Score dropping 20 points?

[Anonymous]

Hey everyone~

CreditKarma Report: 

I have 2 Capital One cards, one is an open $0 balance card but my responsibility is terminated, Chase, Citi, a Retail card and Discover. .All except Discover have around 3,000 limit.. I recently paid off my Chase card completely so the one terminated responsibility capital card, Chase and Retail card are all at $0 while the others are near 93% , 95% and 97%.

Im using creditkarma to check first but before I paid my chase card I was at 670, after I paid it (and thats the only real significant change to my account) it dropped 20 points to 650.

Experian Report: 

On other sites like experian, my FICO score 8 is 637 (went up 14 points after I paid my chase card off, does that increase sound right?).. and the capital one acount with the terminated responsibility doesn't show up. so my total utilization rate is 67% ...

QUESTION:

Now with all that background info, Does anyone know why exactly me paying my chase card off would result in a 20 point drop on credit karma. I know theres a difference in the scoring type each site uses, but the difference in how they report my payment on my chase card is really weird and im trying to understand it. 

None of these cards were my doing, i had a family situation where my dad took cards out in my name and im working with him on getting my score better and paying these cards off (hence the paid off chase card). Would opening another credit card help my score or hurt it?o.o

[Jnbmom]

Its CK those scores mean nothing, only FICO scores is what you should be concerned with.

Its not worth the headaches worrying about CK.

[DIYcredit]

For your Fico score, for cc utilization purposes to get the lowest possible utilization, lower cc utilization 1-6% on all cc's and then learn the azeo method.

[Anonymous]

---

@Anonymous wrote:

Hey everyone~

CreditKarma Report: 

I have 2 Capital One cards, one is an open $0 balance card but my responsibility is terminated, Chase, Citi, a Retail card and Discover. .All except Discover have around 3,000 limit.. I recently paid off my Chase card completely so the one terminated responsibility capital card, Chase and Retail card are all at $0 while the others are near 93% , 95% and 97%.

Im using creditkarma to check first but before I paid my chase card I was at 670, after I paid it (and thats the only real significant change to my account) it dropped 20 points to 650.

Experian Report: 

On other sites like experian, my FICO score 8 is 637 (went up 14 points after I paid my chase card off, does that increase sound right?).. and the capital one acount with the terminated responsibility doesn't show up. so my total utilization rate is 67% ...

QUESTION:

Now with all that background info, Does anyone know why exactly me paying my chase card off would result in a 20 point drop on credit karma. I know theres a difference in the scoring type each site uses, but the difference in how they report my payment on my chase card is really weird and im trying to understand it. 

None of these cards were my doing, i had a family situation where my dad took cards out in my name and im working with him on getting my score better and paying these cards off (hence the paid off chase card). Would opening another credit card help my score or hurt it?o.o

---

Could you more clearly state which cards have a balance and which ones don't? Perhaps in a list form? There are a number of things that could be going on here, but it sounds like a false positive to me - you paid off the card and your score dropped, but they may not be related. 

[Anonymous]

As the others have said, ignore the CK scores.

You did reference a FICO score, which IS worthwhile.

I would strongly advise against opening another card. You asked if it would help or hurt your score. The answer to that is that it could only hurt it. With 3 maxed out cards currently and a FICO score in line with that fact, you'd actually stand a pretty strong chance of getting denied for a a new CC at this time... So, not only would it hurt your score, but you'd potentially walk away with nothing to show for the score drop.

[Anonymous]

Cards with balance:
-Citi
-Capital One
-Discover

Ones that dont:
-Chase
-Retail card
-(And a capital one card where my responsibility sibilty is terminated. Not sure if this one counts)

[Anonymous]

Thanks for your input, it's very much appreciated and I was having doubts about applying for a new card because of the same reasons you said. Oddly enough, I just got approved for a chase saphire preferred. Not sure if they're crazy or just trust me a lot ( I have different accounts with them)... it could have also been the increase in my Income that got me approved. Regardless, at least the future ding in my score is now worth it since I got the card I've always wanted.