@daudi81 wrote:6-7 credit cards, all 0 balance except the main one.
Main one usually sits at a $500 ish balance ($10k limit), even though I probably put almost $10k per month of charges on it. I just make sure to pay it down before the cut off reporting date.
This month must have changed when they report balances to the credit agencies and I just got a credit reporting warning saying my score dropped 33 points because my balance showed a $6000 balance instead of the usual $500. Granted it's paid down now, but I must have missed the cut off date by a day or 2.
Isn't that a little excessive just because of a balance increase on one card? I basically went from low risk to high risk because my balance went up for one month. These credit scoring algorithms are complete whack.
Is this usual?
The higher your score is the more points you will lose for this happening. This is not uncommon. Fico scores utilization in 2 ways overall and by the TL and then there are the infamous Fico buckets, you have been moved down a bucket as well for not staying in the very little util bucket. You will recover some ot the points if you return that reported balance to 500 but it may take you several months to recover all the points as you will most likely stay in this new bucket until you can demonstrate to Fico the low util again over time.
