BOOM! Score dropped 42pts

[tjmolly]

Just had a 42, 31, 29 pt drop on EQ, EX, TU respectively after using $14.4K of $14.7K limit on one of my cards to move from one state to the other. I am at an overall UTIL of only 38% but d@nm! Those are some big number drops.

[Anonymous]

Wow they sure are! I hope your scores recuperate soon!

[Anonymous]

That how the game works, I just had a $16.7K usage report on one of my NFCU cards, only cause NFCU does not process the payment over the weekend but they process the bill. Util is now at 55% and score dropped 67 points.  I already PIF the bill, but have to wait a month for it to update now, the score will bounce back to where it was.

[DeeBee78]

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@tjmolly wrote:

Just had a 42, 31, 29 pt drop on EQ, EX, TU respectively after using $14.4K of $14.7K limit on one of my cards to move from one state to the other. I am at an overall UTIL of only 38% but d@nm! Those are some big number drops.

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It happens, and unless you're trying to micromanage your scores for a new credit product, I wouldn't worry too much about it.

I just paid off a 6.6K chunk of legal fees I was waiting for reimbursement on. I was still under 30% overall utilization, but that spike of over 73% utilization on a single card ended up dragging my scores down about 30 points across all three bureaus.

It was great watching them shoot back up though, and it looks good to the lender Thanks for the interest-free loan (and cash back), Chase! Hopefully a rare auto-CLI is in my future! 

[morgacj2004]

Now you know why a lot of us on this board have big CL and multiple cards. UT is a big factor in credit scores

[Anonymous]

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@tjmolly wrote:

Just had a 42, 31, 29 pt drop on EQ, EX, TU respectively after using $14.4K of $14.7K limit on one of my cards to move from one state to the other. I am at an overall UTIL of only 38% but d@nm! Those are some big number drops.

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What was your overall utilization prior to taking this card up to maxed out?  If you're at 38% now and your previous aggregate utilization was at 28% or less, a portion of your score loss was from crossing the 29% aggregate utilization threshold... not just maxing out the one card.

[Gregory1776]

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@DeeBee78 wrote:

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@tjmolly wrote:

Just had a 42, 31, 29 pt drop on EQ, EX, TU respectively after using $14.4K of $14.7K limit on one of my cards to move from one state to the other. I am at an overall UTIL of only 38% but d@nm! Those are some big number drops.

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It happens, and unless you're trying to micromanage your scores for a new credit product, I wouldn't worry too much about it.

I just paid off a 6.6K chunk of legal fees I was waiting for reimbursement on. I was still under 30% overall utilization, but that spike of over 73% utilization on a single card ended up dragging my scores down about 30 points across all three bureaus.

It was great watching them shoot back up though, and it looks good to the lender Thanks for the interest-free loan (and cash back), Chase! Hopefully a rare auto-CLI is in my future! 

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👍🏽👍🏽

[SouthJamaica]

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@tjmolly wrote:

Just had a 42, 31, 29 pt drop on EQ, EX, TU respectively after using $14.4K of $14.7K limit on one of my cards to move from one state to the other. I am at an overall UTIL of only 38% but d@nm! Those are some big number drops.

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Thanks for the data.

I recently experienced a very similar point drop:

By

(1) adding 2 accounts with balances

(2) increasing overall utilization from 4% to 11%

(3) increasing individual balances (a) from 13% to 47%, (b) from

zero to 52%, and (c) from zero to 87%

I experienced the following point drops in FICO 8

EX 44

EQ 41

TU 42

[Anonymous]

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@DeeBee78 wrote:

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@tjmolly wrote:

Just had a 42, 31, 29 pt drop on EQ, EX, TU respectively after using $14.4K of $14.7K limit on one of my cards to move from one state to the other. I am at an overall UTIL of only 38% but d@nm! Those are some big number drops.

---

It happens, and unless you're trying to micromanage your scores for a new credit product, I wouldn't worry too much about it.

I just paid off a 6.6K chunk of legal fees I was waiting for reimbursement on. I was still under 30% overall utilization, but that spike of over 73% utilization on a single card ended up dragging my scores down about 30 points across all three bureaus.

It was great watching them shoot back up though, and it looks good to the lender Thanks for the interest-free loan (and cash back), Chase! Hopefully a rare auto-CLI is in my future! 

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I agree. Don't worry unless you are going to apply for a new card. I still micromanage, but worry less about monthly fluctuations. Thanks for sharing!

[Anonymous]

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@SouthJamaica wrote:

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@tjmolly wrote:

Just had a 42, 31, 29 pt drop on EQ, EX, TU respectively after using $14.4K of $14.7K limit on one of my cards to move from one state to the other. I am at an overall UTIL of only 38% but d@nm! Those are some big number drops.

---

Thanks for the data.

I recently experienced a very similar point drop:

By

(1) adding 2 accounts with balances

(2) increasing overall utilization from 4% to 11%

(3) increasing individual balances (a) from 13% to 47%, (b) from

zero to 52%, and (c) from zero to 87%

I experienced the following point drops in FICO 8

EX 44

EQ 41

TU 42

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SJ, your scores are so good regardless. Thanks for the data points, though.