Balance decrease dropped my score?

[mmcolorado]

Hi All, I have a credit card question. One of credit card balances decreased by 62% which caused a 8 point drop. why would this be?

Regards,

MM

[twist7d7]

Need more info. is it your only card? what did it report?

[corymcd88]

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@mmcolorado wrote:

Hi All, I have a credit card question. One of credit card balances decreased by 62% which caused a 8 point drop. why would this be?

Regards,

MM

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I just paid off my car loan thast I had for two years and lost 19 points.

[mmcolorado]

It is not my only card. Reported a balance decrease  -8.     Then when i click on the report for details it simply says you have a balance decrease of 62%  

[Anonymous]

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@mmcolorado wrote:

It is not my only card. Reported a balance decrease  -8.     Then when i click on the report for details it simply says you have a balance decrease of 62%  

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Maybe because your available credit went down

[Revelate]

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@mmcolorado wrote:

It is not my only card. Reported a balance decrease  -8.     Then when i click on the report for details it simply says you have a balance decrease of 62%  

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First question is what service is being used to track it?

That said, none of the services including Scorewatch track every change to one's credit report and issue a corresponding score for each update as a result; honestly need a before and after picture of one's credit report as things often get lumped into one update and there may be something else going on.

Paying down a credit card is never ever a bad thing or a negative (as we understand it) unless you wind up paying all of your credit cards such that they report $0 which FICO will ding you on.

[Anonymous]

this just happened to me as well it dropped 8 points because my acct balance went from 2000 to 0. and another 6 because my Cl went from 1000 to 4000.

odd but i know in the long run will be better!

[tmoney]

Honestly, something is real strange going on with myfico and this new monitoring service. Had scorewatch for years and expected results occured. My 

Aug scores were Fioc 08 720   Fico 04  716 from equifax power report. According to simulator if I paid 15,000 of my revolvng debt my 08 score would rise 

to roughly 743. I paid that amount and my score initailly drop 3 points then returned back to 720 with multiple changes on my report. I purchased new 

scores from euifax(fico 04 ) and from myfico figuring new service was just slow. Exact same reports from both sites but my score rose to 736 on Fico 04

and no change at all on Fico 08. Seems like something shady going on with myfico

[rhall2009]

yea i got an alert of a balance decrease and my experian dropped 15 points because i went from 47 dollars reporting to 35 dollars. I have a total of 3 cards reporting and this is the only one with a balance. however equifax rose by 8 points. Something funny does seem to be going on.

[CrankyDave]

Same thing happened to me. I got a score change notice this morning, and what do I see when I log in? My dashboard says "Balance Decrease" and "Usage Decrease"... accompanied by a 26 POINT Equifax drop. I just got a 2X CLI on one of my cards, my overall utilization is around 1%, a late 30 just aged off of another card, causing it to go into positive status, and I LOSE 26 points? Seriously? It went UP 16 points last month, also supposedly due to a balance decrease.

I'm becoming more and more convinced that this garbage is totally made up on the spot. Why am I paying for this?