topic Large Drop in Score in Credit score

Large Drop in Score

Lisie_52 — Sat, 07 Nov 2020 14:19:45 GMT

my credit score decreased 43 points and the only thing that changed was that I paid more than the minimum on my credit card. The utilization went from 8% to 3% on a 20k credit limit. Why such a large drop, or that I have a decrease at all?

Re: Large Drop in Score

Anonymous_ — Sun, 08 Nov 2020 13:51:51 GMT

Have you checked your score after signing up with Turbo? --> https://turbo.intuit.com/

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Re: Large Drop in Score

cgervasi — Tue, 17 Nov 2020 19:41:22 GMT

@Lisie_52 wrote:
my credit score decreased 43 points and the only thing that changed was that I paid more than the minimum on my credit card. The utilization went from 8% to 3% on a 20k credit limit. Why such a large drop, or that I have a decrease at all?

You went from owing $1600 to $600, i.e. 8% to 3% of 20k. Maybe their formula likes you to have a modest amount of utilization, not nearly maxed out but not nearly empty. That's just a guess. It makes no difference.. What matters is not carrying a balance and building wealth.