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My fico alerted me to changes in my credit so i checked it out. 29pts dropped in my Equifax for a balance increase rise of 170.00 out of 7500.00 thats 3% usage of my credit. Why is this. I understand going over my 30% usage i get punished but 3%. I dont understand I pay off my accounts every two weeks I owe nothing. Help me under stand this.
Could you provide a list of your cards, their current balances, and their limits? That would people here to be able to possibly answer your question.
the 170 dollors came from a chase card limit of 1500, I have a capital one card of 750, a Sams credit card of 5000.00 a capital one buisness card of 2000.00 in my name. a instalment loan of 1800. had a cd loan of 5000 paid down to 2700 paid it off my credit was at 733 on equifax and it dropped 29 pts for spending 170.00 on chase card my score would be better than 733 but starting a new buisness had to pull extra hard inq on my credit. but its been steady for 733 untill the 170.00 it claims why it dropped.
Hi KellyLand. You give the balance and limit on only one card. I think Heaven is asking for the balance and limits on each card. It will be easiest to read if it looks like this:
Card 1. Balance = ____ Credit Limit = ____
Card 2. Balance = ____ Credit Limit = ____
Card 3. Balance = ____ Credit Limit = ____
etc.
These should be based on what is actually appearing on your reports. You just need to fill in the blanks above.
Also, it sounds like you have paid off a loan recently. Can you tell us when you did that?
Whenever credit reports and scores are spaced in time, the score will always represent changes based on more than simple % util of revolving.
Time will effect age of accounts and scoring of derogs.
For example, an existing charge-off or collection will, if unpaid, result in effective consideration by FICO as being of increased delinquency whenever an update is filed that inluded a statement of current status as remaining delinquent.
What are your reported derogs, and when were they updated with the CRA?
I dont know what a derog is or cra explain pleas
i paid off the 170.00 within two weeks of purchace
card 1 ( 1500 limit ) 0 balance card 2( 750 limit ) 38.00 balance card 3( 5000 limit) 181.00 balance card 4 (balance 2000 limit) 0 balance all balance one week old I pay off all balances every two weeks to 0 balance the 170.00 balance was on my card one was not even on there two weeks and my score droped 29 pts
A consumer reporting agency (CRA) is a company that collects credit information on ordinary consumers, like you and me. Stuff like what credit cards you have, what loans you have, etc. The three big CRAs are Equifax, Experian, and TransUnion.
Each CRA produces a credit report on you.
A derog is an item on that report that is bad or derogatory. Derogs are lates, collections, charge-offs, bankruptcies, public records, liens, and judgments. A piece of information can be not good for your credit score (like your credit cards being maxxed out) without being a derog. Derogs are pretty much the things I mentioned above (unless I missed one).
PS. It sounds like you have paid off a loan recently. Can you tell us when you did that?