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My score dropped 100 points. How do i fix this quick

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My score dropped 100 points. How do i fix this quick

I have about 50k in credit and Im using 30k. Paying on time but carrying a balance. My accounts average 10k each in credit limit. 100% good payment history. 

How do I boost my credit back up quickly?

11 REPLIES 11
Valued Contributor

Re: My score dropped 100 points. How do i fix this quick

Guessing the 100 point loss was due to your high utilization?  The only way to fix that is to pay down your debt (or increase your available credit but that will be difficult if not impossible with your current util).  You're using ~60% of your available credit - anything over 28.9% is going to hurt pretty bad (ideal overall util is less than 8.9%).  This is not including the additional score penalties for high individual card util - best to keep card balances under 30% of their limits.   

 

Can you list your cards with their limits and respective balances?  Tell us how much money you have avail to put towards payments each month and we can help you develop a payoff game plan.

Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/06/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 07/01/2019: EX 741 ✦ EQ 727 ✦ TU 733
Current FICO 9s | 06/01/2019: EX 753 ✦ EQ 751 ✦ TU 732
Highest FICO-8 Ever | 10/2018: 780 [on dirty report]

2019 Goal Score | 780s


My AAOA: 2.7 years not incl. AU / 2.10 years incl. AU
My AoOA: 6.5 years not incl. AU / 8.5 years incl. AU
Report Status: Clean

Tending my Garden til 2/2021


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 2 of 12
Senior Contributor

Re: My score dropped 100 points. How do i fix this quick

What he/she said. Your util is killing you. Nothing will change it until you pay it all down ASAP. Some lenders will balance chase you and lower your credit line if its one of the banks that dont like high util for an extended period of time.





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 3 of 12
Valued Contributor

Re: My score dropped 100 points. How do i fix this quick

Welcome to the myFICO forums!

 

As previously stated your utilization is high which is dropping your scores. Are these FICO scores or are you getting your scores from Credit Karma? Utilization has no memory, so as soon as you get your utilization below 30% you will see a jump in your FICO scores.

















Your FICO credit scores are not just numbers, it’s a skill.

Message 4 of 12
New Member

Re: My score dropped 100 points. How do i fix this quick

I have an Amex 0% interest rate 12000 limit using 9500

Amex with interest 9800 limit using 9600

Amex cash no limit 950 until next statement

WellsFargo 0% 10000 limit using 6000

Will getting trade lines help improve my credit score and for how long if so will it improve it?

I have 4000 available to pay debts

Message 5 of 12
Valued Contributor

Re: My score dropped 100 points. How do i fix this quick


@Amaya1120 wrote:

I have an Amex 0% interest rate 12000 limit using 9500

Amex with interest 9800 limit using 9600

Amex cash no limit 950 until next statement

WellsFargo 0% 10000 limit using 6000

Will getting trade lines help improve my credit score and for how long if so will it improve it?

I have 4000 available to pay debts


Adding tradelines will be difficult with your current high utilization, however, if you do increase your credit it will reduce your overall utilization which would increase your FICO score when you get your utilization below 30%. Applying for credit will incur a hard pull on your credit files and will cause a drop in your FICO scores. HPs affect your FICO scores for one year and remain on your file for two years. If you want to improve your utilization then you need to limit the use of your credit cards and pay down your credit card debt. I would pay on your AmEx as you are very close to maxing out your credit limit which is most likely affecting your FICO score them most.

















Your FICO credit scores are not just numbers, it’s a skill.

Message 6 of 12
Senior Contributor

Re: My score dropped 100 points. How do i fix this quick

Short answer. Your 100 points is right there starring at you. Mostly maxed out cards. Report back once you get them all down. Shoot for AZEO.





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 7 of 12
Highlighted
New Member

Re: My score dropped 100 points. How do i fix this quick

Today I paid my Amex with 9800 credit limit 5600, so now I owe them $4000 until next statemnt...hopefully I see some improvement soon (not expecting 100 points, but at least two or three for my efforts Smiley Wink...)

I was looking into the tradelines, they are very expensive.  One of the fellas I spoke with, said that if I get 50-60k in tradelines that will dilute my credit limit and that my score should jump 70-100 points.  They charging anywhere from $1800 to $5000

My concern is:  for how long are they good for.  What if the person I'm piggy backing on, will use them up to capacity...then I'm back to square one.  What guarantees can they offer on those trade lines?

The companies out there that advertise that they will fix your credit, what is that they do???

Message 8 of 12
Valued Contributor

Re: My score dropped 100 points. How do i fix this quick

We don't discuss purchasing tradelines on these forums.  Besides, "diluting your credit limit" for a score boost will not prevent adverse action from your current lenders -- your individual utilization is still too high.  They may balance chase or even close your accounts.  Why throw money at purchasing a tradeline that you can't even use -- and have no control over -- when you can just pay off your debt?  You have good cards - build on that. 

