I pulled my scores in mid-January and since then they have went down about 14points., I truly don't understand. My utilization went up from 6% but is currently at 10% which I thought was still considered good.
I have balances (low) across several accounts from the holidays. Although I used a little more, I also received several cli's which I think myfico is not considering. My total credit was 14k and is now 17k and my debt was 1500 and went to 2200. I should be back down when this month's statements post, but in the meantime can someone please help me understand the continual drop?
Also, My oldest new account will be 1 year old the end of this week. Will this also help my score?
I am trying to move toward 800 not slide back to 700. Thanks to all that can help
Starting Score: 722
Is the score drop in the free Walmart FICO score? If so, that newer version of FICO is much more sensitive to util. Have all the cli's reported to help offset the higher balances?
Between the available credit and balances you mention, you are between 10-12% depending what limits are actually reporting. You could be up to 15% with the new balances if the new limits aren't reporting it. Also, carrying balances across multiple cards could be causing the drop too. Did you have multiple cards reporting before?
Yes. multiple cards reporting low balances and yes all the increases are reporting. all the numbers are from my credit report. The drop is from myfico EQ scorewatch.
Oh, I thought it was the newer TU Fico score because of the score in your siggy. Sorry! If you've pulled the reports and the only difference is the higher util, that's your answer. Did you maybe lose an old account and now have a lower AAoA??
No, Aaoa is still increasing. Perhaps I just understood wrong. I thought as long as the utilization was 10 or below that was a good thing. I didn't know the number of accounts that had balances was a factor in your score.
@JusdoNit wrote:No, Aaoa is still increasing. Perhaps I just understood wrong. I thought as long as the utilization was 10 or below that was a good thing. I didn't know the number of accounts that had balances was a factor in your score.
Among some of the things that are scored are:
Amounts Owed
- Amount owing on accounts
- Amount owing on specific types of accounts
- Lack of a specific type of balance, in some cases
- Number of accounts with balances
- Proportion of credit lines used (proportion of balances to total credit limits on certain types of revolving accounts)
- Proportion of installment loan amounts still owing (proportion of balance to original loan amount on certain types of installment loans)
You can find more information here talking about What's In Your Score?
From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
Thanks for the help everyone