Understanding FICO® Scoring

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Rdillon2
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Rdillon2
Posts: 2
Registered: ‎08-18-2012

70 point drop?

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‎11-29-2012 03:09 PM

I justsaw a drop in my score from 677 to 607 in one week and  the only change to my credit was that one cc balance went up by $2k which I plan on paying off next week.  Any idea if it will go back up when I pay the balance?  I signed up for monitoring because I am applying for a mortgage and it drops the week I'm applying?  Any suggestions?

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basballguy
Posts: 206
Registered: ‎02-20-2008

Re: 70 point drop?

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‎11-29-2012 03:16 PM

did that 2k max you out?  What did your utilization change to?

Starting Score: (7/2012) 522
Current Score: (2/19/2013) (Lender Pull) TU:661 EQ: 661 EX 679
Goal Score: 660
NEW Goal Score: 700

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Rdillon2
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Rdillon2
Posts: 2
Registered: ‎08-18-2012

Re: 70 point drop?

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‎11-29-2012 03:33 PM

No, that card has a 3K limit,  I need to go check all my other cards to verify my ratio, thanks for the idea.

 

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llecs
Posts: 31,430
Registered: ‎08-04-2007

Re: 70 point drop?

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‎11-29-2012 04:07 PM

I take it both scores came from myFICO? If so, which report?

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myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

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