I keep same habits thru all the year with regards my credit. However there are times in the year that my credit drops with no reason. Then in same way, with no reason it increases. Is FICO credit score an scam? No way that on a single month I can do something that it causes 25 points drop and 3 months after I get the 25 points back. Below screenshot comes from Experian website. #experian
If your card shows high utilization that month then your score will go down
As I put above I pay my cards every week in full and no, utilization is never > 1%
Try credit karma. It will show you the reported utilization every month. You could pay it off every week and still get reported for high utilization if the date your card reports on is before you pay.
Yeah the way they calculate it is kind of dumb, but any score over 700 is fine
When score drops, it drops to 795. I have the feeling they want you to pay their premium services to increase to 800 or more
I have a score of 825 without paying for any premium services.
You may be graded on a curve, so even if you did nothing, the behavior of others could change your score.
And the worst thing is, they don’t tell you why it drops or increases because their model is proprietary. And the model changes and is adjusted accounting for inflation, cost of living etc every year.
You mentioned utilization is never > 1%, is it ever 0%? You can actually get dinged for that (temporarily of course). There’s plenty of experimentation and gaming of the criteria for higher scores they even talk about it on fico forums
Nothing of that happened. As you see in the tread, things dropped 3 months and returned back with no explanation. I have 0 Bill's anywhere
How many cards do you have? How many of them do you regularly use. My guess is that your score drops when more than 30-50% of your cards report a non zero balance.
My credit score dropped 100 points because I didn’t login into target account for two months and forgot to pay 70$ on red card.
The number of accounts, length of history of accounts, balance of each account reported by your bank matter a lot. Also there is not just 1 FICO score, there are different types of FICO score. The main point is not your score but what kinds of loans, insurance, etc you can get access to with you score. Also a lot a banks use a variety of data in addition to your score.
Honestly you said too much and nothing at same time. Well done!
Haha.. Financial system is too complex.
Check your credit card transactions/balance and verify that you’re not a victim of identity theft. If you’re in the clear then you can dispute.
My credit is locked for last 15 months. I have no new accounts. I never keep a balance in the credit cards, I have no loans, I have not open o closed accounts in last 2.5 years. Dispute with whom? This behavior seen every year
That sucks. I’d call Experian and tell them what’s going on. They have a hotline especially for these things. Never tried it before though. Good luck!