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This makes NO sense?????

New Member

This makes NO sense?????

I recently paid off a small credit card and I wanted to see how it would affect my score. On Monday, it was still there. On Monday my Transunion FICO score was 717, showing 6 accounts with balances and 57% revolving usage.... Here's what I really don't get.... Today (Friday) it shows zero balance on the card I paid off. FICO now says I have 5 accounts with a balance and my usage dropped to 56%..... and my score dropped to 716??????  How is that possible?

4 REPLIES
Moderator Emeritus

Re: This makes NO sense?????

Welcome!

 

Are your FICO scores from myFICO?

 

While util dropped 1%, did any individual balance increase?

 

 

New Member

Re: This makes NO sense?????

That must be what it is. 2 cards went up slightly in balance but I paid more than that to pay off the 3rd card and I reduced my utilization by 1%. Here I thought I was doing good by eliminating a card and having my util rate go down....  lesson learned.

 

Thanks for the info.

Established Contributor

Re: This makes NO sense?????

Your utilization will be scored as 30% of your FICO score; I learned just today that word has it that about half of that is overall utilization, and half is scored on the combined effects of individual card utilization.

 

When you say you paid off a card - did you also close it? Because if you did, then your total available credit would go down, and that has bearing on your utilization too. You do want your utilization to go down, that is a good thing. But it sounds like on a couple of other cards, your balance went up AND you lost a tradeline. Yes?

Valued Member

Re: This makes NO sense?????

Oh crap, see if you can get the card reopened. Credit card companies have been pretty good to me, if the regular customer service person says they can't, talk to a manager. Explain that you thought what you thought and you made a mistake. If there really isn't a way they can't reopen it, at least you tried.



Starting Score: 03/17/2013 665 EQ 01/09/2013 EX 724 TU 739?
Current Score: 03/27/2013 682 EQ 01
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