, I"ll be at a 780 when I clear my balances off. (but no, I won't really.)
@clewis122 wrote:
I checked again & my utilization went from 10% to 22%. Could that be the cause?
Could be a portion of it - mine dropped about 25 pts because of UTIL this month - it'll bounce back when I pay off Christmas!
ETA: Also the 2 out of 3 cards reporting a balance hurts too.......
See if anything else happened too - maybe it's a combination of stuff. (Inquiries/Util/AAoA all mixed together)