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Balance: $3.00 > $0.00 ~ Experian -23 Points?

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Anonymous
Not applicable

Re: Balance: $3.00 > $0.00 ~ Experian -23 Points?


@SouthJamaica wrote:

@Anonymous wrote:

@SouthJamaica wrote:

@Anonymous wrote:

I just received a myFICO notice that my Equifax dropped 12 points and my Experian dropped 23 points. The reason in the Alert section? A credit card balance going from $3.00 to $0.00.

 

There really isn't a backstory to this. I have 3 credit cards presently. All 3 cards I pay off monthly in full; however, 2 cards I keep at $0.00 (at the time of reporting AND after I have used the card on purchases for that month) and my Discover card I generally have about $3.00 or so at the time of reporting. I also utilize the Discover card but I pay the balance down to $3.00 right before reporting.

 

So in essence, I have a 1% utilization each month after I have used each card for the month and have paid it off.

 

Thoughts?

 

The loss of those points makes no sense to me unless there is an underlying simplistic reason I'm overlooking.

 

Thanks! 


MyFICO alerts don't provide "reasons" for a score change. There are certain events which trigger MyFICO alerts.
If there happens to be any difference between your present score at that particular bureau and the previous score reported to you from that bureau, the score change is tacked on to the alert. There is not

necessarily any connection at all between the score change and the alert substance.


I don't understand this response. myFICO did give me a reason why the points were lost - and that was because a detection was made where a balance went from $3.00 to $0.00. Unless there is a completely different reason why they would add that reason (or a financial event that took place) next to the point loss display, I'm not sure.

 

Btw, I'm speaking from a perspective of being a myFICO credit monitoring subscriber, so I'm posting my responses based on what I am seeing from the myFICO app regarding this alert. I'm not trying to be argumentative or confrontational. 

 

Smiley Happy


It didn't give you a "reason why". It mentioned 2 things: 1. the score went down 2. the balance on an account dropped to zero. It never said "because" or "reason" or anything like that. They are 2 separate things, which may or may not have been causally connected.


Late response. Busy day. Smiley Frustrated

 

Yeah, I'm not sure what it could be. I've been very consistent and intentional with regards to utilization each month. My personal rule of thumb is I always keep a small balance on 1 card (under 8%) and no balance on the other 2 at the time of reporting. Then I pay that $3.00 or whatever off before the month ends. 

 

So to that end, because of that consistency, I'm not able to really pinpoint why my score(s) dipped like that. Nothing else with my credit profile has changed. I've had no HP's, increases in balances, loans and other credit obligations are being paid on time/in full, etc.

Message 11 of 17
SouthJamaica
Mega Contributor

Re: Balance: $3.00 > $0.00 ~ Experian -23 Points?


@Anonymous wrote:

@SouthJamaica wrote:

@Anonymous wrote:

@SouthJamaica wrote:

@Anonymous wrote:

I just received a myFICO notice that my Equifax dropped 12 points and my Experian dropped 23 points. The reason in the Alert section? A credit card balance going from $3.00 to $0.00.

 

There really isn't a backstory to this. I have 3 credit cards presently. All 3 cards I pay off monthly in full; however, 2 cards I keep at $0.00 (at the time of reporting AND after I have used the card on purchases for that month) and my Discover card I generally have about $3.00 or so at the time of reporting. I also utilize the Discover card but I pay the balance down to $3.00 right before reporting.

 

So in essence, I have a 1% utilization each month after I have used each card for the month and have paid it off.

 

Thoughts?

 

The loss of those points makes no sense to me unless there is an underlying simplistic reason I'm overlooking.

 

Thanks! 


MyFICO alerts don't provide "reasons" for a score change. There are certain events which trigger MyFICO alerts.
If there happens to be any difference between your present score at that particular bureau and the previous score reported to you from that bureau, the score change is tacked on to the alert. There is not

necessarily any connection at all between the score change and the alert substance.


I don't understand this response. myFICO did give me a reason why the points were lost - and that was because a detection was made where a balance went from $3.00 to $0.00. Unless there is a completely different reason why they would add that reason (or a financial event that took place) next to the point loss display, I'm not sure.

 

Btw, I'm speaking from a perspective of being a myFICO credit monitoring subscriber, so I'm posting my responses based on what I am seeing from the myFICO app regarding this alert. I'm not trying to be argumentative or confrontational. 

 

Smiley Happy


It didn't give you a "reason why". It mentioned 2 things: 1. the score went down 2. the balance on an account dropped to zero. It never said "because" or "reason" or anything like that. They are 2 separate things, which may or may not have been causally connected.


Late response. Busy day. Smiley Frustrated

 

Yeah, I'm not sure what it could be. I've been very consistent and intentional with regards to utilization each month. My personal rule of thumb is I always keep a small balance on 1 card (under 8%) and no balance on the other 2 at the time of reporting. Then I pay that $3.00 or whatever off before the month ends. 

