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Score dropped after paying down balances...

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Valued Contributor

Re: Score dropped after paying down balances...


@tonyjones wrote:

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.


Even if UTL decreases score may decrease too IF in the process more accounts report a balance.

Message 11 of 17
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Frequent Contributor

Re: Score dropped after paying down balances...

My question is:  

 

Are there any other tradelines other than credit cards?  And do you have any baddies on your credit report?  Lates? Bankruptcy? Liens? Judgements? Collections? etc. 

 

 


Starting Scores FICO 08 EQ 604 EX 612 TU 614 (12/22/2014)
Current Scores FICO 08 EQ 748 EX 737 TU 7480 (06/20/2015)


Message 12 of 17
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Super Contributor

Re: Score dropped after paying down balances...


@lhcole77 wrote:

@tonyjones wrote:

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.


Even if UTL decreases score may decrease too IF in the process more accounts report a balance.


The missing parts of all those threads is, the proper statement should be: "My score decreased and these are all the changes in the last month to my file."

 

But the posters only see the one trigger that day and jump to the conclusion nothing else matters, when it all needs to be considered.

And then it takes three pages to get The Rest Of The Story.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 13 of 17
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Valued Contributor

Re: Score dropped after paying down balances...


@NRB525 wrote:

@lhcole77 wrote:

@tonyjones wrote:

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.


Even if UTL decreases score may decrease too IF in the process more accounts report a balance.


The missing parts of all those threads is, the proper statement should be: "My score decreased and these are all the changes in the last month to my file."

 

But the posters only see the one trigger that day and jump to the conclusion nothing else matters, when it all needs to be considered.

And then it takes three pages to get The Rest Of The Story.


agreed!

"I am become death, the destroyer of worlds"
Message 14 of 17
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Established Member

Re: Score dropped after paying down balances...


NRB525 wrote:


The missing parts of all those threads is, the proper statement should be: "My score decreased and these are all the changes in the last month to my file."

 

But the posters only see the one trigger that day and jump to the conclusion nothing else matters, when it all needs to be considered.

And then it takes three pages to get The Rest Of The Story.


Wow NRB.......seems like you are being kind of harsh.  I see you are a major contributor to the board, however, there is no need to make newbies like myself feel stupid for asking a question because we simply didn't ask it properly.  The FICO system is not simple to figure out and is certainly mind boggling at times.  Why scores go down sometimes when NOTHING CHANGED is simply amazing...........I think I'll refrain from asking questions if guys like you feel "inconvenienced" to have to read through 3 pages of posts to get the "rest" of the story.  Rudeness at it's finest!


 

 

 

 

 

Message 15 of 17
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Regular Contributor

Re: Score dropped after paying down balances...

To be honest, I don't recall anything too drastic changing on my file other than those balances decresing; most recently, at least. However, I'll report that a week later it showed my score go back up 4 points due to a new account reporting from Chase. This is after paying off three balances, spending a modest amount on two, increasing my CL on one...

 

I apologize for being vague. I understand that this probably makes it much harder to provide advice. However, I don't know how to be more clear, my being a little confused regarding how a lot of the FICO scoring works. I see a lot of different ways a FICO can be affected; some arbitrarily, it seems.

1/14/19 - TU: 457 | EX: 403 | EQ: 458
Message 16 of 17
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Moderator Emeritus

Re: Score dropped after paying down balances...


@Dhar33 wrote:

To be honest, I don't recall anything too drastic changing on my file other than those balances decresing; most recently, at least. However, I'll report that a week later it showed my score go back up 4 points due to a new account reporting from Chase. This is after paying off three balances, spending a modest amount on two, increasing my CL on one...

 

I apologize for being vague. I understand that this probably makes it much harder to provide advice. However, I don't know how to be more clear, my being a little confused regarding how a lot of the FICO scoring works. I see a lot of different ways a FICO can be affected; some arbitrarily, it seems.


Don't apologize for that. There is much confusion about credit and scoring and all that goes along with it. I pretty much stay confused. 

 

Often there simply isn't a good explanation for why changes happen. It's perfectly normal for scores to go up and then down from month to month.

 

No one has all the answers. If someone tells you they do quickly run away from them.

Message 17 of 17
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