FICO score drop

[Anonymous]

Hi everyone I'm new to this forum . Just trying to find some answer . I recently did a balance transfer to

consolidate 2 card in one total $5000 to save $ . My limit on my transfer card was $5500 and I transfer $5000 to it. My FICO score went from 769 to 718. I don't under stand why it would of drop that low.

thanks 

[Anonymous]

That put you at 90% utilization on a single card, and Fico scoring considers that maxed out. That resulted in a severe scoring penalty.

[Scupra]

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@Anonymous wrote:

Hi everyone I'm new to this forum . Just trying to find some answer . I recently did a balance transfer to

consolidate 2 card in one total $5000 to save $ . My limit on my transfer card was $5500 and I transfer $5000 to it. My FICO score went from 769 to 718. I don't under stand why it would of drop that low.

thanks 

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Welcome to myFICO! CAPTOOL is spot on with what was said. Unless you plan to apply for something soon don't stress over the score change. As you pay down the balance your score will raise back up. Saving money is more important than score chasing.

[Anonymous]

I'm planning to purchases a new car in November. If I did another balance transfer some of it like $2500 to another card would the FICO score goes back up .
Thanks