FICO score declined ?

knowdebt · ‎11-23-2014

I made the final payment on a credit account that took the balance to zero. but my FICO score declined by 16 points??? Why is that?

Anonymous · ‎11-23-2014

Is it your only credit account that was reporting a balance?

knowdebt · ‎11-23-2014

No, I have several open accounts. This one was a closed account I was paying off under a payment agreement. I made every (60) payment on time, and finally paid it in full.....and then my FICO score gets hit for a 16 point decline. That I don't understand at all.

mongstradamus · ‎11-23-2014

Are you showing zero utilization now ? that will cause your fico score to go down, you need to show some util usually 1-9% is fine.

EX Fico 804 11/16/16 Fako 800 Credit.com 11/16/16
EQ SW bank enhanced 11/16/16 839 CK fako 822 11/16/16
TU Fico discover 10/19/16 814 Fako 819 Creditkarma 11/16/16

NRB525 · ‎11-24-2014

OP: Welcome to the boards!

How long have you been tracking your FICO score? There are a lot of inputs to FICO, and it may be that time will sort this out over the next month or so.

Keep us updated.

Good luck!

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765