Welcome to the Forum,Kwik! 
Utilization (% of credit used out of credit avaible) counts for 30% of your score, so it would certainly make sense that this could have such an impact, especially since it sounds like your file is relatively new and thin.
9% and under appears to be the optimum overal utilization, so with your limits, $135 reported balances should be the max for best reporting. Number of balances reporting can also have a bearing.
For myself, I seem to gain/lose about 2 FICO points for each % of utilization, but I can't say that everyone's experience will be the same.
If you can't get the cards paid down right away, perhaps you could try to get your limits increased, which would improve your utilization even if your debt stayed the same.
Opening another card might be an option, although you would take a hit for the inq and maybe lose some points if it affects your AAoA.
Ideally, the best way to have low utilization is to have cards paid down...or at least be sure they're paid down by the statement closing date so big balances don't report.
There are tons of great posts on this forum dealing with utilization and scoring, so take a look around!
This forum is where I've garnered whatever information and knowledge about the scoring process, credit, etc. that I possess.
I've been so blessed by the many, many people on this forum that have been absolutely eager to share what they know in an effort to help others, so i encourage you to take advantage of their generosity !!
@rom828 wrote:Welcome to the Forum,Kwik!
Utilization (% of credit used out of credit avaible) counts for 30% of your score, so it would certainly make sense that this could have such an impact, especially since it sounds like your file is relatively new and thin.
9% and under appears to be the optimum overal utilization, so with your limits, $135 reported balances should be the max for best reporting. Number of balances reporting can also have a bearing.
For myself, I seem to gain/lose about 2 FICO points for each % of utilization, but I can't say that everyone's experience will be the same.
...............................................................................................................................................................................................................................................................................................
I believe you forgot to mention that the OP needs to keep their utilization under 9% on EACH card, in addition to keeping the same below 9% of the overall available credit. i.e util on the card with $500 CL shouldnt be more than $45, and the same on the card with $1000 CL shouldnt be more than $90
If this bugs you, pay them off early. For most cards, pay before the statement date. For HSBC/ Orchard bank cards and US Bank cards, pay before the last business day of the month. (These are when almost all CC's update balances to your credit reports.)
With having just two cards, pay one in full, so that it reports $0. Pay the other down to $10, let it report $10, and then pay it off before the due date.
You're getting hurt by having all (both, in your case) cards reporting balances. I'm not an advocate of having forty-'leven cards, but there's something to be said for having 3 or 4 cards, so that you don't get these wild score swings. But tight management of two cards can avoid the swings as well.
You don't have to do this unless you're getting ready to app for more credit. I like doing this even when I'm not looking for new credit because:
- It takes a full billing cycle at a minimum to get new balances to report, and it can be longer if you have cards that periodically don't bother to update.
- You never know when an attractive credit opportunity might arise, and it helps to have your reports and scores fine-tuned. Also, you never know if you might need it right away, as in your car just crumbled to ashes and you don't have the savings to pay cash for a replacement. This is sort of the credit version of always putting on clean underwear in the mornings, in case you're in an accident.
- It helps create and maintain good financial discipline --you're aware of your balances, you're aware of your billing cycles, and you think long and hard before carrying a balance.
- I * puffy heart * high scores.
OK, that's too many points. 
Something else is going on.
Look at screen 2 on the score reports for the older scores and the newest one. What are the negatives on each report, in order? Have they changed places? If utilization has changed, what was it before, and what is it now?