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CC Balance Goes Up and So Does EQ?

Valued Member

CC Balance Goes Up and So Does EQ?

I have a CapOne with a $1k limit and another card with a $2500 limit. The CapOne had a balance of $207 last month and now has a balance of $789. Other card (Wings Financial) is at $1900 or so.  Yes, high utilization. However, I just got a SW alert that my score went UP 8pts today (due to an increase in a account balance) to 661! How would that happen if the utilization went up?
 
Don't get me wrong...I'm excited to be at the 660+ area because of what it means for a mortage loan, but just curious why the score went up. Also, I'm paying down the two cards to the 1%-9% utilization mark by the end of the month. I am planning on buying a house in early July and the FICO simulator gives me a minimum 40pt boost for the utilization decrease....700 club here I come!
 
TU - 607
EQ - 661
EX - 715
Message 1 of 6
5 REPLIES
Valued Contributor

Re: CC Balance Goes Up and So Does EQ?

Those are the balances reporting on your credit reports or they are just your current balances?
Message 2 of 6
Valued Contributor

Re: CC Balance Goes Up and So Does EQ?

The balances may not have reported, or a couple of your accounts aged a bit and that increase outweighed the utilization increase.

Or maybe it's the recent lack of solar activity. Who knows with FICO scores?
- - - -
in a credit-scoring postnuclear Stone Age...
Message 3 of 6
Valued Member

Re: CC Balance Goes Up and So Does EQ?

The new balances were on my CR's that I just pulled the other day. CapOne told me a couple days ago that they report on the 26th of the month and my Wings card reports "at the beginning of the month".
 
It's gonna be a moot point anyways. I just made a payment to bring my Wings card down to 9% utilization and will not be charging anything else on it until after I close on a house.
Message 4 of 6
Moderator Emerita

Re: CC Balance Goes Up and So Does EQ?

A lot of times the reasons that appear on a Scorewatch alert are comically irrelevant. It's more likely that an account or a baddie had a birthday, or another of those quiet background changes.

Congrats on reducing the other util and the nice score jump!
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 5 of 6
Highlighted
Valued Member

Re: CC Balance Goes Up and So Does EQ?

Sounds good. Either way, I'm amped!
Message 6 of 6