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New Member
DallasNative
Posts: 3
Registered: ‎08-21-2012
0

It goe down, but doesn't come back up

I had a score of 811. I pay my cards off each month.  I went on vacation and had higher balances on 3 cards from the trip (Sams for gas, Amex for lodging, and Mastercard for meals and misc).  The next month my  score dropped to 792 due to "increased balances."  I paid them all off as usual, but three months later my score has not recovered.  How does this work?

Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
0

Re: It goe down, but doesn't come back up

Welcome!

 

Was this a FICO score from here?

 

Did your non-recovering 792 reflect the paid off balances?

Regular Contributor
sunshine7157
Posts: 137
Registered: ‎11-11-2011
0

Re: It goe down, but doesn't come back up


DallasNative wrote:

I had a score of 811. I pay my cards off each month.  I went on vacation and had higher balances on 3 cards from the trip (Sams for gas, Amex for lodging, and Mastercard for meals and misc).  The next month my  score dropped to 792 due to "increased balances."  I paid them all off as usual, but three months later my score has not recovered.  How does this work?


I'm quite curious about that, also. I lost 8 points by going from a <8% total util (1 card showing a balance) to 15% total util (also only on 1 account), and 2 months after the util reduction (back down to 8%) has reported, I have not recovered even 1 of those points. Very, very frustrating.


Starting Score: April 2011- EX FAKO 639, EQ FAKO 645, TU98 FICO 665
Current Score: Jan 2013- EQ FICO 746, EX FICO is the best kept secret in the world, I guess, TU FICO ???, Vantage 790
Goal Score: 760 by years' end. I didn't make the 760 club in 2013 but I'm pounding down the door in 2014.


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New Member
DallasNative
Posts: 3
Registered: ‎08-21-2012
0

Re: It goes down, but doesn't come back up

Yes scores from this site.

 

This problem has continued.  I travel a lot.  I have a card I use for personal expenses, one for business, and one for a trust I manage.  I pay these off in full every month.

Since August, my score has declined from 811 to 779.  The reported balances vary each month.  For example, I might be out of town and pay my utility bills online with a card instead of mailing a check.  I tried to see if I could improve this situation by paying off the card balance before the statements reported e.g. I pay $3,100 two days before the statement reports and the statement reports an $18.00 balance. FICO does not go up.  Next month, I forget to pay early and balance reports as $2,200 (typical) and FICO score goes down due to a 'balance increase'.  It's a one way ratchet.  I don't owe a penny more than I did in August (zero!), but the score continues to decline.  Short of carrying around a checkbook and a wad of cash and stop using my credit cards, what can I do?

Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
0

Re: It goes down, but doesn't come back up


DallasNative wrote:

Yes scores from this site.

 

This problem has continued.  I travel a lot.  I have a card I use for personal expenses, one for business, and one for a trust I manage.  I pay these off in full every month.

Since August, my score has declined from 811 to 779.  The reported balances vary each month.  For example, I might be out of town and pay my utility bills online with a card instead of mailing a check.  I tried to see if I could improve this situation by paying off the card balance before the statements reported e.g. I pay $3,100 two days before the statement reports and the statement reports an $18.00 balance. FICO does not go up.  Next month, I forget to pay early and balance reports as $2,200 (typical) and FICO score goes down due to a 'balance increase'.  It's a one way ratchet.  I don't owe a penny more than I did in August (zero!), but the score continues to decline.  Short of carrying around a checkbook and a wad of cash and stop using my credit cards, what can I do?


Look on your FICO report. What are the top negative items on the items that help/hurt your FICO (see pages 2 & 3)? Is utilization listed? If so, what is that utilization? If your FICO is dropping due to balances, and judging by your higher scores and assuming you aren't losing points due to something like adding accounts, then utilization would be in that number one slot. That'll give you an idea of what is hurting your scores the most. 

 

I suspect you are letting too many cards report a balance and/or your payments aren't clearing to get utilization at a lower amount. Are you actually buying new reports each time or are you relying on a service like ScoreWatch?

Established Contributor
sphinx313
Posts: 567
Registered: ‎02-12-2011
0

Re: It goes down, but doesn't come back up

+1 on relying on SW. There have been members that purchased a new report the same day a SW came through and the scores and info on the report were higher than SW had notified them.



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