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Why is my score going down?Why is my score going down?
rgrvic said: "So I joined myfico.com and I just got an alert that my score is dropping. I cant understand why. The reason why it went dont was in conjunction w/ a credit card that i paid off over a month ago. I called and checked the balance on the card and it is at $0.00. How my damn score keep down. This is so frustrating. How can I find out more specific information about this? Call the credit bureau's? I'm under the impression that, thats a big no no. Any advice is appreciated."
JoshJohnson said: "It could be because of inquiries. How much has it gone down and who did you get the score through?"
rgrvic said: "It went down 18 points. Seems a bit much but I did have a recent inquiry. Is 18 points normal if so when does it go back up (is it temporary)?
I got the score from myfico.com. Any advise appreciated.
There are a few changes to your credit report today:
An account listed on your credit report has changed.
Also, your FICOŽ score has decreased by 18
Please log into Score Watch anytime to find out more.
Thank you,
the myFICO team"
DonM said: "What account info changed ???
The drop in score is temporary. It will start going up in a few months if it was due to inquiries."
rgrvic said: "Damn this credit score watch. Alright I've got an alert from myfico.com. It alerts me anytime my fico score changes but it doesnt tell me why. It tells me that it is related to the card that I paid off (its a bankone card) that had several late payments on it previously. Is this one of the cases where one you pay off the balance your score drops? When I paid the card off 2 months ago the balance on it was like 3,000 bucks. (if that matters)"
cinoeye said: "Having a zero balance is not best, it will actually cause a slight deduction because there is no data for the scoring software to factor. Keeping your CC balances at least 1% and no more than 5% or 9% (depending on who you read) will yield the highest points in this category."
FICOdemon said: "I beleive the only way to know would be pull the credit reports to see what changed. Possibly the credit card is now reporting closed, or reporting the credit limit wrong. A few years ago Capitol One switched from reporting the credit limit to the CRB to reporting the highest balance held as the credit limit. This instantly caused a number of peoples scores to fall as suddenly they looked like they were "maxed out."
Also, I'm not sure if I would trust what the "my fico score watch" tells you on the changes to reports section. If two creditors change information on your report on the same day; the score watch tool might only report the last change, or the first."
Rena said: "[QUOTE=rgrvic]So I joined myfico.com and I just got an alert that my score is dropping. I cant understand why. The reason why it went dont was in conjunction w/ a credit card that i paid off over a month ago. I called and checked the balance on the card and it is at $0.00. How my damn score keep down. This is so frustrating. How can I find out more specific information about this? Call the credit bureau's? I'm under the impression that, thats a big no no. Any advice is appreciated.[/QUOTE]
well.. go to credit repair forum... you will find these kind of info..."