Understanding FICO® Scoring

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Regular Contributor
Roarmeister
Posts: 166
Registered: ‎04-21-2012

Re: How # of cards with balance can effect FICO score

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‎07-31-2012 06:34 PM

Very interesting observation.  And thanks for taking the FICO score hit to prove an hypothesis.  It would be interesting to find out if the GAINS are by doing the reverse of your payment patterns.  Keep us informed.

AmexGoldBMOWorldMCCapOnePlatinumMBNA_Platinum+ScotiaMomentum
___$13.5k______$20k_______$20k_______$25k_______$20k____
Starting Score: 676 Feb 2008; Current Score: 756 May 2013; Goal Score: above 780 this year
Oldest Account: 31.1 years; Current AAoA: 14.6 years; Current Utilization: 5.2%
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Established Contributor
maiden_girl
Posts: 1,157
Registered: ‎12-29-2011

Re: How # of cards with balance can effect FICO score

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‎07-31-2012 06:41 PM - edited ‎07-31-2012 08:49 PM

Nice chart. I've had a different experience with my FICO scores however. I recently paid down a balance on my credit card. But as soon as my credit card balance increased $52 dollars more than it was last statement $362 balance to $414 balance, my Fico score dropped 11 pts! Dropped from 690 to 679. I don't really understand what I did wrong and why my score was affected so much. I don't have any negative marks on my credit.

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FICO scores: 677 (EQ) 664 (EX) 681 (TU) | Goal scores: 750+ (all 3)
Open loans: Hyundai Motor Finance - $12k balance | 60 months @ 4.9% (First Time Buyer 12/2012)
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