52 point plunge in one shot!

[Neuroelf]

I've had a Bank revolving credit line for over 10 years that I access from time to time. It usually has a zero balance, but this month the balance went to $400. NOTHING ELSE IN MY CREDIT PROFILE CHANGED SINCE MY LAST SCORE, and I have never had any negative credit events. This triggered a 52 POINT DROP alert from  Score Watch. IS THIS EVEN POSSIBLE? Or should I suspect an error?

Thanks!

[Anonymous]

i really couldn't give you the answer to this. But I had a major drop in the past 2 days and I phoned a myfico CSR and she was able to tell me right away why the drop occurred. 

give them a call.

[Neuroelf]

Will do....Thanks!

[llecs]

What is your limit on that one CC w/ the $400 balance?

What was the change in overall utilization (assuming you have CCs beyond this card)?

[Neuroelf]

What is your limit on that one CC w/ the $400 balance?

The account has a credit limit of $12,100.

What was the change in overall utilization (assuming you have CCs beyond this card)?

The change in overall utiliztion was negligible in percetage change.

The other interesting thing is that the change in balance was reported 2 days prior to the statement close date. In the past, its been my experience , that account balance changes have been reported at, or just after, the monthly statement close.

This brings up something I've been meaning to ask. Are FICO scores updated based on daily real time data, or do banks and other creditors only report updated information at the time of each monthly statement? This has practical implications. If, for example I carry  a large balance that is dragging my score down, and then pay it off on the first day of a new statement,how long will it take to see the resulting improvement in my score - the next statement date, or the next day?

Thanks.