 

Good you made that first payment towards the amex.  You took it down from 97.96% utilization to 40.8%.   Passing three utlization thresholds (88.9%. 68.9%. and 48.9%) on an individual card will give you a bit of a score boost -- but your  cards are still quite high and require aggressive paydown.

 

I suggest you use your 4K per month to bring each card balance down below the next utilization threshold.  Thesholds are as follows (red is too high): 

 

88.9%, 68.9%, 48.9%, 28.9%, and 8.9%. 

 

In 4-5 months (sooner if you can throw more $ at payments) you'll be in really, really good shape -- both debtwise and scorewise (so long as you don't immediately run the debt back up). 

 

A basic example paydown using 4K / month with scoring as a priority may be: 

 

Payment Round 1: 

Amex $9500/$12000  (79.16%)  Immediately pay down to below 68.9%  (Less than $8028)  --> Payment $1500 

Amex $4000/$9800   (40.8%)   Goal pay down to below 28.9%  (Less than $2890)  --> Payment $1330 

WellsFargo $6000/$10000 (60%)  Immediately pay down to below 48.9%  (Less than $4890)  --> Payment of $1170

 

Payment Round 2 with new balances: 

Amex $8000/$12000 (66.7%)  Goal pay down to below 48.9%  (Less than $5868)  -- Payment $1500

Amex $2670/$9800  (27.2%)   Goal pay down to below 8.9%  (Less than $872)  -- Payment $1000

WellsFargo $4890/$10000  (48.9% Goal pay down to less than 28.9%  (Less than $2890)  -- Payment $1500

 

Payment Round 3 with new balances: 

Amex $6500/$12000 (54.2%)  Goal pay down to below 48.9%  (Less than $5868)  -- Payment $2000

Amex $1670/$9800  (17%)   Goal pay down to below 8.9%  (Less than $872)  -- Payment $1000

WellsFargo $3390/$10000  (33.9% Immediately pay down to less than 28.9%  (Less than $2890)  -- Payment $1000

 

Payment Round 4 with new balances: 

Amex $4500/$12000 (37.5%)  Goal pay down to below 28.9%  (Less than $3468)  -- Payment $2000

Amex $670/$9800  (6.8%)  PIF $670

WellsFargo $2390/$10000  (23.9% Goal pay down to less than 8.9%  (Less than $890)  -- Payment $1330

 

Payment Round 5 with new balances: 

Amex $2500/$12000 (20.8%)   PIF $2500

Amex $0/$9800  (0%)  

WellsFargo $1060/$10000  (20.6%)  PIF  $1060

 

 

 You want to always keep individual card utilization below 28.9%, and overall utilization (total balances / total limits) below 8.9% (1) for optimum scoring and (2) to prevent adverse action from your lenders.

 

Good Luck! 

Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/06/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 07/01/2019: EX 741 ✦ EQ 727 ✦ TU 733
Current FICO 9s | 06/01/2019: EX 753 ✦ EQ 751 ✦ TU 732
Highest FICO-8 Ever | 10/2018: 780 [on dirty report]

2019 Goal Score | 780s


My AAOA: 2.7 years not incl. AU / 2.10 years incl. AU
My AoOA: 6.5 years not incl. AU / 8.5 years incl. AU
Report Status: Clean

Tending my Garden til 2/2021


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 9 of 12
Established Contributor

Re: My score dropped 100 points. How do i fix this quick


@Amaya1120 wrote:

Today I paid my Amex with 9800 credit limit 5600, so now I owe them $4000 until next statemnt...hopefully I see some improvement soon (not expecting 100 points, but at least two or three for my efforts Smiley Wink...)

I was looking into the tradelines, they are very expensive.  One of the fellas I spoke with, said that if I get 50-60k in tradelines that will dilute my credit limit and that my score should jump 70-100 points.  They charging anywhere from $1800 to $5000

My concern is:  for how long are they good for.  What if the person I'm piggy backing on, will use them up to capacity...then I'm back to square one.  What guarantees can they offer on those trade lines?

The companies out there that advertise that they will fix your credit, what is that they do???


Please re-read the post above. They answer the question you seem to be asking. There is nothing on your credit report to fix (at least nothing you have told us about) You are spending too much of your available credit. PAY IT DOWN. Bzzzzzz Credit fixed....repaired....whatever you want to call it.

 

I’m going to repeat what others said. The scoring system does not like usage over 30%. Pay your cards down below 30% and you will see a score increase. Pay it down below 9% for an even bigger score increase. That’s it.

 

Your original post sounded like you were in big hurry to get your scores up. Why? You’re willing to pay money to get your scores up when that money should be put towards paying down your debt which will......get your scores up.

I just returned from financial hell. Don't go, the brochure is a lie.
Message 10 of 12
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