@Anonymous wrote:Hi everyone. Trying to figure out a recent 25 point drop in my Experian Fico 8 score.
Currently hold two personal CC - Chase and Goldman Sachs. Six digit credit limit typically with <1% utilization before complete payoff weekly or monthly. Haven't made any significant purchases aside from d2d expenses, and currently EXP shows 0% utilization. Experian does say this is "thin" but i have been this way for months.
One business card not reflected on profile.
No installment loans/mortgage, late payments, or any negative comments on credit report. I did close a card in September/October in case that is just catching up with me now. Credit line was moved from one chase card to another.
I did go on a CC spree to take advantage of some deals a couple years ago. All of those accounts are closed and I am currently at the magic 5/24 number in case that matters. I have one account dropping off/hitting 2 year mark every month until August.
No inquiries since 12/2019.
Any ideas on what could cause a drastic drop like this?
The 25 point drop from alert from 2/24 does not provide any information and there are no other events that show at the same time...
Thanks
@Anonymous Zero utilization reporting will cause a score decrease. Look for negative reason code, e.g. not using revolving accounts.
Report a small balance to recover lost points next report cycle.
ETA Chase is known to off cycle report when account balance is zero.
As @AllZero says, having all of your cards report a $0 balance will result in a score drop, so you would want to check your reports to make sure that's not the case. (Note that all $0 balances is different than 0% utilization.) Another common cause of mystery score drops is aging-related changes, esp if the drop occurred over the first of the month. How old is your youngest revolving account, and how old is your oldest reporting account? In addition to those two possible sources, I would also compare your current reports with older ones and make sure no closed accounts that might affect your AAoA have fallen off.
@Anonymous wrote:Just thought I'd do one last reply ... checked score today and it's UP 25 points for no reason. The only thing I can see that is different is instead of $0 of reported utilization its $263. The prior update before the drop also showed a small utilization instead of $0. It's weird that the score can have such a drastric swing without any apparent cause.
The cause was the all-zero penalty, which you incurred when you reported $0 on all cards and recovered when you reported a revolving balance again. So the changes weren't for no reason, just a perhaps counter-intuitive one.