Credit cards vs student loans

[Anonymous]

@CreditGuyInDixie
I was just looking at my credit history and statements my score was a 737 and dropped to a 720 when I used 9% of total utilization, using 1 card and the other two $0 balances. That drop was 17 points why did it drop so much if that was the only impact? Someone mentioned it would only drop 5-10 points but mine took a hit and also mentioned that if you use one card you score stays the same or increases but I do not think that is true. I used 2 cards this cycle and left one at a $0 balance so I’m nervous my score will drop more than 10 points.

[Anonymous]

Here's the before and after descriptions of your score drop.  There are areas where some important information was left out:

BEFORE:

Score = 737

Where did you get the score from? ________

Total Utilization = ______

Exact total amount of CC debt = ________ (as it was listed on the report)

Exact total credit limit = ______

Number of cards reporting a balance = ______

AFTER

Score = 720

Where did you get the score from? ________

Total Utilization = 9%

Exact total amount of CC debt = ________ (as it was listed on the report)

Exact total credit limit = ______

Number of cards reporting a balance = 1

Can you fill in the blanks?

[Anonymous]

4/19 my score was reported as a 730 utilization 1%. My statement in April was a total of $26 on one card only with a limit of 2700 but my total limit on both cards together was $3500.

5/19 score reported was a 737. 2% and a $0 balance on all cards. (Opened another card may 30th with a limit of $1000)

6/26 score 720 9% only a $48.15 balance on one card. Total limit 4,500 (increase credit limit to $100 this month) so now my limit is $4,600

7/27 score 748 7% $328.37 only one on card.

None of this makes sense I’ve been siting here for hours trying to figure out unless I’m looking at my statements wrong. @CreditGuyInDixie

[Anonymous]

---

@Anonymous wrote:
4/19 my score was reported as a 730 utilization 1%. My statement in April was a total of $26 on one card only with a limit of 2700 but my total limit on both cards together was $3500.

5/19 score reported was a 737. 2% and a $0 balance on all cards. (Opened another card may 30th with a limit of $1000)

6/26 score 720 9% only a $48.15 balance on one card. Total limit 4,500 (increase credit limit to $100 this month) so now my limit is $4,600

7/27 score 748 7% $328.37 only one on card.

@Anonymous of this makes sense I’ve been siting here for hours trying to figure out unless I’m looking at my statements wrong. @Anonymous

---

Are sure sure that you are matching the balances  and fico score correctly?

As I remember from a different  thread, you are getting your  TU fico scores from  Discover card.  But  Discover  card does not provide  a credit report and the score is pulled a few days before the statement  date.   This means that  the balance on your discover card statement is not the balance used for the fico score on the same statement.

So how did you determine the balances on  your credit report for the dates  Discover card pulled your Fico scores?  Do  you know  when your credit cards report to TU?

[Anonymous]

@Llewelyn
Discover it provides my Fico 8 score including how much of the utilization ratio I’m using it just doesn’t give me the balances on each card I have. I tried to see on credit karma but it only shows the most recent one. Just nervous my score will drop more than 10 points since I used two cards out of three instead of one. And increased my ratio from 1% to 2.8%

[Anonymous]

Here are the two months you mentioned with some comments of mine in blue.

5/19 score reported was a 737.  2% and a $0 balance on all cards. (Opened another card may 30th with a limit of $1000)

Looks like you are saying that you had a 2% utilization while reporting $0 on all cards.  Think about that a bit and tell us if you can see why that is impossible.

6/26 score 720 9% only a $48.15 balance on one card. Total limit 4,500 (increase credit limit to $100 this month) so now my limit is $4,600

Looks like you are saying that you had a 9% utilization while reporting $48 of CC debt and a total credit limit of $4500.  Think about that a bit and tell us if you can see why that is impossible.

[Anonymous]

@CreditGuyInDixie
know it doesn’t add up I must not be reading my statements right because the percentages do not add to the numbers I listed. I will just see how my credit score turns out at the end of the month just nervous that it will drop more than 10 points.

[Anonymous]

---

@Anonymous wrote:
I tried to see on credit karma but it only shows the most recent one.

---

When did you sign up for Credit Karma?  Credit Karma  keeps a record of all the credit reports  you  got from them:

Select  Score Details  under Overview.

Then switch from Credit Factors to Credit Report.

Scroll all the way down  and click on "View Past Reports"

In the top right you can choose  any report they have on file for  you.