Credit Score unexplained jump followed by 30 pt decline

[Anonymous]

Hi all

New to the forums but doing what I can to monitor my credit and trying everything to increase it.

Signed up for ScoreWatch on 6/16:  credit score was 616

I disputed a balance of $39.00 on a revolving line of credit.  I had paid the balance in full within a couple months and wanted the Equifax report to show that.  I also disputed a couple late payments showing on my report.

I received an alert on Scorewatch on 6/17:  credit score was 625 for no explicable reason.

Checked ScoreWatch on 6/19:  credit score is 595.

I have no idea why.  Nothing appears to be different.  The $39.00 balance is not showing on the score watch report however I cannot imagine it was removed so quickly and I also am confused if the balance was removed why the score would drop.

I have a approx. 4 active credit lines, but all have 0.00 balance and all are still open.   I have one school loan which is paid on time faithfully and that has not changed, the balance is approx. 9K.  I have no need to use credit and I have not used any credit.  I have paid off my car early, etc and am doing what I can but why such a swing in three (3) days????  My credit report shows no changes.  Baffled.

Thanks for any help!

[Anonymous]

Welcome to the forums!

My advice would be in general when u use the plastic save your reciepts and keep a copy of your checks.  So for your personal records you can keep track of the account activity.

However the reported balance is the balance on the card when the credit card company does it's monthly report on your credit file.  Meaning each month your account is reported as: paying as agreed, 30 days late, 60 or what have you.  If you are paying as agreed, your paying as agreed don't rely on your reported balance for current balance information.  That reported balance will stay there until the following date of the next month when your credit company files it's next monthly report on your credit file.  Like last month, this will be the balance at the time of reporting and not your current balance unless you have not had any activity since the reported balance.

You have to call the number on the back of your card for your current balance.

You seem to have a misinterpration where you brought in the Cra when you should have called the automated number for balance information.  Your dispute appears frivolous and to the credit card company can be seen as a needless aggressive action on your part.  They may be reporting you late when they priviously weren't.  Examine your report in further detail.  But talk to your creditor about late payments and when you had recent negatives showing on their file.

IF the balance was zeriod out on the report that means your utilization percentage is lower possible for the increase although im not sure. Check to see if the TL is still open.  If the TL is now closed that may be a possible reason for the decrease. But talk to that creditor first and formost and explain your misunderstanding if they are reporting new possibly derogatory info such as lates and or closed TL.

[bigman023]

You may also want to check the most recent report to see if that TL you disputed is listed as "investigation in process", or something to that nature.  It is my understanding that, while the CRA is conducting an investigation on a TL being disputed, that TL is taken out of the FICO equation.  Perhaps disputing the TL has caused you a temporary score drop. Once the investigation is complete, and the TL is added back to the equation, you will probably get those points back.