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Help explaining my score drop

Member

Help explaining my score drop

Hi,

So I got my Transunion quarterly monitoring score yesterday and it has dropped from 716 tp 707...

I have 2 credit cards:

NFCU  $10,000 balance,  always kept at 9%

Bankofamerica  $1,000   never used and has $0. This was recently stopped being used a few months ago and if it is, its by accident and then paid off the same day. So I try to keep BOA at $0 balance.

 

I don't understand why my score would drop. Should I try to have 1-9% usage on BOTH BOA and NFCU cards? 

 

Also my Equifax is 699 and hasn't budged for half a year. 

 

Please someone help me improve my credit score. I don't use my credit card because I need to, I only use it in hopes to improving my credit score. 

 

Thanks

3 REPLIES
Valued Contributor

Re: Help explaining my score drop

Have you looked at your report to see what other changes might be on there?

Have you had any inquiries?

You can try playing with your UTL on NFCU account and drop it down a little more.

DO NOT carry a balance on both cards. FICO likes to see just one account with a balance.

*8/10/13
Member

Re: Help explaining my score drop

Thanks for the advice, I'll for sure keep only one card with a balance for now on. I have only 2 inquiries from may 2012 which was for my NFCU credit card.

Also I have 2 delinquincies that are paid off in full from 3.5 years ago...currently researching how to write a GW letter to have these removed if possible.

 

I really don't understand why my score Transunion score decreased and why my Equifax score of 699 won't budge.

 

Any help would be appreciated.

Highlighted
Moderator Emeritus

Re: Help explaining my score drop


dodfire wrote:

Have you looked at your report to see what other changes might be on there?

Have you had any inquiries?

You can try playing with your UTL on NFCU account and drop it down a little more.

DO NOT carry a balance on both cards. FICO likes to see just one account with a balance.


+1, especially to the balances. Even adding $1 to a $0 balance can drop your scores like that if most of your TLs are reporting a balance. Try playing around with the 9%. Try 7%, 5%, down to 1% and you might eek out a few extra pts.

 

You might see a bump in May as the inquiry stops being scored and your new account(s) won't be seen as not-so-new anymore. Many in here saw gains at one year.

 

If these are your only two baddies then definitely work on them. Looks like they are holding your scores back. Remember a paid collection (or CO) is just as bad as an unpaid one per FICO scoring.