Why did my FICO score go down?
Hey guys, I have a question regarding my FICO score. I am currently a student, i do have student loan but not due till i graduate. Also i have two credit cards, 1 visa and 1 amex charge card. I checked my score like 2 mnths ago and it says that my score is 735. However, just 5 mins ago i checked my score and it went to 730. Im not quite sure why did my score go down… I paid all my card bills and every thing on time, no over due balance what so ever, i sometimes paid my amex in the middle of the month just in case. Can some one explain this to me why my score went down eventhough there are no delinquency actions. Thx in advance guys
O yah, like last month i asked my bank to reduce my credit limit on my visa from 1500 to only 500 since i dont use this card at all. Would that be the reason why? Or when I paid my Amex in the middle of the month? since they view this card as an open account since its a charge card?
You say you only have the student loans and the two cards.
One of the cards you had them cut your credit limit and the other doesn’t report a credit limit, if it is the typical Amex charge card.
If the Visa card already reported the lowered credit limit this month then I’m surprised your scores hadn’t dropped more than only 5 points, even dropping more if you are carrying a balance on either card.
I’m also surprised that Amex hasn’t noted that your other credit limit had dropped and followed suit. They still may.
It was a bad move and I doubt you could get them to raise the limit, if you chose to ask them, since they’ve probably flagged your account as being in financial trouble.
Your utilization is based on that $500.00 credit limit. If you carry any amount of a balance on either card it will hurt.
