Score reduced by 11 pts for Reduction in Credit Utilization by Experian

[Anonymous]

Hello Community,

Has anyone been in a situation where his Score was reduced by few points because he's reaching the goal of paying off his credit card or reduced his credit utilization to 13%?

I got a change alert on myFico for my Experian. OPening myFico to see what's going on, I saw that my score has been reduced by 11 points because I reduced my credit utilization on one of my cards to 13%. Is this a fair thing to do by Experian or this could be a computer glitch on either Fico or Experian side?

Based on my experience, when your credit utilization reduces, your score goes up not down. Please can someone help shed light on what could be the problem? I will really appreciate it because I'm finally paying off all my credit card debts next month and I don't want to see my scores going down because of this.

Thanks.

[Anonymous]

Don't worry about it. I had the same thing happen a month or so ago. I logged into myfico and it said that my Experian score fell 30 some points due to a reduction in what I owed on one of my installment loans. I had no clue as to what was going on, but I saw that the loan company reported that I made a payment thus lowering what I owed and it caused my score to fall. I then assumed that something else must have changed on my Experian report and myfico didn't pick it up until the balance change on my one installment loan. I then got an Experian account to see what was going on and all was fine there. As of right now myfico is off 80pts from my real Experian score. I have been wondering who is correct myfico or the Experian site (myfico 80pts lower than whats on Experian). I got the answer to my question last night as I applied for an AMEX card and they pulled my Experian score and the score that they pulled is the one listed on Experian. This makes me wonder if myfico is also giving me incorrect Transunion and Equifax fico scores. I used to be under the impression that the scores myfico gives are the real deal or as close as they could be to the real deal, from what I have learned so far, they are not even close.

[Anonymous]

There are different types of FICO scores that creditors can pull, as I'm sure you know. I believe one is called "credit enhancer score," or there is a credit card specific FICO score, which could be different from the standard three bureau monitoring score. Just my stab at the reason for the difference. You bring up some interesting points and I'll follow both scores going forward.

[gdale6]

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@Anonymous wrote:
There are different types of FICO scores that creditors can pull, as I'm sure you know. I believe one is called "credit enhancer score," or there is a credit card specific FICO score, which could be different from the standard three bureau monitoring score. Just my stab at the reason for the difference. You bring up some interesting points and I'll follow both scores going forward.

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Bankcard Enhanced is the model. Range 250-900.

[Anonymous]

Experian currently provides Fico 8, so it is your actual Experian Fico 8 Score. From what I understand Experian used to provide a score called Experian Plus, but now it is Fico 8. I recently did a credit app with AMEX and they pulled Experian and the score that AMEX gave me is the score that Experian gives me, I know there are many variations of Fico scores but as for the general one the fico 8, I would say that the score Experian gives you is the real deal.