Can someone explains this to me......

[669]

Just received a score watch alert stating that my score had dropped 53 points....I stated the the following reasons:

• You have too many credit cards carrying balances.
• You have a consumer finance account on your credit report.

The carrying balance makes no sense, I was carrying the same number on my October report.

The consumer finance is not shown on the negative factors on the report I just purchased, it does show on the report the following:

high.

Check your installment loans to calculate your remaning balances

FICO High Achievers [?]have paid down an average of 35% of the principal on their installment loans.

Your FICO® Score weighs the balances of your non-mortgage installment loans (such as auto loan or student loans) against the original loan amounts. In general, when you first obtain an installment loan your balance is high, and as you pay this loan down, the balance decreases.

Keep this in mind: This factor will have less of a negative impact on your FICO® Score as you pay down your installment loans and the total balance decreases.

I have had a car loan since 6/12.

I cant understand a 53 point drop, from 791 to 738...Any ideas?

thanks

[p-]

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@669 wrote:

Just received a score watch alert stating that my score had dropped 53 points....I stated the the following reasons:

• You have too many credit cards carrying balances.
• You have a consumer finance account on your credit report.

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The comments are just as educated guess as to why your score could be negatively impacted, not actual insight into the scoring algortithm.  To find out why your score dropped, compare the report with the last one, line by line.  Look closely at credit card balances, and see if there was a utilization change, and compare each account.

That is the only way to find the difference.

[669]

P

  I did compare my last two reports no change, utility 4%, history the same, etc. 

May be rebucket???

[p-]

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669 wrote:  I did compare my last two reports no change, utility 4%, history the same, etc.   Maybe rebucket?

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 Could be.  If every single other item is the same, exact same utilization, etc. there's not much else left.  If you're OCD like me you have a spreadhseet that calcs your AAOA...  Maybe look at the AAOA before and after the change and see if you reached some round number benchmark.  But it seems pretty extreme given that you have such a long history and high AAOA.  It's definitely weird...