topic Re: Score dropped, can it go back up quickly or will it take time? in Understanding FICO® Scoring

Score dropped, can it go back up quickly or will it take time?

Anonymous — Sun, 02 Nov 2014 23:42:13 GMT

For a month I had a utilization of around 50% and didnt' realize that my credit score was updating at the end of the month. As a result I got knocked down 70 points. I paid off that utilization to lower it to 20% and I'll probably pay off a little more to get it to 10%.

I was wondering if the next update on my credit score will it go up a significant amount or not?

I've been paying bills on time so nothing negative there.

I have been using CK to check my score, I don't know what my score on CapitalOne will be that has yet to update.

Re: Score dropped, can it go back up quickly or will it take time?

CreditDunce — Mon, 03 Nov 2014 14:26:19 GMT

Yes, utilization does not have any memory. FICO only considers your current utilization. They do not care about any previous utilization. As soon as the new utilization is reported, your scores will be changed to reflect the new utilization.

Note well, your credit score changes daily as new information is posted to your credit report and older information ages. Typically, lenders report each account once per month, but your credit score is constantly changing.

Re: Score dropped, can it go back up quickly or will it take time?

Legal_Girl — Thu, 06 Nov 2014 22:33:45 GMT

Unfortunately, your score never goes up as much or as fast as it went down. As for the Capital 1 score, unless you have some type of different benefit than my QS!, I don't think Cap 1 is providing a Fico Score, I believe it is just the Score used by the Bureau it pulls from. Once all is said & done, you might want to check your actual FICO. It may not have fallen as much. Just a thought.

Re: Score dropped, can it go back up quickly or will it take time?

Anonymous — Fri, 07 Nov 2014 01:19:51 GMT

@Legal_Girl wrote:
Unfortunately, your score never goes up as much or as fast as it went down. As for the Capital 1 score, unless you have some type of different benefit than my QS!, I don't think Cap 1 is providing a Fico Score, I believe it is just the Score used by the Bureau it pulls from. Once all is said & done, you might want to check your actual FICO. It may not have fallen as much. Just a thought.

Both CK and Cap 1 offer what is called a TU New Account Model and it's useless.