I don't understand FICO scoring

[SA0012]

Hello All, 

I applied for a refinance on my home loan in Jan and the loan funded on Feb 9th. The new lender reported the loan in Feb itself, so I had two mortgage loans showing a balance.

With this above event, my score went down by 20 points or so, I thought it was because of huge debt showing up.

Now come to the first week of April, my previous mortgage loan closed and reported "0" balance, again, my credit score decreased again by 20 points.

This time message was "Credit balance decreased".

Basically, my question is having a high balance decreases the FICO score, and also when you payoff the loan it also decreases the score. When will it increase the score?

the score went down by 40 points in 6 weeks. Is there anything I can do to bump it up again or just wait until it settles down by itself?

Thanks and appreciate any help on this.

[tooleman694]

What scores, and where did you get them.

[Anonymous]

There's a few version of FICO out there.
Which one are you monitoring?

Aso does it matter if it went down temporarily by 20-40 points if you won't be applying for credit?
Perhaps your credit card balances were charged up by your spouse or you're a co-signer for your son/daughter.
Lets look at all variables.

[SA0012]

I'm a MyFICO Premier member. All these scores are from MyFICO mortgage scores.

[SA0012]

All other variables are same as earlier. MyFICO mortgage scores