Credit Cards Center Credit cards from our partners
Reply
New Visitor
Posts: 2
Registered: ‎09-10-2013
0

Extreme Score Drop

Hello,

I recently made a $40 purchase on a credit card and paid the bill when it came in. When the charge registered with FICO, however, it dropped my score by 30 points! I contacted customer service, but they just gave me a speech about the formula and charges not registering for 30 days, etc. The response was concluded with a somewhat condescending reminder to "pay my bills on time". As my record reflects, I am very punctual when it comes to paying bills. Is it normal to see such a steep drop after making such a small purchase? I charge more than that when I use my cards typically, so I don't understand how $40 has taken me from a good credit score to a dismal score.

Valued Contributor
Posts: 2,111
Registered: ‎07-29-2011
0

Re: Extreme Score Drop

How many of your credit cards are reporting balances above $0?

EX:694 TU:744 EQ:777
Amex ED $19.5k - BoA Travel Rewards $15k - CSP $5k - SDFCU EMV $15k - NFCU goRewards $20k - Barclays Arrival $6.5k
Member
Posts: 8
Registered: ‎10-21-2011
0

Re: Extreme Score Drop

Hi I have the same problem I paid in full my credit card and my balance was reported $ 0 why FICO DROPPED my score? I thought if your balance are $0 we have good credit record
Moderator Emerita
Posts: 27,204
Registered: ‎09-13-2012
0

Re: Extreme Score Drop

For scoring, you should have 1 card report a balance of 1-10% total util
New Visitor
Posts: 2
Registered: ‎09-10-2013
0

Re: Extreme Score Drop

2 of 4, but I'm not even close to being maxed out. 

Highlighted
Valued Contributor
Posts: 2,111
Registered: ‎07-29-2011
0

Re: Extreme Score Drop


Meeradal wrote:

2 of 4, but I'm not even close to being maxed out. 


I don't think its the actual number, but the percentage.  There are other people who have experienced similar drops when 50% of cards were reporting balances, regardless of the actual utilization.

EX:694 TU:744 EQ:777
Amex ED $19.5k - BoA Travel Rewards $15k - CSP $5k - SDFCU EMV $15k - NFCU goRewards $20k - Barclays Arrival $6.5k
Member
Posts: 8
Registered: ‎10-21-2011
0

Re: Extreme Score Drop

So FICO is not company we could trust? Because if your paid your doubt to try save money after take all your credit down to zero is bad , why? We have to still buying just for good credit?
Moderator
Posts: 14,051
Registered: ‎04-15-2011
0

Re: Extreme Score Drop

Util factors in, they want to see how you handle the credit.  When your scores get to a certain point, it really doesn't matter.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Frequent Contributor
Posts: 367
Registered: ‎06-25-2013
0

Re: Extreme Score Drop


j_ayala wrote:
So FICO is not company we could trust? Because if your paid your doubt to try save money after take all your credit down to zero is bad , why? We have to still buying just for good credit?

fico is one of few we can actually trust

If a man empties his purse into his head, no one can take it from him. An investment in knowledge always pays the best interest. - Benjamin Franklin |Capital One Quicksilver Cash Rewards|Chase Amazon Visa Rewards|BOA Cash Rewards|Walmart Mastercard|Sallie Mae MC| Citi Double Cash| Amazon Prime Store Card|Discover It|Chase Freedom|

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.