Understanding -8 FICO 8 score drop

[Anonymous]

Hello -

I'm relatively new in understanding and managing credit & my FICO scores. I'm hoping I can get some insight to why my score changed relative to last month's score for FICO 8.

Current month score 692.

Credit usage 1%, only $300

4 credit cards open, all zero except for the one with the balance above

1 HP from a mortgage application

1 car loan that went down by the monthly payment.

Prior month score 700.

Credit usage 1%, $400

4 credit cards open, one with a balance of $50 & another with a balance of $360 (one with the balance this month)

1 HP from a mortgage application

1 car loan that went down by the monthly payment.

Student loans are in forebearance so no change there. I would appreciate any insight on the nuances of why this changed. Thanks in advance.

[FireMedic1]

If you had 1 card reporting last month and now you have 2 reporting. Thats FICO 50% of cards reporting a balance ding. Once you go back down to 1 card reporting. Points come back.

[KatSoDak]

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@FireMedic1 wrote:

If you had 1 card reporting last month and now you have 2 reporting. Thats FICO 50% of cards reporting a balance ding. Once you go back down to 1 card reporting. Points come back.

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OP said only one card reported this month compared to two reporting last month, and the one that reported this month was reporting a smaller balance than last month.

It does not appear it was increased utilization that dropped the score.

[Ficoproblems247]

@Anonymous Out of curiosity, what specifically is the card that is reporting the balance this month now that you're AZEO? 

[Anonymous]

@Ficoproblems247 It's my Amazon Synchrony card. Thank you.

[SouthJamaica]

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@Anonymous wrote:

@Ficoproblems247 It's my Amazon Synchrony card. Thank you.

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There are lots of possibilities. BTW 8 points is not that much.

Some possible causes:

-mortgage inquiries

-increased utilization

-more accounts reporting a balance

BTW Synchrony cards are no good for micromanaging your revolving balances, because

they often report erratically, leaving you no way of knowing which day's balance will report.

[Ficoproblems247]

Agreed Sync cards are lousy for AZEO because of sporadic reporting. OP's util decreased by $100 however, not increased. Also accounts with balances went from two to one so it's not more accounts reporting with a balance. Also, it was stated inqs remained static at 1 showing on both reports. Either the Sync card messed up the AZEO attempt and OP is getting hit with the all zero penalty, or there is something else at play. OP, have you gone through reports with a fine tooth comb to ensure no older accounts have dropped off of your report causing your AAoA to decrease? That's about the only other thing I can think of, otherwise I'm at a loss. 

[GatorGuy]

Are you an authorized user on the card that reported last month but not this month?

[FireMedic1]

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@KatSoDak wrote:

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@FireMedic1 wrote:

If you had 1 card reporting last month and now you have 2 reporting. Thats FICO 50% of cards reporting a balance ding. Once you go back down to 1 card reporting. Points come back.

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OP said only one card reported this month compared to two reporting last month, and the one that reported this month was reporting a smaller balance than last month.

It does not appear it was increased utilization that dropped the score.

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Oops. Thanks.