This is Weird....

[toi34]

I got a MyFico alert today saying that one of my charge accounts has increased by 923% and as a result I've lost 22 points. The strange thing is, when I clicked on the "+" for more information it said "$34--->> $343" ( I verified that my CL is still $500). This is hardly 923%! Should I call Fico in the a.m. and have them look into this? The balance is reporting correctly, so It's not a credit bureau dispute, but a problem with Fico's algorithm perhaps?

[gdale6]

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@toi34 wrote:

I got a MyFico alert today saying that one of my charge accounts has increased by 923% and as a result I've lost 22 points. The strange thing is, when I clicked on the "+" for more information it said "$34--->> $343" ( I verified that my CL is still $500). This is hardly 923%! Should I call Fico in the a.m. and have them look into this? The balance is reporting correctly, so It's not a credit bureau dispute, but a problem with Fico's algorithm perhaps?

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Actually its correct,  if your balance is 34 and you increase it 100% its 68, you can figure out the math from there for the total percentage of increase.

[toi34]

I understand what you're saying logically, but I'm being penalized as though I am over the credit limit 9x over???!

[crrredit]

The increase was from $34 to $343, or a $309 increase.

309/34 = x/100

34x = 30,900

x = 30,900/34

x = 908.82%

[Gunnar419]

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@toi34 wrote:

I understand what you're saying logically, but I'm being penalized as though I am over the credit limit 9x over???!

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It doesn't appear that you're being penalized for being overlimit. You're being penalized for the large percentage jump and for having such high utilization on that card. Your util IS high on that card! Nearly 70%. Knock that util down and your score will come back.

[Anonymous]

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@toi34 wrote:

I understand what you're saying logically, but I'm being penalized as though I am over the credit limit 9x over???!

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No, you're being penalized for a card reporting a balance of over 60% of its limit. MyFICO is just not stating it very well. It doesn't say "your UTI% is 923%", its says "a balance increased by 923%"

If a card somehow went 9 times over its limit you would lose a lot more than 22 points....