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I paid down a couple of balances recently. And, it showed under each balance that I paid down that my Equfax score had dropped 4 points... I'm new to MyFico and Fico scoring. So, I'm completely confused.
Does anybody know why this would drop a score?
To further clarify, I paid off my Discover card- 32 dollar balance. And, I paid off my Best Buy card - had a 553 dollar balance.
@Anonymous wrote:I paid down a couple of balances recently. And, it showed under each balance that I paid down that my Equfax score had dropped 4 points... I'm new to MyFico and Fico scoring. So, I'm completely confused.
Does anybody know why this would drop a score?
To further clarify, I paid off my Discover card- 32 dollar balance. And, I paid off my Best Buy card - had a 553 dollar balance.
How many of your cards are now reporting a balance?
Only cards reporting balances now are:
BOA Better Balance MC : 211
AMEX ED: 33
AMEX BC: 80
Normally when I read posts about score drops after paying off balances it is because a person's report has all accounts reporting zero balances. That could cause a ding in scoring.
Since that's not the case in your situation I wonder if there have been any other changes to your report.
Any new TLs? New INQs?
+1
OP you have only just joined? Like two days?
If the number of cards reporting a balance has increased then its possible that overcame the utilization $ amount and caused a decrease. Fico also scores utilization on the number of cards reporting a balance (even if its $1).
Yeah, just joined a few days ago. I'm pretty new to all of this.
That's understandable. I try to keep my utilization really low, though... I have about 22000 available credit. And, I'm using maybe... 480 dollars of it.
@Anonymous wrote:That's understandable. I try to keep my utilization really low, though... I have about 22000 available credit. And, I'm using maybe... 480 dollars of it.
You're doing a great job! How many accounts were reporting a balance before drop? And how many after?
Seems like all the threads these day in this Topic seems to be why is score going down when utilization goes down..... I feel like there is something else going on.