Confused about score drop.

[Anonymous]

Okay my scores dropped in a week with the only changes on my reports is less usage.
Experian: 710 to 693
Transunion: 729 to 703
Equifax: 706 to 693

The reports from last week are from Aug 26, this recent report is from today Sep 2. The only changes I see are revolving Debt went from $129 to $72. Aug 26 Inq: 15/15/17. Sep 2: 15/15/18
6 accounts open(1 Auto loan, 5 Credit cards). 4 credit cards reporting small balances on both reports. Both at 1% Utiliziation .
Total Credit: $13,750. Both AAoA at 0.8 years.

Reports are from Creditchecktotal.

[Anonymous]

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@Anonymous wrote:
Okay my scores dropped in a week with the only changes on my reports is less usage.
Experian: 710 to 693
Transunion: 729 to 703
Equifax: 706 to 693

The reports from last week are from Aug 26, this recent report is from today Sep 2. The only changes I see are revolving Debt went from $129 to $72. Aug 26 Inq: 15/15/17. Sep 2: 15/15/18
6 accounts open(1 Auto loan, 5 Credit cards). 4 credit cards reporting small balances on both reports. Both at 1% Utiliziation .
Total Credit: $13,750. Both AAoA at 0.8 years.

Reports are from Creditchecktotal.

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The most likely cause of your scores dropping is because you have 4 or 80% of your credit cards reporting balances.  To optimize your FICO scores, only one card should report with a small balance.  The rule of thumb is that no more than one-third of your revolving accounts should report balances in any given month.

[Anonymous]

khmer07:  Are  you an authorized user on any of your  credit cards? Any store cards?  Could  you list the balance and credit limit of each of your credit cards  as it appears on  your  credit reports on 8/26 and on 9/2?

[Anonymous]

Also do  you have any baddies on your report? Did any of  them update on the 9/2 report? 

[Anonymous]

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@Anonymous

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The most likely cause of your scores dropping is because you have 4 or 80% of your credit cards reporting balances. 

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M&B, I don't think this would be a factor for the OP because he said that on both reports he had 4 cards with balances reported.  Since the number stayed the same, number of cards with balances reported shouldn't have impacted his scores in terms of before/after.

Which bureau did you take an inquiry on between the two reports?

[Anonymous]

Hi guys, I have no baddies st all. No lates, no derogs. 100% payment history. I went from 17 to 18 inquiries on Equifax. The biggest change in usage was a $61/$500 to $6/$500 change on an Amex BCE card. The other cards stayed about the same in usage.

[Anonymous]

What is the exact age of  your oldest account?

[DollyLama]

Did you or any creditor close any of your revolving credit cards? 11 are showing in siggy, but you state 5 CCs, 4 with balance. Can you clarify?

[Anonymous]

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@AnonymousHi guys, I have no baddies st all. No lates, no derogs. 100% payment history. I went from 17 to 18 inquiries on Equifax. The biggest change in usage was a $61/$500 to $6/$500 change on an Amex BCE card. The other cards stayed about the same in usage.

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A reported balance change from $61 to $6 wouldn't have any impact at all on a FICO score.

As far as your inquiries go, how many are from just the last 365 days?  Inquiries over 365 days in age aren't scoreable, so you really want to reduce the inquiry numbers that you provided down to the number per bureau inside the last year only.

[Anonymous]

All inquiries are within 365 days, 1 inquiry will be 1 year old this month. Some of the cards in my Sig are new within the last month or two and have not reported yet. Average age of oldest account on Aug 26 : 2yrs 9 months. Sep 2 : 3 years
AAoA at 8 months on both reports.