Understanding FICO® Scoring

turn on suggestions Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for 
Search instead for 
Do you mean 
Reply
Topic Options
Wckd79
New Member
Wckd79
Posts: 2
Registered: ‎03-05-2013
0

40pt drop in score with credit card purchase

Options

‎03-05-2013 06:20 AM

In a matter of 2 weeks my fico score went up from 707 to 722 then down to 687. The only alert I got was for a increase in a Macy's card balance. Which was paid off on time. No late fees or payments. I don't get it. Why did I get hit with a 40pt hit?
Message 1 of 5 (896 Views)
 
Reply
Established Contributor
Simply827
Posts: 747
Registered: ‎10-15-2012
0

Re: 40pt drop in score with credit card purchase

Options

‎03-05-2013 06:37 AM

It sounds like you didn't pay your Macy's bill before the statement came out. Therefore the account reported with a high balance and you lost points for utilization.

Starting Score: 515
Current Score: EQ04 689 EX04 693 TU08 723
Goal Score: 700+
Amex BCP $12300 | PSECU $10000 | Discover IT $9250 | Barclay Ring $6500 | DCU $5000 | Citi DC $4600 | Chase Freedom $4000 | PayPal Extras MC $3000 | US Airways $2000 | Cap 1 QS One $2000 | Cap 1 Platinum $1700 | Union Plus $1000 | Target $200
Message 2 of 5 (887 Views)
 
Reply
Wckd79
New Member
Wckd79
Posts: 2
Registered: ‎03-05-2013
0

Re: 40pt drop in score with credit card purchase

Options

‎03-05-2013 11:09 AM

Oh shoot. Ok, that makes sense. But you think that's worth a 40pt drop?
Message 3 of 5 (855 Views)
 
Reply
Contributor
cabronsaim
Posts: 137
Registered: ‎03-28-2012
0

Re: 40pt drop in score with credit card purchase

Options

‎03-05-2013 11:32 AM

That depends in how much of your total Util are you using on all of your CC's , and yes, its very possible.
3/30/12: EX: 680 TU:667 EQ: 655
4/14/12: EX: 680 TU:678 EQ: 670

BOFA: 0/1k / CAP1: 0/1.75k / CITI: 700/2k / AMEX Gold:NPSL
Message 4 of 5 (848 Views)
 
Reply
Moderator
Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: 40pt drop in score with credit card purchase

Options

‎03-05-2013 09:39 PM

You can see some significant changes due to util changes.

Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge
Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Message 5 of 5 (792 Views)
 
Reply

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.