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Trying to Rebuild

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Auror_Solem
New Visitor

Trying to Rebuild

So my credit score isn't the best. 657. Been working to rebuild for about 3 years now after some dumb decisions. I just finished paying my credit card off, expecting to see a jump in score. The actual outcome? Dropped 40 points! There was no explanation other than balance decreased by $250. My overall CCU is 9%, zero missed payments in 3 years and I'm just beyond frustrated. How can It drop after bringing the CCU for this particular card from 25% to 0%?

 

Any tips would be helpful!

6 REPLIES 6
JoeRockhead
Senior Contributor

Re: Trying to Rebuild

If this was you're only card and it has a 0 balance, you're getting hit with the all zero penalty, try letting a small balance report on it $5, $10.

 

40 points sounds a bit excessive though. Have you checked your reports to make sure there was nothing else that changed?

Message 2 of 7
Rogue46
Established Contributor

Re: Trying to Rebuild

Agreed, It sounds like something else is causing the 40 point drop, Reporting all zeros wouldn't account for that much of a swing 





Message 3 of 7
Auror_Solem
New Visitor

Re: Trying to Rebuild

Thanks for responding! When I view the change all it says is your "account" balance decreased by $256 from $257 to $1. I haven't been able to find anything else that has happened 😩. I didn't know about the $0 penalty though! I feel like I'm so in the dark on how to properly build my score and have been working hard.

Message 4 of 7
Auror_Solem
New Visitor

Re: Trying to Rebuild

currently I use credit karma and the free version of


@Auror_Solem wrote:

Thanks for responding! When I view the change all it says is your "account" balance decreased by $256 from $257 to $1. I haven't been able to find anything else that has happened 😩. I didn't know about the $0 penalty though! I feel like I'm so in the dark on how to properly build my score and have been working hard.



myFico to monitor changes, this was reported by experian. Is there a better way to view my score?

Message 5 of 7
JoeRockhead
Senior Contributor

Re: Trying to Rebuild

@Auror_Solem  You can get your free Fico 8 Equifax score from MyFico, free Fico 8 Experian score from Experian's site and you can get a free weekly copy of all three of your cedit reports from annualcreditreport.com

 

I'd start by checking your credit reports to make sure everything on it is accurate.

Message 6 of 7
FireMedic1
Community Leader
Mega Contributor

Re: Trying to Rebuild


@Auror_Solem wrote:

So my credit score isn't the best. 657. Been working to rebuild for about 3 years now after some dumb decisions. I just finished paying my credit card off, expecting to see a jump in score. The actual outcome? Dropped 40 points! There was no explanation other than balance decreased by $250. My overall CCU is 9%, zero missed payments in 3 years and I'm just beyond frustrated. How can It drop after bringing the CCU for this particular card from 25% to 0%?

 

Any tips would be helpful!


Great advise so far. How many cards do you have?


Message 7 of 7
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