topic Re: Guess the cause of my score drop in Credit Cards

Guess the cause of my score drop

HiLine — Thu, 29 Nov 2012 07:35:49 GMT

2 hours ago, I received an alert from myFICO's Score Watch. Upon checking my account, I saw that my score had dropped by ... a whopping 56 points!

Without revealing my financial situation, I want to see if anyone can come up with a scenario where this can happen that resembles my case. Instead of being sad, I want to make a game out of this!

After 24 hours I will reveal the answer!

Hint: the answer has to do with credit cards

Re: Guess the cause of my score drop

Swapmeet — Thu, 29 Nov 2012 07:37:18 GMT

You maxed out at least one card....?

Re: Guess the cause of my score drop

dodgerslv — Thu, 29 Nov 2012 07:49:50 GMT

@HiLine wrote:
2 hours ago, I received an alert from myFICO's Score Watch. Upon checking my account, I saw that my score had dropped by ... a whopping 56 points!

Without revealing my financial situation, I want to see if anyone can come up with a scenario where this can happen that resembles my case. Instead of being sad, I want to make a game out of this!

After 24 hours I will reveal the answer!

Hint: the answer has to do with credit cards

a late was reported on one of your accounts?

Re: Guess the cause of my score drop

Mustangfrank — Thu, 29 Nov 2012 07:56:46 GMT

You applied for a new card(s) and got dinged.

when I got three cards at once my scores took a big hit like that and took a month to come back.

Re: Guess the cause of my score drop

MountainHiker — Thu, 29 Nov 2012 09:32:15 GMT

An X that got revenge by running up your cards!

Re: Guess the cause of my score drop

Anonymous — Thu, 29 Nov 2012 09:43:47 GMT

Your limit was decreased, thus raising your utilization through the roof!

Re: Guess the cause of my score drop

Anonymous — Thu, 29 Nov 2012 13:50:32 GMT

Utilization hits the spot

Re: Guess the cause of my score drop

distantarray — Thu, 29 Nov 2012 14:30:16 GMT

black friday shopping =P

Re: Guess the cause of my score drop

mikka1 — Thu, 29 Nov 2012 14:58:10 GMT

Something relatively similar happened to my FAKO score once. The only reason for such an impressive drop was having one card reported lost/stolen (actually, it has been reissued by BofA even without my knowledge as they suspected something...) and new tradeline appearing without any HPs...

Re: Guess the cause of my score drop

Repo-ed — Thu, 29 Nov 2012 15:00:58 GMT

Barclay CLD - util% went WAY up

Re: Guess the cause of my score drop

CadillacMack — Thu, 29 Nov 2012 15:58:01 GMT

By NOT shopping on black friday! So you had to pay higher prices for things

Re: Guess the cause of my score drop

Swapmeet — Thu, 29 Nov 2012 16:12:07 GMT

@CadillacMack wrote:
By NOT shopping on black friday! So you had to pay higher prices for things

Re: Guess the cause of my score drop

Epcot — Thu, 29 Nov 2012 18:50:13 GMT

My guess would be util as well.

Re: Guess the cause of my score drop

Anonymous — Thu, 29 Nov 2012 18:54:00 GMT

Reeeeeeeebuuuuuucketing.

Re: Guess the cause of my score drop

Anonymous — Thu, 29 Nov 2012 18:54:38 GMT

Significant reduction in a credit limit sending utilization soaring. (or a late pay hit)

Re: Guess the cause of my score drop

HiLine — Thu, 29 Nov 2012 19:20:27 GMT

Many people pointed to utilization. Think utlization could cause such a huge damage?

I'll drop another hint:

Hint #2: my utilization right now is around 40%.

Re: Guess the cause of my score drop

Anonymous — Thu, 29 Nov 2012 19:29:21 GMT

you missed a payment or was late on one, thats the only thing that couldve brought it down that far. lol

Re: Guess the cause of my score drop

distantarray — Thu, 29 Nov 2012 19:31:05 GMT

@HiLine wrote:
Many people pointed to utilization. Think utlization could cause such a huge damage?

I'll drop another hint:

Hint #2: my utilization right now is around 40%.

and yes utility can cause THAT big of a damage

Re: Guess the cause of my score drop

djrez4 — Thu, 29 Nov 2012 21:05:01 GMT

Your loss in the recent election caused the rating agencies to downgrade you. Mitt?

Re: Guess the cause of my score drop

crunching_numbers — Thu, 29 Nov 2012 21:05:40 GMT

Too many cards with balances?

Is no one correct yet? I would have guessed a baddie or rebucketing, for something stupid like your last inquiry is now a year old, so you are not seeking credit, therefore rebucketing yoU, or your last baddie falling off and now you are being thrown into the bucket with the blemish free folks.