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mmcolorado
New Member

Question

Apologies in advance if this question has been asked 100 times.  How can my credit score drop 60 points by paying off an $1100 balance on a credit card?

Message 1 of 7
6 REPLIES 6
FinStar
Moderator

Re: Question

@mmcolorado,

Your thread has been moved to the Understanding FICO Scoring section of the forums for better exposure to your question.

 

So, that the community can provide feedback, can you share additional details?

Which specific credit score or model are you referring to -- FICO or Vantage? Where did you see this data or change? What is the limit and the current balance on the credit card after your payment? What other tradelines do you have besides this one?

Message 2 of 7
mmcolorado
New Member

Re: Question

Alert on FICO/ Experian: $1500 limit

  • Credit change

     
    • Company Name
      CAPITAL ONE BANK USA N
       
    • Utilization Percentage
      75%  1%
    • Balance Amount
      $1,130.00  $19.00
Message 3 of 7
SouthJamaica
Super Contributor

Re: Question


@mmcolorado wrote:

Apologies in advance if this question has been asked 100 times.  How can my credit score drop 60 points by paying off an $1100 balance on a credit card?


It can't.

 

Something else caused it.

 

 


Total revolving limits 698000 (605000 reporting) FICO 8: EQ 721 TU 742 EX 715

Message 4 of 7
FireMedic1
Super Contributor

Re: Question

Not making any sense. Time to pull your free report on annual credit report. 60 pts could be a new late or something else. Paying down a card wont do that damage.






Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery from the @ 540's.
Message 5 of 7
mmcolorado
New Member

Re: Question

The Alert says:

 

Experian    -60  683

The balance on one of your accounts has decreased by $1,111.00

 

 

Message 6 of 7
FireMedic1
Super Contributor

Re: Question

Please pull your free annual credit report for EX and look it over.

https://www.annualcreditreport.com/index.action 






Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery from the @ 540's.
Message 7 of 7
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