-33 points?

[Anonymous]

I have done a lot of reading, but I am not sure if I am finding the answer.  Maybe someone can help.  My FICO score (TU) sat at 793 for 4 months (reported by wamu).  I used one of my cards last month to the tune of $500 but paid it off in full at the end of the month.  I log on now and my score is 760.  (Crying here as I was really going for the 800).  I carry a balance on 1 card- was at 33% util now at 20% (result of a consolidation offer 2 years ago) and except for the card I used (and do use) and pay off each month, I have no other balances.  Would that one month cause such a drop or could it have anything to do with wamu being taken over by JP Morgan/Chase?  Oh, the other thing that happened during this month was Chase wrote me to tell me that they were closing my account for non-use.  Any clues here?

[Anonymous]

 Don't be sad!

Well without knowing ALL of your details I would say that it could be that you used a card that hasn't been used in a while AND that one of your accounts closed.

I wouldn't be too sad though, if that is the case then if you lower your UTL down to about 3% and pay on time for a few months it should go back. It seems like a big drop but I have this "feeling" it will be temporary and you will recover PLUS some in the next few months.

Don't let it get you down

Also maybe you should pull your other two scores from here and look at them. Maybe they didn't drop, Maybe they have gone up and you will have something to cheer about. Who knows you might already have an 800 hanging out there

[haulingthescoreup]

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DianaLynn57 wrote:

I have done a lot of reading, but I am not sure if I am finding the answer.  Maybe someone can help.  My FICO score (TU) sat at 793 for 4 months (reported by wamu).   I used one of my cards last month to the tune of $500 but paid it off in full at the end of the month.  I log on now and my score is 760.  (Crying here as I was really going for the 800).  I carry a balance on 1 card- was at 33% util now at 20% (result of a consolidation offer 2 years ago) and except for the card I used (and do use) and pay off each month, I have no other balances.  Would that one month cause such a drop or could it have anything to do with wamu being taken over by JP Morgan/Chase?  Oh, the other thing that happened during this month was Chase wrote me to tell me that they were closing my account for non-use.  Any clues here?

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Hi, DianaLynn, welcome to the forums!

The giveaway is that your 793 score was a so-called PFICO score, a FICO credit-card enhanced score. It is tweaked to (try to) better predict credit cardholder behavior, and its score range goes up to 900. So a 783 on a scale of 900 is not a 783 on a scale of 850, which is the top of the classic FICO score range.

It could very well be that your classic TU FICO hasn't changed that much at all.

Keep taking down that util, and you should be rewarded.

And I hate to hear that you got your account closed, but it shouldn't affect your score, as it will continue to report for 10 years after closing.

[Anonymous]

Thank you for the replies.  I'm not worried or caring about the Chase being closed as I did not use it, and IMHO- I still have too many cards.  My credit report says I still have 6 open accounts, I have 9 closed accounts- 5 closed by me, 4 by credit grantors.  I only use 3, and the combined credit limits of ALL those cards makes my UTIL only less than 1% - but still 20% of that one card.  Upon checking, my TU score is 708- which is still good I think given that I have 3 more years of a bankruptcy on there.  That's the only glaring mark on my credit report.  Morgage paid, home equity loan is all up to date and all open credit cards are reporting good status.   

Thank you for the explanation of the difference though.  I don't know why it dropping bugs me so much, but I am still going to work for the PFICO of 800