Reply
New Visitor
SoCalBob
Posts: 1
Registered: ‎01-03-2014
0

Credit score 50 point drop!

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

Community Leader
Valued Contributor
user5387
Posts: 1,794
Registered: ‎07-01-2010
0

Re: Credit score 50 point drop!

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.

 

Senior Contributor
baller4life
Posts: 3,851
Registered: ‎09-13-2013
0

Re: Credit score 50 point drop!


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



GARDENING: 11/8/14 - 10/1/15 EQ: 644 EX: 688 TU: 691
MY WALLET: $10k NFCU CASH|$10k BOA CASH|$10k DINER'S CLUB PREMIER|$9k AMEX DELTA
$7.5k NFCU PLAT MC|$7k DISCOVER IT|$5k AMAZON|$5k WALMART|$2.5k CHEVRON
$1k BARCLAYS RING|$1k BARCLAYS RMC|$1k CARE CREDIT|$1k CITI DIAMOND PREFERRED

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.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}