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727 Credit Score – Why did my credit score drop even though nothing changed?

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727 Credit Score – How to Choose

Why did my credit score drop even though nothing changed?

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Your Credit Minute Show Notes:

00:00 Hey what’s up guys, Nik Tsoukales from Key Credit Repair. We are gonna go through the credit question of the day, which is, why did my credit score drop even though nothing changed? Well, I have to tell you, something did change. Uh, just things you might not realize. So the credit report, keep in mind, is constantly changing. The credit score when you’re pulling it up online, or whether a lender is pulling it up, um, is going to pull data or it’s going to be a snapshot of the data in that moment. Now keep in mind from one moment to another things can change. Okay? And let me elaborate a little bit on that, ’cause some of the things you might think of haven’t changed, but I’ll actually break down some of the things that could have.
00:43 So, you’re going to notice here, I included a little chart here of what makes up your FICO score. Okay? So at 35 percent which is payment history, we 30 percent is amount owed or debt, 15 percent length of history, 10 percent new credit, and 10 percent credit mixed. So let me give you an example of some things that may have changed that you haven’t realized. Um, first thing is payment history. Okay? You might not have a new lay payment so you’re wondering, Nik why should my credit score change if I don’t have a new lay payment. Well maybe you’ve had a few more positive payments. That could actually cause your credit score to go up. Okay? Um, if you’ve had a recent lay payment obviously the credit score is going to go down. Okay?

01:27 Amounts owed. This is the big one. I would say this is the biggest culprit. Um, we get people that call us all the time and they will say my credit score has dropped five thousand points, five million points, I don’t know why. I haven’t been late, I haven’t done anything wrong. And in fact they really haven’t done anything wrong, but typically what we’re seeing is this part of the credit score is being affected because of something called, uh, credit card utilization rate. The proportion of your credit card balances compared to your credit limits affect this 30 percent of your credit score.
02:02 So let’s say, um, two months ago you pulled up your credit report and it was almost identical with the exception to the fact of, oh, with the exception to the fact that your credit card balance was 100 dollars. Okay? And when we pulled it up this time, the credit card balance was 300 dollars, and that credit limit is, is 500 dollars. Okay? Um, that utilization rate, okay, your proportion of balance compared to credit limit, um, is, has gone up considerably higher. Okay? And that will affect the 30 percent of what makes up your credit score. And obviously if, if that credit card utilization rate has dropped, this part of your credit score will benefit. Okay? So if you’ve pulled up your credit report recently or you’ve pulled up your credit score and there hasn’t been really any adverse change or new negative, uh, uh information, this is the first thing I would check out. Okay? It’s, it’s really the quickest opportunity to grab some points too. Okay?

Thanks for watching the 727 Credit Score video!

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29 Comments

  1. PlayaBird55
    July 31, 2021 at 12:47 am

    Is the audio only static for me or do you guys hear that?

  2. Kirk Dunn
    July 31, 2021 at 12:47 am

    I refinanced my truck and lost 60pts….system makes no sense whatsoever…..pissed, I spent a year getting it to over 700 and now back to 660…..when both loans showed up (overlap) I got nailed and then when it showed paid I got nailed again…..when I did same thing 6 months earlier I gained 20pts……you just can't win

  3. ThatDudeDavid
    July 31, 2021 at 12:47 am

    I’m so confused I paid of my debt in full last month and now my credit score tanked by 68 points that’s some bullshit I spent half a year getting it up and now this? How do we win😭

  4. Collin Smith
    July 31, 2021 at 12:47 am

    How long does it take to bounce back then?

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    July 31, 2021 at 12:47 am

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    July 31, 2021 at 12:47 am

    I will forever be grateful to SCOTT_HACK1 on instagram for changing life for good beginning of this year i had a bad credit score and he has helped me built my credit to 930

  8. WildRoot
    July 31, 2021 at 12:47 am

    It's all bullshit. Nothing he said applies to me. My score dropped 31 points for no reason.

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  10. Kcroyce
    July 31, 2021 at 12:47 am

    I just paid of my credit cards….all of them…and yesterday my transunion dropped 78 points…what the hell?? Ughh…

  11. omar rios
    July 31, 2021 at 12:47 am

    Mic sucks

  12. Kasey C. Jones 2
    July 31, 2021 at 12:47 am

    wow… I did not know that overdraft protection on your bank account also counts…

  13. S.S. L.S.
    July 31, 2021 at 12:47 am

    I have been paying my credit card off before 30 days since I got a $0 balance in January. I have no inquires since last year and no late payments ever. My score dropped from 20 points today. I hope there is a mass lawsuit against the credit bureaus because something isn't right.

  14. Dwight Williams
    July 31, 2021 at 12:47 am

    I got 2 collections removed from account and my score went down 60 points??

  15. aeromedical67
    July 31, 2021 at 12:47 am

    I swear, there is no rhyme or reason to FICO. I paid off (in full) my car last month. That is the only thing that changed. My debt to income ratio dropped to 0.00%. The result — my Equifax score dropped 28 points. So I’m penalized for paying off the only installment loan I had outstanding. That is the stupidest logic in finance history. I not only made good on a loan I promised to pay back, but did it earlier than contractually obligated to do. FICO is clearly a “stay in debt, but not too much debt, and pay every month on time” score.

  16. Harry Tee
    July 31, 2021 at 12:47 am

    This happened to me but day before credit drop the live agent from credit card company did. Dispute . I didn’t ask her to do that . All I asked her is if they reported my payments because I didn’t see any update on equifax or Experian . I’m so upset smh. I kept utilization at 10 percent or lower . No bad remaks . I just have a 7 months credit history. No collections or anything like that. Experian dropped 55 points smh on that report it said short history and los credit mix is why score is low . But I really
    Think that dispute from day before is what ruined me

  17. Real Estate Dream
    July 31, 2021 at 12:47 am

    My credit dropped 125 points! It said "too few accounts paid as agreed" but I've never been late on any of my payments.

  18. PittsensX
    July 31, 2021 at 12:47 am

    That makes sense because ever since i paid off my 9k loan in full my credit card score went down by 34 points. I couldn't figure it out because everything else stay the same. My utilization rates is the same, no missed payment, length of credit history is the same. I thought it was actually going to go up when i paid off the loan in full

  19. Nick
    July 31, 2021 at 12:47 am

    Damn… so my credit score went down for paying off my car :/ the system sucks.

  20. Amber Linkkila
    July 31, 2021 at 12:47 am

    sounds is soooooo bad!!

  21. tantaluss68
    July 31, 2021 at 12:47 am

    I had something removed from my credit report and made a credit card payment and my trans union went down by 68 points

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  25. Harsh Walia
    July 31, 2021 at 12:47 am

    Poor audio

  26. 11Kslingshot
    July 31, 2021 at 12:47 am

    Is this the best quality you can put into a video??? White board and bad audio

  27. X A 5th Of Henny X
    July 31, 2021 at 12:47 am

    Let’s get this straight. Use the card less the better. Don’t use the card at all, bad. That is some bs.

  28. Andre Rivera
    July 31, 2021 at 12:47 am

    Well done Bud…YOu answered a few of my thoughts…

  29. Mosheh Fruchter
    July 31, 2021 at 12:47 am

    I pay my credit cards at least twice a month, it always goes into the next cycle with a zero balance. It never goes beyond 10% of my credit limit. My score dropped 30 points since last month. What changed?