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Score dropped 25 points for no reason

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Valued Member

Score dropped 25 points for no reason

I don't get this. My score dropped 25 points for no reason at all. The only thing I noticed is that all my cards showed a 0 balance. But other than that nothing changed. Now my score is 580 across the all three bureaus. I am seriously heartbroken.

 

I need to break that 650 barrier as soon as I can. Now since December I've gotten three new cards-Open Sky, Cap 1 Quicksilver one, and Discover secured. I also was approved for Genesis credit for some furniture. I am hoping now that with four credit cards, the Genesis credit for furniture and two baddies(one drops off in Nov) that my score will rise.

 

But why did my score drop 25 points???

Message 1 of 5
4 REPLIES 4
Senior Contributor

Re: Score dropped 25 points for no reason


@Mikoyan wrote:

I don't get this. My score dropped 25 points for no reason at all. The only thing I noticed is that all my cards showed a 0 balance. But other than that nothing changed. Now my score is 580 across the all three bureaus. I am seriously heartbroken.

 

I need to break that 650 barrier as soon as I can. Now since December I've gotten three new cards-Open Sky, Cap 1 Quicksilver one, and Discover secured. I also was approved for Genesis credit for some furniture. I am hoping now that with four credit cards, the Genesis credit for furniture and two baddies(one drops off in Nov) that my score will rise.

 

But why did my score drop 25 points???


BINGO! Never have all your cards show 0 balance. Always have 1 report 2-4% each month. FICO penalizes you for having no credit use. It will bounce back. There is no memory month to month. Dont know your CL's or number of cards. As we say here. AZEO always. All Zero Except One. Pick 1 to report and the points will come back.

Call Genesis and ask if they list their loans as a consumer finance account on your credit report. If so. FICO doesnt like CFA's. But more than likely its the no cards reported a balance. And side note. No more apping if you need that score jump. Good Luck!





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC.
Message 2 of 5
Community Leader
Super Contributor

Re: Score dropped 25 points for no reason


@Mikoyan wrote:

I don't get this. My score dropped 25 points for no reason at all. The only thing I noticed is that all my cards showed a 0 balance. But other than that nothing changed. Now my score is 580 across the all three bureaus. I am seriously heartbroken.

 

I need to break that 650 barrier as soon as I can. Now since December I've gotten three new cards-Open Sky, Cap 1 Quicksilver one, and Discover secured. I also was approved for Genesis credit for some furniture. I am hoping now that with four credit cards, the Genesis credit for furniture and two baddies(one drops off in Nov) that my score will rise.

 

But why did my score drop 25 points???


 

It dropped because all cards reported zero. In scoring language, that translates in " no revolving credit use" 

As soon as one your cards reports a balance, all points lost due to cards reporting zero will return. 

Always alllow one card to report a balance, they pay after statement is generated. 

EX 753 EQ 769 TU 755
Message 3 of 5
Community Leader
Super Contributor

Re: Score dropped 25 points for no reason


@FireMedic1 wrote:

@Mikoyan wrote:

I don't get this. My score dropped 25 points for no reason at all. The only thing I noticed is that all my cards showed a 0 balance. But other than that nothing changed. Now my score is 580 across the all three bureaus. I am seriously heartbroken.

 

I need to break that 650 barrier as soon as I can. Now since December I've gotten three new cards-Open Sky, Cap 1 Quicksilver one, and Discover secured. I also was approved for Genesis credit for some furniture. I am hoping now that with four credit cards, the Genesis credit for furniture and two baddies(one drops off in Nov) that my score will rise.

 

But why did my score drop 25 points???


BINGO! Never have all your cards show 0 balance. Always have 1 report 2-4% each month. FICO penalizes you for having no credit use. It will bounce back. There is no memory month to month. Dont know your CL's or number of cards. As we say here. AZEO always. All Zero Except One. Pick 1 to report and the points will come back.


 

Bruh, you got me by a minute! Smiley LOL

EX 753 EQ 769 TU 755
Message 4 of 5
Senior Contributor

Re: Score dropped 25 points for no reason


@Remedios wrote:

@FireMedic1 wrote:

@Mikoyan wrote:

I don't get this. My score dropped 25 points for no reason at all. The only thing I noticed is that all my cards showed a 0 balance. But other than that nothing changed. Now my score is 580 across the all three bureaus. I am seriously heartbroken.

 

I need to break that 650 barrier as soon as I can. Now since December I've gotten three new cards-Open Sky, Cap 1 Quicksilver one, and Discover secured. I also was approved for Genesis credit for some furniture. I am hoping now that with four credit cards, the Genesis credit for furniture and two baddies(one drops off in Nov) that my score will rise.

 

But why did my score drop 25 points???


BINGO! Never have all your cards show 0 balance. Always have 1 report 2-4% each month. FICO penalizes you for having no credit use. It will bounce back. There is no memory month to month. Dont know your CL's or number of cards. As we say here. AZEO always. All Zero Except One. Pick 1 to report and the points will come back.


 

Bruh, you got me by a minute! Smiley LOL


Were tied now. LOL!!!!!!!!!!!!!!! 1-1





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC.
Message 5 of 5