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a ccbalance this mo and score crashed by 10 pts... advice?

Regular Contributor

a ccbalance this mo and score crashed by 10 pts... advice?

This i my curious question.   I generally pay my cc off each month.   (cap one scured card)  And I know I need to pay the balance in full and not charge anything until after the 15th of the month.  

 

Well i had a duh moment this week and paid a bill on the 14th with my cc and realized I just made a duh move after I hung up lol..   So with at $500 credit limit I had a balance report of $260..   DOH!   So my EQ score dropped 10 points when it registered.

 

So out of curiosity, when i pay it in full again next month (and not use the dang thing)  will I recover those points?  or was this just a painful lesson learned? 

 

Thanks April

Message 1 of 5
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Moderator Emerita

Re: a ccbalance this mo and score crashed by 10 pts... advice?


alleycat1975 wrote:

This i my curious question.   I generally pay my cc off each month.   (cap one scured card)  And I know I need to pay the balance in full and not charge anything until after the 15th of the month.  

 

Well i had a duh moment this week and paid a bill on the 14th with my cc and realized I just made a duh move after I hung up lol..   So with at $500 credit limit I had a balance report of $260..   DOH!   So my EQ score dropped 10 points when it registered.

 

So out of curiosity, when i pay it in full again next month (and not use the dang thing)  will I recover those points?  or was this just a painful lesson learned? 

 

Thanks April


FICO has no memory. Your scores are driven by the content of your credit report(s) at the time of pull/request. When your utilization drops, your score will reflect that utilization at that time. Smiley Happy

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Message 2 of 5
Regular Contributor

Re: a ccbalance this mo and score crashed by 10 pts... advice?

Sweet! Big relief!
Message 3 of 5
Regular Contributor

Re: a ccbalance this mo and score crashed by 10 pts... advice?

I did the same thing. I charged $260 to my cc, which has a $500 limit, right before the closing date. When the balance posted, my credit score dropped 10 points. I then paid the balance in full and when it posted the next month, I got the 10 point back immediately.

 

So, have no fear, you're score will bounce back once the new lower balance is reported!

Message 4 of 5
Regular Contributor

Re: a ccbalance this mo and score crashed by 10 pts... advice?

The same thing happened to me.  I have only 1 open credit card with a limit of $300.  I had a balance of $136.00 and I paid it down to $0.00 and my score jumped 30+ points.  My card reported a $14 balance and my score dropped 3 points.  It depends on your overall utilization and total available credit between all accounts.

Closed on my 1st home on: 11/30/2011
First Guaranty Mortgage Corporation (FGMC)
Starting Score:Equifax: 490 (01/14/2011)Transunion: 498 (01/14/2011)
Current Score: Equifax: 609(07/09/2012) Transunion: 644 (10/14/2011) Experian: 593 Lender Pull (08/22/2011)

Goal Score: 700

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Message 5 of 5