topic Re: Score dropped 7 points after balance was lowered? in General Credit Topics

Score dropped 7 points after balance was lowered?

Anonymous — Mon, 03 Mar 2014 19:43:37 GMT

I have credit card with a $500 limit. Balance was previously $200.

Score watch reported the balance decreased to 158. A decrease by 21% according to SW.

That is the only thing being reported. Not sure while my score DECREASED by 7 points.

Help please! Thank You.

SIDE NOTE: I havent gotten any new inquiries at all..

Re: Score dropped 7 points after balance was lowered?

Anonymous — Mon, 03 Mar 2014 19:55:28 GMT

What has changed on your report in the last month?

Re: Score dropped 7 points after balance was lowered?

Anonymous — Mon, 03 Mar 2014 20:10:31 GMT

@Anonymous wrote:
What has changed on your report in the last month?

Well as far as SW goes, it reported the following

-my balance on another card went down by 59% on Feb 17.. score went up by 0 points for that.

-my balance on another card went down by 98% on Fed 21.. score went up by 0 points for that.

-my balance on another card went down by 21% on Fed 23.. score went up 2 points for that.

-my balance on another card went down by 42% on Feb 26.. score went up 15 points for that.

-my balance on another card went down by 59% on Feb 27.. score went up 40 points for that.

this all followed by the most recent SW update of:

--my balance on another card went down by 21% on Mar 03..score dropped by 7 points for that.

**AS FAR AS NON SCORE WATCH REPORTED INFO GOES***

I think one of my account reached its 2 year anniversary at the end of this February.. but POSSIBLY. one of my hard inquiries just hit their 2 year anniversary..

all of which woudlnt negatively affect my score.. Im so confused.

Re: Score dropped 7 points after balance was lowered?

Anonymous — Mon, 03 Mar 2014 20:52:10 GMT

I don't know what all the lines about "balance went down score went up" mean.

Normally scores are calculated on a monthly basis, and the utilization part of the calculation is based on the balances reported on the CC statement dates.

I don't know how many cards you have, or when they report, but one guess is that your scores are jumping around based on balances updating on your reports.

It's also possible that other events are affecting the score, for example changing account ages and inquiries falling off and AAoA and so on.

Re: Score dropped 7 points after balance was lowered?

Anonymous — Mon, 03 Mar 2014 20:57:19 GMT

@Anonymous wrote:
I don't know what all the lines about "balance went down score went up" mean.

Normally scores are calculated on a monthly basis, and the utilization part of the calculation is based on the balances reported on the CC statement dates.

I don't know how many cards you have, or when they report, but one guess is that your scores are jumping around based on balances updating on your reports.

It's also possible that other events are affecting the score, for example changing account ages and inquiries falling off and AAoA and so on.

Balance went down meaning I paid off off a certain amount on the card. Understandable, but nothing I have done would lower my score. Makes no sense.

Re: Score dropped 7 points after balance was lowered?

Involver — Mon, 03 Mar 2014 20:59:16 GMT

If your oldest account / AAoA hit a magic number this month you may have been placed in a different scoring cohort (rebucketed) which would have affected your score.

Re: Score dropped 7 points after balance was lowered?

takeshi74 — Wed, 05 Mar 2014 13:19:10 GMT

(nm)