@sunnydropgt wrote:Hello! Wondering if anyone has any insight as to why a score on Experian will randomly drop by 14 points. I have a reported utilization of 0% but this morning I received the alert that my score dropped by that much. The only recent event that has happened was a fraudulent charge on a Discover card for a low amount ($10) from Amazon of all places. Discover had reissued me a new card and number immediately. Does this affect credit score?
Thank you!
Sounds like you might have been visited by the All Zero penalty... which occurs when all revolvers report zero balance
@sunnydropgt wrote:I had no idea that was even a thing. Everywhere was saying that a zero balance is good to keep the utilization rate low. Thanks for the insight though! So I guess I should keep it low but above $0...?
Will having like 1% this next month bounce it back?
it's good to have a lot of zero balances
but one bank card should be allowed to report a small balance before you pay it off
it's ridiculous but it is what it is
@sunnydropgt wrote:I had no idea that was even a thing. Everywhere was saying that a zero balance is good to keep the utilization rate low. Thanks for the insight though! So I guess I should keep it low but above $0...?
Will having like 1% this next month bounce it back?
~1% or >$2 on a national bank credit card that isn't a store card, credit union card or charge card or Chase or US bank
@GZG wrote:
@sunnydropgt wrote:I had no idea that was even a thing. Everywhere was saying that a zero balance is good to keep the utilization rate low. Thanks for the insight though! So I guess I should keep it low but above $0...?
Will having like 1% this next month bounce it back?
~1% or >$2 on a national bank credit card that isn't a store card, credit union card or charge card or Chase or US bank
Whiel I don't have a US Bank card, I thought they were ok to use for the AZEO card as long as you account for them reporting at the end of the month and not when your statement closes?
It's great to keep it low under 10%. But I didn't know 0% would be bad. Good to know
@Zoostation1 wrote:
@GZG wrote:
@sunnydropgt wrote:I had no idea that was even a thing. Everywhere was saying that a zero balance is good to keep the utilization rate low. Thanks for the insight though! So I guess I should keep it low but above $0...?
Will having like 1% this next month bounce it back?
~1% or >$2 on a national bank credit card that isn't a store card, credit union card or charge card or Chase or US bank
Whiel I don't have a US Bank card, I thought they were ok to use for the AZEO card as long as you account for them reporting at the end of the month and not when your statement closes?
Yeah that's correct. I guess I'm just fortunate to have all of my current cards due within 2 days of each other. Dealing with end of month US bank shenanigans would annoy me to no end.
When I had 2 cards I initially thought it would be good to have them around the same time, but now with 3 I like that they close at different times (it's easier for AZEO imo). My only minor complaint is I wish Capital One closed on the same date each month instead of counting back 25 days from the following due date.