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Paid off credit card and it gave me a negatiive score

Established Member

Paid off credit card and it gave me a negatiive score

How long does this last?
Message 1 of 4
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Senior Contributor

Re: Paid off credit card and it gave me a negatiive score

Do you have any credit cards currently reporting with a balance?

 

How many credit cards (visa, mc, discover, amex, store, gas) do you have?

 

You need to have a small balance on 1 card (just $10-20) in order to help your score.  Remember that FICO is about risk to the lender.  And if you DON'T use your credit, that is a risk....to profit.  So FICO looks and grades that you have recent use of credit card (recent use means a reported balance).

 

 

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Message 2 of 4
Established Member

Re: Paid off credit card and it gave me a negatiive score

it was card that I didn't payoff from 3 years ago but I just recently paid it off, the account was closed a long time ago so I pay it off and then my score falls off the deep end how long does that affect last
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Senior Contributor

Re: Paid off credit card and it gave me a negatiive score

When you paid the account, the creditor updated the report as PAID, but this also gave it a recently reported date, meaning that the late payment is more recent.

 

It would have been better to attempt to have done a Pay For Delete when paying an old account like that.  It's hard to say how long it will be affected, but it is going to take some time.  You might try writing a Good Will letter to the creditor on this and see if they go for it.  If so, then the derog will be fixed.

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Message 4 of 4