@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
Why Chase? Yeah if you pay it to zero later they will report zero but you just cut the new payment before the due date which gets rid of the remaining statement balance.
Small modification to the PIF strategy but not hard to get around. CFU at 21/25000 is my AZEO card prepped for a mortgage pull.
@FICOSALIE wrote:OMG! I had the same thing happen on 10/14/2022. I paid off my only balance almost 11 card accounts. This brought my utilization to under 1%. It dropped my score 65 points!!!
I called FICO customer support to see what I was missing... I asked how the scoring is determined. The agent said "it's an algorithm" I said great may I see what it consists if? She said "no, it's a secret". I find this to be highly disturbing.
I feel your pain.
The FICO algorithms are proprietary and protected info. Even if they wanted to tell you, the MF support agent wouldn't know about it.
In any case, you likely got hit with the All Zero Penalty, as mentioned above with the OP. Although 65 points is a lot for just that all zero Penalty. I'd go over your reports very thoroughly if I were you.
