Based on the limited information we have, it's hard to say why it happened!
You said your total balance increased by $470, but you didn't say what percentage that represents. Or percentages. If you have a card with a $500 limit, and the $470 is all on that one card, there's your answer--that puts your utilization for that one card at almost 100%. If that's your only card, then your overall utilization is also at nearly 100%. On the other hand, if you have the $470 spread out over several high limit cards, and no one card has a high utilization percentage, that's a different story.
If you provide more details, we may be able to give a more informed response. But with that said, I just want to point out that a variation of 10 points is not a big deal! I see my scores go up or down by 40, 50, or more points and don't even blink. That's because I know what caused it, and I know it's temporary, so I don't sweat it. Give us more info and we'll see how it all looks!
If the lates were individual 30 day lates and older than 2 yrs. They dont do much damage after that. My 1 and only 30 day late that fell off 3 yrs ago gained 3 pts. The rest @SoCalGardener covered very well.
@FireMedic1 wrote:If the lates were individual 30 day lates and older than 2 yrs. They dont do much damage after that. My 1 and only 30 day late that fell off 3 yrs ago gained 3 pts. The rest @SoCalGardener covered very well.
I'd offer that the impact of a derog is very much file-dependent.
I don't recall the exact boost, but one 30-day late, the sole derog in my history, kept my scores below 750 until it rolled off.
When it did roll off, I recall my score rising by at least 30 points; probably more.
ETA: I just reviewed an old post. In Jan. 2018, EX was 723, EQ 750, and TU (the first reflecting a derog-free file) 798. A single 30-day late derog can make one FICO of a difference.
@expatCanuck wrote:
@FireMedic1 wrote:If the lates were individual 30 day lates and older than 2 yrs. They dont do much damage after that. My 1 and only 30 day late that fell off 3 yrs ago gained 3 pts. The rest @SoCalGardener covered very well.
I'd offer that the impact of a derog is very much file-dependent.
I don't recall the exact boost, but one 30-day late, the sole derog in my history, kept my scores below 750 until it rolled off.
When it did roll off, I recall my score rising by at least 30 points; probably more.
ETA: I just reviewed an old post. In Jan. 2018, EX was 723, EQ 750, and TU (the first reflecting a derog-free file) 798. A single 30-day late derog can make one FICO of a difference.
Dang. Wish I had the same effect. Lucky you. Maybe my BK held it back. With FICO who knows @expatCanuck
MyFICO alerts aren't always necessarily correlated to the score change. It's just that when an event that triggers an alert happens, your report is updated along with your score. That doesn't mean whatever is in the alert is the cause of said score change.
