28 point drop from experian

[Anonymous]

I had a noticfation this morning showing a 28 point drop from experian. Would 1 inquiry from Amex really have that much of a negative factor. The other noticfation was that I paid down 100% of my BofA card that would increase it not decrease it. So my question is what's up with the 28 point hit.. I did recently pay off my car but it hasn't showed that hit yet which unfortunately I know it will affect my score paying off my auto loan.

[Anonymous]

You should always keep one card with atleast 1-9% util. That and the HP could drop your score. 

[Anonymous]

I do have one card around that range but the statement hasn't closed yet. With the hp it usually varies 5-8 points but 28 is over kill don't you think?

[HiLine]

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@Anonymous wrote:
I do have one card around that range but the statement hasn't closed yet. With the hp it usually varies 5-8 points but 28 is over kill don't you think?

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Is that card showing a $0 balance? If so, 28 points is not incomprehensible though it is a bit high. Having all credit cards showing $0 balance implies to FICO scoring models that you are not actively using your credit cards.

[Anonymous]

I do have all at 0 but one card my Amex showing a balance, so what your saying is to have all of them show at least 1%? This would be outrageous because I have a pretty decent cl so I would have to pay intrest on it.. I just recieved my EQ report and it knocked down my score by only 6 and again this was on one of my cards that previously was reported at 147 and now 0 balance but like I said I have other cards two to be exact that show a 1-9 % utilization.. I'm just confused a bit... Thank you guys for trying to give me some important information

[racer-x]

All card balances at $0, except 1 card showing a balance at 1-9%.  That's the alleged FICO scoring sweet spot.

Racer609 - What ya racin'?

[Anonymous]

Yeah and that's exactly what I'm planning on doing. Maybe next month it'll increase in points . I went from $147 to $0 I have 3 of them that will report here shortly with $0 then on the 16th and 19th are the ones that have a balance for the month and for overall credit cards will show between 1-9% I want that sweet spot believe that 😎 and racer x. I use to race motocross in the B class kx450, but no longer race just watching the Supercross series now. Going to Atlanta in two weeks for race and Daytona Beach since I live in Florida. 🌞

[racer-x]

Right on - I'm a 'slowly moving into retirement' motorcycle roadracer, after 20+ yrs.

I raced the big track at Daytona in 2010.  I was there a week before the Supercross...the dirty bike track was all set up though.

I still have my roadrace bikes (GSXR's) but moved into Harleys and the best trail bike ever made...kdx200!  (KX250 forks, rebuilt shock of course). lol.

I go to Jennings FL regularly.... from Ohio.

Good luck man.

[Anonymous]

Sounds like blast! Yeah I had an 08 gsxr 750 and 2010 1000 but sold those.. Weather is amazing right now to ride.. Wish I still had my bikes but unfortunately got other plans now.. And thanks!

[takeshi74]

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@Anonymous wrote:
So my question is what's up with the 28 point hit..

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You'd have to carefully review reports before and after.  Notifications can be helpful but don't rely on them solely to determine these things.

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@Anonymous wrote:
I do have all at 0 but one card my Amex showing a balance, so what your saying is to have all of them show at least 1%? This would be outrageous because I have a pretty decent cl so I would have to pay intrest on it.

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That's not what they're saying.  However, even if they were you do not need to carry a balance in order to have one report.  Most cards report on statement date.  If you have a balance on statement date with such cards then that is the balance that is reported.  You could pay in full after statement date and before due date, not pay interest and have a balance report.