topic Re: Credit Score goes down despite paying down credit card balance in Rebuilding Your Credit

Credit Score goes down despite paying down credit card balance

Anonymous — Thu, 14 May 2015 22:31:27 GMT

So today, I looked at my Equifax Credit Score and noticed it has actually dropped by 28 points because I made a large payment towards a credit card. I was told the credit companies will do this to prevent you from paying down a card in an attempt to pay it off in a hurry and cancel. Does anyone have experience with this or know how I can dispute this?

Re: Credit Score goes down despite paying down credit card balance

Anonymous — Thu, 14 May 2015 22:58:25 GMT

What would you be disputing? Your score isn't disputable - the factors that comprise it are.

Is it your FICO score that went down? Are you sure nothing else changed?

Re: Credit Score goes down despite paying down credit card balance

Anonymous — Thu, 14 May 2015 23:14:31 GMT

@Anonymous wrote:
So today, I looked at my Equifax Credit Score and noticed it has actually dropped by 28 points because I made a large payment towards a credit card. I was told the credit companies will do this to prevent you from paying down a card in an attempt to pay it off in a hurry and cancel. Does anyone have experience with this or know how I can dispute this?

Where are you getting that score from?

Re: Credit Score goes down despite paying down credit card balance

Anonymous — Thu, 14 May 2015 23:26:01 GMT

@Anonymous wrote:
So today, I looked at my Equifax Credit Score and noticed it has actually dropped by 28 points because I made a large payment towards a credit card. I was told the credit companies will do this to prevent you from paying down a card in an attempt to pay it off in a hurry and cancel. Does anyone have experience with this or know how I can dispute this?

Did they lower your limit on the card? happened to me... it is called "balance chasing"

Re: Credit Score goes down despite paying down credit card balance

Anonymous — Fri, 22 May 2015 02:57:21 GMT

So here is what I know. I had a balance on my credit card of 285 (credit limit 300). I paid 200.00 towards tha balance. Once I did that, it brought my score down by 28 points. That does not make sense to me.

Re: Credit Score goes down despite paying down credit card balance

Anonymous — Fri, 22 May 2015 02:58:08 GMT

I am getting that score from my profile page here on the myfico.com website.