 

So to that end, because of that consistency, I'm not able to really pinpoint why my score(s) dipped like that. Nothing else with my credit profile has changed. I've had no HP's, increases in balances, loans and other credit obligations are being paid on time/in full, etc.


Might be a good idea to let the small balance be a bit bigger, so it doesn't get rounded down to 0. Something like $10 or $20.


Total revolving limits 657200 (536700 reporting) FICO 8: EQ 712 TU 710 EX 708

Message 12 of 17
Anonymous
Not applicable

Re: Balance: $3.00 > $0.00 ~ Experian -23 Points?


@SouthJamaica wrote:

@Anonymous wrote:

@SouthJamaica wrote:

@Anonymous wrote:

@SouthJamaica wrote:

@Anonymous wrote:

I just received a myFICO notice that my Equifax dropped 12 points and my Experian dropped 23 points. The reason in the Alert section? A credit card balance going from $3.00 to $0.00.

 

There really isn't a backstory to this. I have 3 credit cards presently. All 3 cards I pay off monthly in full; however, 2 cards I keep at $0.00 (at the time of reporting AND after I have used the card on purchases for that month) and my Discover card I generally have about $3.00 or so at the time of reporting. I also utilize the Discover card but I pay the balance down to $3.00 right before reporting.

 

So in essence, I have a 1% utilization each month after I have used each card for the month and have paid it off.

 

Thoughts?

 

The loss of those points makes no sense to me unless there is an underlying simplistic reason I'm overlooking.

 

Thanks! 


MyFICO alerts don't provide "reasons" for a score change. There are certain events which trigger MyFICO alerts.
If there happens to be any difference between your present score at that particular bureau and the previous score reported to you from that bureau, the score change is tacked on to the alert. There is not

necessarily any connection at all between the score change and the alert substance.


I don't understand this response. myFICO did give me a reason why the points were lost - and that was because a detection was made where a balance went from $3.00 to $0.00. Unless there is a completely different reason why they would add that reason (or a financial event that took place) next to the point loss display, I'm not sure.

 

Btw, I'm speaking from a perspective of being a myFICO credit monitoring subscriber, so I'm posting my responses based on what I am seeing from the myFICO app regarding this alert. I'm not trying to be argumentative or confrontational. 

 

Smiley Happy


It didn't give you a "reason why". It mentioned 2 things: 1. the score went down 2. the balance on an account dropped to zero. It never said "because" or "reason" or anything like that. They are 2 separate things, which may or may not have been causally connected.


Late response. Busy day. Smiley Frustrated

 

Yeah, I'm not sure what it could be. I've been very consistent and intentional with regards to utilization each month. My personal rule of thumb is I always keep a small balance on 1 card (under 8%) and no balance on the other 2 at the time of reporting. Then I pay that $3.00 or whatever off before the month ends. 

 

So to that end, because of that consistency, I'm not able to really pinpoint why my score(s) dipped like that. Nothing else with my credit profile has changed. I've had no HP's, increases in balances, loans and other credit obligations are being paid on time/in full, etc.


Might be a good idea to let the small balance be a bit bigger, so it doesn't get rounded down to 0. Something like $10 or $20.


I'll try that - especially if it can potentially save me from losing 23 points. I'm still in shock that happened to be honest. But I appreciate the responses from you guys.

 

Thanks! Smiley Very Happy

Message 13 of 17
Anonymous
Not applicable

Re: Balance: $3.00 > $0.00 ~ Experian -23 Points?

Just a quick update:

 

As of today, I received another alert that the points I lost were restored today. The explanation I was given was that my balance on one of my accounts increased by $3.00. Smiley Frustrated

 

Strange stuff, FICO.. strange stuff.

Message 14 of 17
Anonymous
Not applicable

Re: Balance: $3.00 > $0.00 ~ Experian -23 Points?

Again, that's not the explanation given [for your score change] it's simply the alert you've received.  The alert does not have to be at all related to your score change.  From your language above it still sounds like you're assuming the alert reason you're receiving is related to the score change provided at the time.

Message 15 of 17
SouthJamaica
Mega Contributor

Re: Balance: $3.00 > $0.00 ~ Experian -23 Points?


@Anonymous wrote:

Just a quick update:

 

As of today, I received another alert that the points I lost were restored today. The explanation I was given was that my balance on one of my accounts increased by $3.00. Smiley Frustrated

 

Strange stuff, FICO.. strange stuff.


As I have told you, it was not an "explanation". It may well be the cause, but no one told you it was the cause.


Total revolving limits 657200 (536700 reporting) FICO 8: EQ 712 TU 710 EX 708

Message 16 of 17
SouthJamaica
Mega Contributor

Re: Balance: $3.00 > $0.00 ~ Experian -23 Points?


@Anonymous wrote:

Again, that's not the explanation given [for your score change] it's simply the alert you've received.  The alert does not have to be at all related to your score change.  From your language above it still sounds like you're assuming the alert reason you're receiving is related to the score change provided at the time.


Smiley Happy


Total revolving limits 657200 (536700 reporting) FICO 8: EQ 712 TU 710 EX 708

Message 17 of 17
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