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For the 2nd time, my EX MF score drops after paying to $0. Not just a few points here...received a -17 pts score drop, taking me from 667 to 650. This is the 2nd time my EX score dropped after bringing account to $0..last time it was -3 pts which hurt me from "good" back down to "fair." As you can see on the screenshot, I never did get those 3 pts points back from the last time it happened.
M EXPERIAN "reported" changes...
Hoping some of your expertise can shed some light on what I am doing wrong. I am literally confused and discouraged at this point. Every time I am waiting for "positive" effects to report, EX throws me for a loop while I wait.
Am I missing something here? I have attached a SS w/notations of my most recent MF alerts. Thank you for any and every tips/reply to help me understand what is going on here.
Other changes not reporting yet:
While I imagine one of the mods will move this I'll answer this one.
Long story short is FICO 08 scoring models don't like it when you have $0 balances on all cards. For maximum scoring purposes it's best to have all but one card reporting a balance. And for the one card reporting a balance have it be <8.9% of the card's utilization. That should give you the best score for your credit reports.
If that's the case expect your score to go back up once that Capital One balance reports to the credit bureaus. I dunno it'll completely recover from the dip because the new CapOne account you got will perhaps affecting your AAoA but defintely will go back up.
For "newbies" it's best to explain these things rather than using acronyms which will confuse some.
Sorry to go off topic..which monitoring service is that you posted?
As soon as your Capital One reports a non-zero balance, you'll get back all the points you lost from having all $0 balances reported.
@Anonymous wrote:As soon as your Capital One reports a non-zero balance, you'll get back all the points you lost from having all $0 balances reported.
Ouch! MF alerts are killing my excitement I had for just receiving my new QS card yesterday.
I surely hope to get all those points back. Just got another alert... "your balance on one of your accounts has decreased by 100% -- $15 to $0" for both EQ and TU as well. Now my highest score just dropped from EQ 670 to 662 (-14 pts)...and my TU score dropped from 645 to 643 (-2 pts).
I am at my 1 yr mark since filing ch. 7...felt good to see 2 scores be in the "yellow/good" range. So kind of blows now to see the progress be undone from a $15 balance. lol.