My score only went up 10 points

[strong_lady]

Hello everyone

I paid off an credit card, Orchard Bank in full the whole balance of close to $600.00 however, my score only went up 10 points is this accurate.  I only see it on Equifax and not the other reports, isnt it supposed to be on the other points as well?

[Jesedmotherof5]

I just notice HSb only reported to my EQ too.  The other reports are from march updates maybe they do the others ever other month? DOnt feel bad I paid down Sams club to 0 balance and got zero score increase and it was 451$

[fishbjc]

When did you pay this off?  It takes time for the bureaus to update.  I'm still waiting on TU to update from January '08.

[Jesedmotherof5]

I lied- I got a ten points too I don't know why score alert said it was unchanged. I went up across the board hoping for more next month as some of the stuff hasn't updated yet. I did a balance transfer on one of my cards and the payment didn't post in time for statement cut

[cobra19]

10 points sounds reasonable. How many total revolving accounts do you have and what are their balances? Overall utility is a factor as well as individual card utility.

[Anonymous]

I only got 13 points for paying off a 4400 bal. Guess it comes in time.

[strong_lady]

---

fishbjc wrote:

When did you pay this off?  It takes time for the bureaus to update.  I'm still waiting on TU to update from January '08.

---

Fishbjc

I paid it off on the first week of April.  You are still waiting from Jaunary of this year?  You need to contact TU they should have been updated your report by now.  Am I right?

As an mater of fact.  They had reported my balance as 550 dollars and then I called them and they corrected the balance when it should have ben 100 dollars.

[strong_lady]

---

contractor wrote:
I only got 13 points for paying off a 4400 bal. Guess it comes in time.

---

Yes you are right.  It does come in time.  I know you were expecting more points  for paying that balance off and here I am making an big deal out of paying off an balance close to 600 dollars.

[strong_lady]

---

cobra19 wrote:

10 points sounds reasonable. How many total revolving accounts do you have and what are their balances? Overall utility is a factor as well as individual card utility.

---

Cobra

Now that you mention it and I think about it .  My credit is shot (well for now) and that is far considering all of the numerous balances that I have...

[Anonymous]

Without knowing the totality of your accounts the most knowledgeable board members cannot give you a good idea of what gains are reasonable to expect.

If, for example, you have 10k in balances on over half your accounts and this represents over half your utility, you are getting huge dings on overall utility and percent of accounts with balances. Paying off 1 card might have a very low effect.

If you need to raise your score right away you would be best served to pay every card under 50%, preferably under 30%.....and to pay off the smallest of your balances so you get the % of cards with a balance down to around 40%.

If you don't need an improved score to apply for new credit in the short term, pay down the cards with the highest interest rates first and worry about your utilization spread later.

More specific advice would follow if we knew your current debt and accounts

Best,

debtisgood