48 point jump in credit, I think its temporary

[Anonymous]

My Fako experian jumped 48 points. I also realized that there's 150k missing from my student loans. About a month and a half ago, my lender gave/sold that amount to another lender. Im guessing they have not reported it yet. Im sitting at 670 now should I run and get a car before they report? I was approved for a mall limit cap one credit card last month and wasn't sure if I should wait for that to hit my credit.  Im in need of a car but can wait a month. Thx for any help!

[llecs]

Will your car lender pull Experian? If not known, did the sell change TU or EQ yet?

Per FICO, your score probably didn't change because installment util is a tiny part of FICO scoring. However, there's a risk that it could drop a little when the new SLs report. The update will also impact DTI as seen by your lender-to-be which may or may not be an issue depending on your income and reported monthly obligations. They'd know anyway if TU and EQ hadn't updated and I believe you'd have to fill out a financial disclosure when you app.

Adding the new card can result in a drop too when it reports, though if this is your only CC, expect a decent net gain as the improved mix offsets the new credit.

[Walt_K]

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@Anonymous wrote:

My Fako experian jumped 48 points. I also realized that there's 150k missing from my student loans. About a month and a half ago, my lender gave/sold that amount to another lender. Im guessing they have not reported it yet. Im sitting at 670 now should I run and get a car before they report? I was approved for a mall limit cap one credit card last month and wasn't sure if I should wait for that to hit my credit.  Im in need of a car but can wait a month. Thx for any help!

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My FAKO Transrisk score dropped ~70 points the same day that my FAKO Vantage score increased ~20 points.  My FICOs didn't change.  I don't think it matters that your FAKO score jumped, especially if the only change you can detect is installment utilization.  If you see a similar change on your other reports, as suggested by llecs, you can see if you have a FICO change there.  Maybe your EX FICO changed, but seems doubtful from the info you posted.  I'm assuming that the SL TL is still on your report.  If the whole TL disappeared, and there were lates or something like that associated with the TL, you could imagine a score jump.

[Anonymous]

Thank You.

Yea I checked myfico it has not jumped up. TU is 20pts higher than Equi. It seems TU is missing one old paid collection and one of my 2 soon to be three cc 's does not report to equ. I may need to wait a few months for a possible inc in fico score. My credit usage  ratio was 30percent; I have 300$ balance on cc . I have already paid that off and ill keep that low and save up  for a bigger car down payment. Hopefully that should help a bit. I can give it 2 mths before I really need a car for work.  

[Anonymous]

After reading a little bit about auto enhanced scores. Maybe my score will be a little higher. I had a hsbc/suzuki charge account for a motorcycle for $5400. i paid it off in 2.5 years with no late payments.  I received loan in 2007.

[marty56]

There is no correlation between a FAKO score change and your FICO score changing.  Infact they could go in oposite directions.