Sounds like you're saying your balance was $298 and then you paid it off? If that's correct and as I'mTheDevil notes above, if it was your only revolver that had a balance and it was updated to $0, then that would be the all zero penalty.
FYI - MyFICO alerts are seldom timely if ever (like days, to a week or missed altogether). Whatever happened to cause the score drop could have happened some time before.
@Anonymous wrote:My Fingerhut account gave me a "temporary CLI" from $2,200 to $2,600. My balance is at 298, and I just made a payment last week. I got a notification that my score changed and it dropped 16 points! When I go to the reason it says that's why. Is there a reason why that would hurt my score?! Thank you!
Your credit limit increase did not cause your score to drop. Something else caused it.
You are incorrect when you say you went to "the reason why". There is no "reason why" in a MyFICO alert.
MyFICO alerts don't provide reasons for a score change. There are certain events which trigger MyFICO alerts. If there happens to be any difference between your present score at that particular bureau and the previous score reported to you from that bureau, the score change is tacked on to the alert. There is not necessarily any connection at all between the score change and the alert substance. And in your case there was no connection at all.
MyFICO explains this in the "learn more" link contained in the alert:
Why did my score go up when I got an alert for something negative (or why did my score go down when I got an alert for something positive)?
The short answer: Your FICO(TM) Score may change because of other events not monitored by an alert.
Whenever we send you a credit alert, we also send an updated FICO Score. To ensure you get the most current score, we calculate it based on your entire credit report at that point in time - not just the new information on the alert. This means your new score may reflect other changes that are outside of the things we watch for (see everything we monitor).
Sometimes you may see your score increase when you think it should've decreased, and vice-versa, but you'll always have your most up-to-date and accurate score.
@Anonymous wrote:It's just the experian score that myFICO shows, when I clicked on "see what changed" it had the -16 next to the CLI and my payment on it. There was nothing else on there, just freaked me out to see the 16 😂 because my assumption was it would've helped or at least just stayed the same
Aahhh. Good point SJ.
"see what changed" sounds like Credit Karma which is not a FICO score. Actual Credit.com which is not a FICO score. It provides an Experian Vantage Score.
Where are you getting your scores from?
@Anonymous wrote:
@SouthJamaica wrote:
@Anonymous wrote:My Fingerhut account gave me a "temporary CLI" from $2,200 to $2,600. My balance is at 298, and I just made a payment last week. I got a notification that my score changed and it dropped 16 points! When I go to the reason it says that's why. Is there a reason why that would hurt my score?! Thank you!
Your credit limit increase did not cause your score to drop. Something else caused it.
You are incorrect when you say you went to "the reason why". There is no "reason why" in a MyFICO alert.
MyFICO alerts don't provide reasons for a score change. There are certain events which trigger MyFICO alerts. If there happens to be any difference between your present score at that particular bureau and the previous score reported to you from that bureau, the score change is tacked on to the alert. There is not necessarily any connection at all between the score change and the alert substance. And in your case there was no connection at all.
MyFICO explains this in the "learn more" link contained in the alert:
Why did my score go up when I got an alert for something negative (or why did my score go down when I got an alert for something positive)?
The short answer: Your FICO(TM) Score may change because of other events not monitored by an alert.
Whenever we send you a credit alert, we also send an updated FICO Score. To ensure you get the most current score, we calculate it based on your entire credit report at that point in time - not just the new information on the alert. This means your new score may reflect other changes that are outside of the things we watch for (see everything we monitor).
Sometimes you may see your score increase when you think it should've decreased, and vice-versa, but you'll always have your most up-to-date and accurate score.
@SouthJamaicaWHAT??!! They finally added an explanation there everyone can view? When did they add it? Where is it? I don't see it on my fruit phone.
What is a fruit phone? A phone in the shape of a banana?
In the MyFICO alerts they now have a "learn more" link which takes you to that explanation.
It came out of @Anonymous's campaign urging MyFICO to stop giving the misleading impression that the alerts and the score changes had a cause and effect relationship.
I almost always am viewing this on a desktop, so I can't speak to how it appears on a fruit phone, whatever a fruit phone is
