Paid $1500 and score dropped

[DGOATS1]

Why did I drop 22 points on FICO 8 TU after I paid down a card by $1500?

I thought paying down revoking balances increases scores?

[Anonymous]

If you paid off all of your credit card debt, then your score will drop due to having no credit in use. If you still have at least one revolving balance reporting, then something other than the payment triggered the score drop.

[Anonymous]

Was this your only reported revolving balance and did you pay it off or just down? 

The only way you'd get a score drop is from paying your only reported balance off.  If you still have another reported non-zero balance, or you did not pay this account completely off, your score drop came from something else.

If you did pay off your only non-zero reported balance and it reported as $0, you are showing no "revolving credit use" and get hit with a penalty.  All it takes is for you to then report a non-zero balance though (say, $5) and those points will come right back.

It sounds like you received an alert (for your balance paydown) and you're assuming that the score change provided at the time of the alert was due to the alert reason.  This is a common misconception, as score changes provided at the time of an alert often have absolutely nothing to do with the alert [reason] received.

[DGOATS1]

Got it. Thanks. Checked other Fico 8 in statements and they had the new score prior to pay down. Bottom line, the decrease has no change
1500 paid on 4200 balance

[Anonymous]

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@DGOATS1 wrote:
Got it. Thanks. Checked other Fico 8 in statements and they had the new score prior to pay down. Bottom line, the decrease has no change
1500 paid on 4200 balance

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What is the limit on the card you paid down?  What are your total limits and total balance both before/after paydown?

[DGOATS1]

Total limit is 5000
I have another cc $1600 limit nothing owed
I have a cc with CO 2800 limit 2800
I have a closed cc with 5800 bal limit if $11300

[DollyLama]

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@DGOATS1 wrote:
Total limit is 5000
I have another cc $1600 limit nothing owed
I have a cc with CO 2800 limit 2800
I have a closed cc with 5800 bal limit if $11300

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How long ago was the CC with a balance closed? As long as it has a balance, even $1, the utilization on that card alone is over 100%. It will continually supress your scores significantly till it is paid in full. I would be concerned with the 2800/2800 as running maxed out can result in creditor taking adverse action, balance chasing or worse, closing with a balance.

[DGOATS1]

The one that is closed was like 3 yrs ago. On payment plan but it will all be paid off including charge offs very soon. We will see what happens then