Experian score tanks?!

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iHackerSix
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Experian score tanks?!

Postby iHackerSix » Sat Nov 23, 2013 2:38 pm

So I was recently approved for some nice cards including the Chase United MileagePlus Visa. Well, at the time my Fico's were all around 680 or so. Now, fast forward to today when I paid off any and all balances on my cards and my Experian Fico score tanks to 639?!!! I'm shocked beyond all belief. I have not been late, or missed, or done anything but pay off my cards in a timely fashion. I currently have about 23,000.00 in available credit from 5 CC's. Oldest account is almost 2 years, newest is about 1 month and I figured if I paid in full my score would go up, not down. Anybody had a similar situation? Advice on what my next move should be?


MemberSince99
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Postby MemberSince99 » Sat Nov 23, 2013 4:46 pm

If your balances all report 0 then your score will drop. The scoring model likes to see a small balance (optimally 1-5%) for best scoring. The inquiries and new accounts will also drop your score so I doubt it was all paying the balances but also a combination of those things.


Clearly your score will go back up in time as you take care of the accounts. If you want the best possible score just let 1-5% report on ONE card. Beyond that time will bring your score up. So your next move should simply be that. Don't add anything else just work on what you have take care of it, let a small amount report if you care about month to month scoring and leave it be.


Of course that assumes something bad didn't happen but I'm assuming you checked that right?

iHackerSix
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Postby iHackerSix » Sat Nov 23, 2013 7:31 pm

Yeah I'm checking weekly. Keeping tabs on due dates and all. Thanks for the tips and crossing my fingers. Who would've thought not owing isn't as good as owing...

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djrez4
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Postby djrez4 » Sat Nov 23, 2013 8:19 pm

Where are you getting your score?
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iHackerSix
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Postby iHackerSix » Sat Nov 23, 2013 8:56 pm

Right here on MyFico! Sadly I have a little OCD now checking monthly.



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