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New Contributor
addicted_to_credit
Posts: 106
Registered: ‎02-28-2011

Odd but happy and hoping for input

So I decided to update my Fico's and my EQ did a 9 point jump while TU stayed the same, the only difference in my EQ from 6/10 and tonight is Credit One is reporting closed and the 9 dollar balance is paid and that is the ONLY difference. UTL is still the same 5%  So I guess my question is, Does an open Credit One CC look that ugly on a CR? I have played with the score simulator and paying off roughly 90% of my debt over a month could only gain up to 20 points so I am just a little confused on how paying off nine dollars got me 9 points. any thoughts and/or input would be great thanks guys & gals


Starting Score: Jan 2011-600TU 598 EQ
Current Score: 769 TU 732EQ 750EX Lender Pull
Goal Score: 755 and higher across the board


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Contributor
Amnesia87
Posts: 128
Registered: ‎12-07-2010

Re: Odd but happy and hoping for input

Do you have balances on any other cards?

 

Fico doesn't care who issues your cards as best I know, but it does like it if all your util is on 1 card, or at least as few as possible, so having 1 less card with util would help.

 

So if it was your only other card with a balance, I can see how closing that account could bump your score.


Starting Score: EX FICO: Unknown EQ FICO: 717 TU (CreditKarma): 713
Current Score: EX FICO: 737 EQ FICO: 752 TU (CreditKarma): 717
Goal Score: EX FICO: 760 EQ FICO: 760 TU (CreditKarma): 760


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Senior Contributor
Walt_K
Posts: 3,065
Registered: ‎11-02-2009

Re: Odd but happy and hoping for input

[ Edited ]

addicted_to_credit wrote:

So I decided to update my Fico's and my EQ did a 9 point jump while TU stayed the same, the only difference in my EQ from 6/10 and tonight is Credit One is reporting closed and the 9 dollar balance is paid and that is the ONLY difference. UTL is still the same 5%  So I guess my question is, Does an open Credit One CC look that ugly on a CR? I have played with the score simulator and paying off roughly 90% of my debt over a month could only gain up to 20 points so I am just a little confused on how paying off nine dollars got me 9 points. any thoughts and/or input would be great thanks guys & gals


I doubt that is the only difference.  If nothing else, your accounts are all one year older and your oldest account is one year older.  You maybe have an older AAoA unless you've added new accounts to bring it down.  But then, if you've added new accounts, there are other differences, i.e., new inquiries, so I am guessing you haven't added new accounts.

 

Also, if you paid off the Credit One account, you have one less account showing a balance.  So even though your utilization is the same, one less account with a balance could be part of the score difference.  Paying off 90% of your debt doesn't give you a big bump because you don't have a very high revolving utilization to begin with and that is scored more heavily than your installment debt. 

 

I'm guessing that your score boost is a combination of age and having one less account with a balance. 

 

ETA:  Just realizing that 6/10 might mean June 10th and not June 2010.  In that case, year older bit is nonsense. 


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


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New Contributor
addicted_to_credit
Posts: 106
Registered: ‎02-28-2011

Re: Odd but happy and hoping for input

I have 4 others with with balances all are but 2 are under 100. It just seems weird 9 points for nine bucks


Starting Score: Jan 2011-600TU 598 EQ
Current Score: 769 TU 732EQ 750EX Lender Pull
Goal Score: 755 and higher across the board


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New Contributor
addicted_to_credit
Posts: 106
Registered: ‎02-28-2011

Re: Odd but happy and hoping for input

I dont know? I am just puzzled its the only one that I see either way I am happy and would love to see move up some more 


Starting Score: Jan 2011-600TU 598 EQ
Current Score: 769 TU 732EQ 750EX Lender Pull
Goal Score: 755 and higher across the board


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Contributor
Amnesia87
Posts: 128
Registered: ‎12-07-2010

Re: Odd but happy and hoping for input

Shifting the balances from all those cards onto just one would probably raise your score more.


Starting Score: EX FICO: Unknown EQ FICO: 717 TU (CreditKarma): 713
Current Score: EX FICO: 737 EQ FICO: 752 TU (CreditKarma): 717
Goal Score: EX FICO: 760 EQ FICO: 760 TU (CreditKarma): 760


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New Contributor
addicted_to_credit
Posts: 106
Registered: ‎02-28-2011

Re: Odd but happy and hoping for input ***UPDATE from Score Watch***

I just got the score watch and that was the only change odd but i will take the 9 for 9


Starting Score: Jan 2011-600TU 598 EQ
Current Score: 769 TU 732EQ 750EX Lender Pull
Goal Score: 755 and higher across the board


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New Contributor
addicted_to_credit
Posts: 106
Registered: ‎02-28-2011

Re: Odd but happy and hoping for input

Yes the 10th of June I guess I could have been clearer

Starting Score: Jan 2011-600TU 598 EQ
Current Score: 769 TU 732EQ 750EX Lender Pull
Goal Score: 755 and higher across the board


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