myfico Is On Drugs!

[Anonymous]

I was carrying 52%UTIL on my Home Depot card, paid it completely off and it reported this morning and dropped my EX 8 points? WTH??? Are they promoting carrying high balances. I am so over this score crap. My EX went from around 690 to now 610 from too many new accounts, low AAOA and it was too many cards with balances. So, I paid almost all of my cards off to get my score up and this crap happens. There are no baddies of any kind on my report and my scores just keep dropping no matter what I do. Any insight?

[Anonymous]

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@Anonymous wrote:
I was carrying 52%UTIL on my Home Depot card, paid it completely off and it reported this morning and dropped my EX 8 points? WTH??? Are they promoting carrying high balances. I am so over this score crap. My EX went from around 690 to now 610 from too many new accounts, low AAOA and it was too many cards with balances. So, I paid almost all of my cards off to get my score up and this crap happens. There are no baddies of any kind on my report and my scores just keep dropping no matter what I do. Any insight?

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Your scores will go up because of the lower utilization.  This score change is not tied to the alert.  Your credit scores are constantly changing but there are only a few events that will trigger an alert, lower utilization being one of them.  Your reported score change is not tied to the utilization .  This is the same reason people will report score increases due to an inquiry.  People assume (understandably) that the the score change is because of the 'event' that caused the alert but that is not always the case.

[Anonymous]

I don't know what other changes it could have been. No other changes are scheduled to report nor have I apped or added and new accounts (I'm gardening). This is a real bummer.

[takeshi74]

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@Anonymous wrote:
I was carrying 52%UTIL on my Home Depot card, paid it completely off and it reported this morning and dropped my EX 8 points?

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As always, you need to carefully compare reports before and after the score change.  Do not simply rely on alerts.  One's lack of understanding regarding all changes and their total impact does not mean that "FICO is on drugs".  You're assuming causality and even without knowing the specifics I can say you're missing one or more things.

Did your account report today or did your reports update today?  Keep in mind that these are two different things.  The CRA's do not update immediately and generally take several business days from the time that the creditor reports.  My guess would be that the utilization change has not reported and other changes caused the drop.  However, again, you'd need to look at the report data to confirm.

[Anonymous]

I really think you have something else disturbing your credit file other than utilization...

Even my EQ didnt bounce like your EX did when a medical snuck its way on there with all other factors remaining static.

[Anonymous]

As I said above, I have no new accounts as I'm in the garden. I've had this card for a few months. This was the only update scheduled as the next one will be around Sunday.

[Anonymous]

You'll have to compare the reports. Maybe one of your other cards reported a balance, or had an increase in utilization? There might also be something erronious that happened. 

[Anonymous]

Nixon, I have checked my reports over with a fine tooth comb. There are no negs or baddies at all. The reasons listed above are the factors for my score, according to myfico. Also, all 3 reports give the same information.

[Anonymous]

The other day my TU dropped 10 points with no real reason given.  If you paid it off this morning it would be way too early for the utilization drop to report.  In the long-term it should help out immensely. 

[Anonymous]

I paid it off two weeks ago, statement closed last week and updated on EX today. This is how it reads: Balance Change: THD Previous Utilization 52% - New Utilization 0%. Your Experian score has decreased by 8 points.