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Registered: ‎05-13-2007
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My score dropped -46 points! What's the deal?

[ Edited ]
Hello everyone, I've been monitoring my FICO with ScoreWatch for over a year and a half now with great success. I started with a 606 and got it up to a 719 on 9/12/2007. I just received an e-mail from the ScoreWatch saying one of my accounts (my Chase card) has a balance increase of a whopping (notice my sarcasm) of $30! In turn, my score has dropped 46 points to a dreadful 666. What's the deal?! I use my card frequently and pay off the balance every month.

Here's a graph of my score drop: :smileysad:
http://i10.tinypic.com/8f3ml3t.png

Here's exactly what the notification said:

CHASE (XXXXXXXXXXXX9310)
New balance: $30
Show/Hide Details


Account opened: 3/2007
Description: Credit card
Amount in H/C column is credit limit


Previously reported Newly reported
Account balance: $0 $30

You received this alert because this balance which was previously $0 increased to $30. You can change the settings for this kind of alert here.

Contact: CHASE, PO Box 15298, Wilmington, DE, 198505298 • (800) 955-9900
How balance increases impact your score:

A balance increase on an account may lower your FICO® score.

A large balance on an account, or balances on many accounts, can be a sign that you may be having trouble paying back debts. Since your FICO® score measures the chances that you will pay back a debt, larger balances or balances on more accounts can lower your score.

"Maxing out" a credit card or other line of credit is when the balance on the account comes close to the account's credit limit. This can dramatically lower your FICO® score because it is often a sign of a consumer who desperately needs credit and may not be able to pay it back.

The drop in your FICO® score caused by a balance increase can be reversed by paying down the balance.

Message Edited by jgomez on 11-19-2007 12:13 PM
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Registered: ‎03-19-2007
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Re: My score dropped -46 points! What's the deal?

I would have a hard time not pulling a report-

If I were to guess- you are getting hit for accounts with balances-

Even more likely there is something else going on the FICO SW did not pick up on.

Discount code HOLIDAY25 for 25% off.
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Posts: 741
Registered: ‎11-05-2007
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Re: My score dropped -46 points! What's the deal?



Timothy wrote:
I would have a hard time not pulling a report-

If I were to guess- you are getting hit for accounts with balances-

Even more likely there is something else going on the FICO SW did not pick up on.

Discount code HOLIDAY25 for 25% off.


Is ScoreWatch worth getting as a treat for myself for the holidays?  I've seen soooo many threads debating over credit monitoring services but I'm only now starting to tune and start considering...especially seeing the discount code...haha.  I wish there was a monitoring service that scanned Ex, Eq, and TU.
Time is credit's best friend...it can heal any wound.
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Posts: 28,098
Registered: ‎04-01-2007
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Re: My score dropped -46 points! What's the deal?


TheCynicalOne wrote:
Is ScoreWatch worth getting as a treat for myself for the holidays? I've seen soooo many threads debating over credit monitoring services but I'm only now starting to tune and start considering...especially seeing the discount code...haha. I wish there was a monitoring service that scanned Ex, Eq, and TU.


Don't we all! There are actually a lot that monitor the three reports, but it's too expensive to put together a 3-bureau FICO score monitoring service.

I agree with Timothy --there has to be something else going on. One thought: had your Chase card been unused for a while? I got an alert for a balance going on an account that had not been used in a while. Like yours, it was a small balance, too.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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