Credit score dropping

[Priotelus-Temnurus]

I'm extremely upset. My credit score just went down more than 50 points, from 740 to 687 just by doing what I suppose to do? I recently paid off all my balances in my credit cards, paid almost 6k between 10 different credit cards, and this is what I get?

[Anonymous]

What is the source of your credit scores?

[CreditInspired]

Hi and welcome to MyFico

So sorry. If all of your cards reported $0 balances, that’s the problem. One card has to report at least $5. 

[Anonymous]

Where did you get your score? If its places like credit karma, it is not as reliable and they fluctuate a lot. You should pull your fico score and see what they are first.

Also, you can provide more details about the cards you have, utilization on them, etc, so we can better assist.

[Anonymous]

What is the best possible formula for reported utilization nowadays, percentage wise?

[Anonymous]

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@Anonymous wrote:

What is the best possible formula for reported utilization nowadays, percentage wise?

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1% - 8.9% is generally considered to be the ideal range to maximize FICO scoring.

[Anonymous]

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@Priotelus-Temnurus wrote:
I'm extremely upset. My credit score just went down more than 50 points, from 740 to 687 just by doing what I suppose to do? I recently paid off all my balances in my credit cards, paid almost 6k between 10 different credit cards, and this is what I get?

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I'm guessing here that you aren't speaking of a FICO score.  What is your score source?

I'm not sure what your original balances/limits were compared to where they're at now, but paying down $6k on 10 different CCs could mean a 0 point FICO increase or up to a 70-80 point FICO increase.  What it would NOT equate to is a score decrease.  A scoring penalty can be imposed if all $0 balances are reported, but that would be to the tune of 15-20 points, not 50.  Please get back to us on the source of your score and also if you could provide some before/after balance information that would be helpful.

[Priotelus-Temnurus]

My main source is Transunion. I checked my credit score continuosly from the TU app, same as via the credit cards app inner feature to check the credit scores.

[Anonymous]

I'm not familiar with the score one can get from TransUnion.  It should say near the score the scoring model... something like "Based on VS 3.0 model" or "Based on FICO 8 model" etc.  Let us know what that says.

If you want a quick and free FICO 8 score based on Experian data head to creditscore.com or creditscorecard.com and grab one.  That will give you a very common, very relevant score at no cost.

[Priotelus-Temnurus]

I decided to pay off all my credit cards and bring all the balances to zero.