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Eastcoastmom

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Advised to take out 0% credit card, transfer balance.No hard inquiry done. Score down 80 points
Had 4 credit cards. One major maxed out at $32 K. Decade of hard times. Advised to take out a 0% interest card & transfer balance ( as much credit was we were given). Transferred 11K but at this point other card down to $17K, so only about 6K on the other card. Cards were slow to show transfer so one credit report showed that 11K was actually on both cards - the new one and the one we transferred to so our credit score went down about 80 points! Since then our utilization has only been decreasing. We had 56% usage and our credit score was HIGHER than after we took out the 0% balance card & the numbers are back to being accurate. Our usage now is 25%. We have yet to get back up to the numbers we were at before taking out this 0% interest card and transferring balances. We were 742 and 745 before the new card. Then we finally got up to 730 and 734....Today I look and we are down to 728 and 725, Our utilization is only going down. I realize companies are not reporting weekly, but being that we did NOT even have a hare inquiry done when we opened the new 0% card, why wouldn't our credit score being much higher than before this recommended card? All our payments are on time. We have 3 late credit card payments from some years ago which have been there throughout. I am totally confused. I check this score weekly and was expecting to see a higher rating not to see it drop. I'm so discouraging and confused.

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First thing to know is that Credit arma is not a credit bureau but is here specifically to TEACH how credit works and how to build your credit.  Reading the articles here is a very valuable part of that credit education.  You need to work on getting your utilization down to 10% or lower for a better credit score and strive to pay the credit card accounts in full every month. I seriously hope you did not close those credit cards when you did the balance transfer ("I had 4 credit cards") because that would be a major factor in the credit score drop. 

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