01-06-2014 06:48 AM
01-06-2014 07:33 AM
More details would be useful.
One case that comes to mind is if you're carrying a small balance on a single CC, and pay it in full. In such a case, your score may go down rather than up.
01-06-2014 08:13 AM
01-06-2014 08:40 AM
I don't know the answer, but another possibility is that the new account itself is responsible for the drop, rather than making a payment on it.
I don't know how accurate CK is at reporting this sort of thing.
01-06-2014 03:37 PM
I'm new to the forum and was hoping someone can help me understand. My CK alert shows that my score dropped 16 pts because of a decrease in my loan amount. Is this normal? Will my score drop and then bounce back?
Ignore CK. It's a funky score to say the least whose major value is for entertainment purposes franikly. Has no correlation with FICO scores, not certain any lender even actually uses it despite TU's claim.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO