Fico score down 16 points for carrying a balance except I never actually carried a balance??!
This is yet another frustrating set back on my quest towards improved credit. I started this process two years ago with a score of 520 and successfully acheived the 700's a few months ago. I opened a Target card to re-establish credit (it's the only card I have) and pay it off every. single. month. However for the last few months, I've been receiving and update from myfico saying that my score has continued to drop -4 points due to the fact that I am carrying a balance on a credit card. Again, not true when I pay off the card to zero every month on time, no exceptions. Now my score is down to 678. I've never been late with a payment and this is the only credit card I have opened at this time.
Any ideas why this is happening and what I can do about it?