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Pissed, Score keeps tanking!

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Super Contributor

Re: Pissed, Score keeps tanking!

The problem is you're stuck in a category amongts those who have similar credit profiles that are in the lower score range.  Until something drastically improves in your credit profile, you won't move into the category amongst the  people who's score is in a higher bracket. 

Message 11 of 17
Valued Contributor

Re: Pissed, Score keeps tanking!


@Walt_K wrote:

@GregB wrote:

Closing that account seems like a big mistake. Seems you will now have to pay another account down to $0 just to get close to where you started. If you had 2 accounts out of 5 revolving accounts reporting a balance and now you have 4 revolving, the only thing that will get you LESS than half the accounts reporting a balance is 1.


I don't know that it was a big mistake.  The amount of accounts reporting balances isn't a huge ding right?  OP says 7 year perfect payment history.  Seems like the main problem is just utilization.  Losing this CL made the utilization jump up higher again.  Unclear what exact utilization is, but once that gets under control, the score will improve. 


My util over the last 5-6months is 60-80%. I have had individual balance increases up to $8000 and decreases of similar amounts. An account updated today with a decrease of $4600. EQ FICO per SW has not changed from 701. Last FICO score change was 9/2010, a decrease of 21 points with ONE additional account reporting $115 that gave me 9 accounts with balances out of 18 open revolving accounts.

 

I do think it is possible that there might not be a big step at 50% accounts with balances if you have a very small number of accounts. Does that happen at 2? Or 3? Who knows?

 

Message 12 of 17
Valued Contributor

Re: Pissed, Score keeps tanking!

For ideal scoring, pay all but one account to $0 and have the other reporting 9% or less.

 

Dropping that account reduced the overall CL and affected utilization.  I suppose you could have also paid off enough on the remaining balances to keep your utilization static or to decrease it, but I find that doubtful.  I think it would be really helpful if OP posted the balances / credit limits for the before and after scenarios.  Otherwise, this is just a waste of typing, we're just theorizing blindly. 


Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around


Take the myFICO Fitness Challenge
Message 13 of 17
Established Member

Re: Pissed, Score keeps tanking!

My score jumped to 675 over the weekend.

Message 14 of 17
Valued Contributor

Re: Pissed, Score keeps tanking!

Congrats!  What changed?


Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around


Take the myFICO Fitness Challenge
Message 15 of 17
Established Member

Re: Pissed, Score keeps tanking!


@mauve wrote:

Congrats!  What changed?


Nothing. It just jumped up without any changes to my account.

Message 16 of 17
Regular Contributor

Re: Pissed, Score keeps tanking!

Read something about you having closed an account and now a random increase.  I'm willing to wager that the score was looking at something with regards to AAoA, where it got past a milestone.  That happened to me this year.  December 2010 I was in the mid 600s, hit 700 in April when I bought my car.  Back down to around 680 or thereabouts but I can deal with that now that I'm no longer fighting the bankruptcy (fell off of Experian, just waiting for it to fall off of the other two bureaus).

Credit Cards:
| Cabrillo Credit Union MasterCard @ $3,000 | Chevron Visa @ $2,000 | Amazon Store Card @ $1,800 | HSBC 2% Rewards MasterCard @ $950 (redeemed themselves)
Message 17 of 17