Credit score 50 point drop!

SoCalBob · ‎01-03-2014

Hello

last year I applied for an auto loan through my bank and was told my credit score was 822. I didn't take the loan or the car. I just applied again this time trough chrysler financial and was told that my score is 767. I don't understand the 52 point difference. The only thing I can think of is I have a personnel line of credit with my bank and I have $2500 outstanding balance on it, I didn't have a balance before. Could that cause my score to drop ? I haven't missed a payment to anyone one and I keep a zero balance on my credit card. Any suggestion would be appreciated thank you

user5387 · ‎01-03-2014

1. Possibility of different scoring models between last time and this time.

2. Maybe erroneous information on your reports.

3. Possibly utilization on LOC.

4. Paying CC after the statement date will mean that a balance reports, which may be a utilization issue.

baller4life · ‎01-03-2014

@user5387 wrote:
1. Possibility of different scoring models between last time and this time.

2. Maybe erroneous information on your reports.

3. Possibly utilization on LOC.

4. Paying CC after the statement date will mean that a balance reports, which may be a utilization issue.

+1