My credit score dropped for no reason!

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amexguy321
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My credit score dropped for no reason!

Postby amexguy321 » Thu Apr 11, 2013 10:16 pm

ok so I figured I will use my BoA Visa that I have not used since 2011 for an overseas purchase in march. just received an email from scorewatch (myfico) saying that my credit score dropped from 756 to 740 for using a dormant account.... WHAT??!!!

honestly that makes no sense at all to me. getting penalized for using a card that hasn't been used in a while... thoughts??


paparoach429
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Postby paparoach429 » Fri Apr 12, 2013 2:30 am

Is the "scorewatch" thing generate a real fico? If not then I wouldnt pay much attention to it.

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djrez4
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Postby djrez4 » Fri Apr 12, 2013 6:56 am

You let a balance report on a card that hadn't had one in a long time. Utilization is a factor in your score. Pay it off and let it report at zero again and your score will rise back up.
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Sevenfeet
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Postby Sevenfeet » Fri Apr 12, 2013 7:19 am

It is "real FICO", after all, it's a myFICO product. The nice thing about myFICO score watch is that it usually gives you a reason for a credit score change. In this case, you began using something that had been sock drawered for a long time. In the calculations that they make, one of the reasons this might be is because you are dipping into credit reserves, which makes you more of a risk. Pay the balance off quickly and I'm sure the score will rebound.
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jmtdallastx
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Postby jmtdallastx » Fri Apr 12, 2013 9:27 am

I experienced the same thing with my Amex which has been 'dormant' for about 6 months. When the balance reported last month I noticed myfico score to take a dip from 740 to 734.

amexguy321
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Postby amexguy321 » Fri Apr 12, 2013 10:27 am

i think that they look at using a sock-drawered card as dipping into reserves is crap.

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djrez4
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Postby djrez4 » Fri Apr 12, 2013 11:38 am

The whole system is crap. Not much you can do about it, though.

Your score really means nothing unless you had plans to apply for something. Even then, a 740 will get you pretty much any credit you want.
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