topic Re: UGH!! Score Drop!!!! in Credit Cards

UGH!! Score Drop!!!!

Sitori — Sun, 12 May 2013 20:02:07 GMT

I'm so mad!!!!!!! I closed my first premier last week bc I thought it was hurting me but apparently by me doing that it dropped me from a 693 to 680. **bleep**!!! this was on my score watch. I haven't looked at my TU yet, which I'm not even going to do bc ill probably flip out.

I have been doing everything to boost my scores and just paid off 2 cards and was hoping for an increase, but now I get this huge drop!!?

I should have just kept it open. It's a measly $300 CL..how could I affect me this much.

Re: UGH!! Score Drop!!!!

Anonymous — Sun, 12 May 2013 20:31:44 GMT

It's probably because it was your oldest trade line and the other two cards are pretty recent.

Don't worry though. Your score will rebound little by little every month as long as you do your part. (Low util, no lates, no new accounts, etc.)

Re: UGH!! Score Drop!!!!

09Lexie — Sun, 12 May 2013 20:32:37 GMT

It can if your util is higher - did your other cc's with zero balances update? Do you have any cc's showing a bal?

Re: UGH!! Score Drop!!!!

09Lexie — Sun, 12 May 2013 20:33:51 GMT

A closed cc will still report and not affect your FICO - the util is what you have to worry about

Re: UGH!! Score Drop!!!!

Sitori — Sun, 12 May 2013 20:38:23 GMT

Well I opened it in July last year and my other accounts in Oct/Nov, so I Didnt think the few months difference would have that much of an affect.

My statement for my amazon card should be posting tomorrow. I paid that off. My cap1 I paid off last statement but haven't gotten any score increase from that. Credit Karma is still showing a balance for some reason.

Ill be checking this week to see if anything is posting a zero balance. I was really hoping to see that 700 after this. If I hadn't closed it I probably would have. Guess not now!

I am applying for new credit in a couple of weeks which is why I wanted the boost. I really hope this doesn't affect me now.

Re: UGH!! Score Drop!!!!

Anonymous — Sun, 12 May 2013 20:44:57 GMT

@09Lexie wrote:
A closed cc will still report and not affect your FICO - the util is what you have to worry about

Ahh I see. Whoops. I read into CreditKarma too much. Haha

Re: UGH!! Score Drop!!!!

09Lexie — Sun, 12 May 2013 20:49:50 GMT

Let your cc's update. You should see some improvement.

Re: UGH!! Score Drop!!!!

Sitori — Sun, 12 May 2013 20:50:10 GMT

How could it drop that much with a $300 CL?? UTL wasn't affected that much

Re: UGH!! Score Drop!!!!

09Lexie — Sun, 12 May 2013 20:52:20 GMT

What is your current util reporting on your crs?

Re: UGH!! Score Drop!!!!

Sitori — Sun, 12 May 2013 20:59:47 GMT

Well Credit Karma was reporting 19% Before. But it seems to be way off score wise so I'm not sure how accurate it is

Re: UGH!! Score Drop!!!!

09Lexie — Sun, 12 May 2013 21:03:45 GMT

First of all CK is not an accurate representation of your CS. CK also does not factor in closed cc's. in order to determine your CS, wait until your cc's update and then pull your CS from here or somewhere else that provides FICO CS.

Since your reported util has not changed and your cc is reporting closed its no wonder CK has a 13 pt drop

Re: UGH!! Score Drop!!!!

Sitori — Sun, 12 May 2013 21:07:05 GMT

I don't have any current CR's. I was going to wait until the zero balances reported and then pull them

Re: UGH!! Score Drop!!!!

Sitori — Sun, 12 May 2013 21:09:29 GMT

My score drop came from here..the score wAtch. Credit karma is too inaccurate to use 100%. But yes I will run a report once the zero balances report. If my statement is the 13th do you know how long it takes to report the zero balance?

Re: UGH!! Score Drop!!!!

Sitori — Sun, 12 May 2013 21:18:59 GMT

Is score watch accurate? That's usually what I base everything on.

Re: UGH!! Score Drop!!!!

Sitori — Sun, 12 May 2013 21:20:19 GMT

I closed it bc everyone said it would be best that I did. I was expecting a couple points dropping but definitely not this much

Re: UGH!! Score Drop!!!!

09Lexie — Sun, 12 May 2013 21:23:33 GMT

It varies on lenders. Usually 3-4 days after your statement date. Exp is usually first, then eq and tu follows a day or so later.

Re: UGH!! Score Drop!!!!

Sitori — Sun, 12 May 2013 22:22:37 GMT

CK shows only a one Point drop. Too bad that's not the accurate one!! LOL.

Re: UGH!! Score Drop!!!!

LS2982 — Sun, 12 May 2013 23:25:49 GMT

A closed FP card is worth 30 points!!!! Horrible card!!!

Re: UGH!! Score Drop!!!!

jsucool76 — Sun, 12 May 2013 23:30:00 GMT

Depending on the limits of your other cards (cant see if you have it in your sig, on my phone) the util could've jumped up when you closed it. Also if your new 0$ balances haven't reported yet, then take your score with a grain of salt. Once they report you should see your score jump up a bit.

Re: UGH!! Score Drop!!!!

Sitori — Mon, 13 May 2013 00:43:19 GMT

Seriously!! I should have gotten points for closing it! Lol

I know ill see an increase with my zero balances reporting BUT the point was to have the increase ON TOP of the 693 toget me to 700. Now ill be lucky if I even get back up to 690!!!

I should have kept the dumb thing open