How long before scores go up again?!

Anonymous · ‎01-03-2008

I am VERY frustrated right now. Yesterday, my EX score was 693. With one negative set to go off this month, and about $2000 or so in CC debt paid off that is yet to report, I was hoping to be in the 700's relatively soon. Well, after paying off my $4K student loan, my score DROPPED by 20 points. I kn ow paying things like car loans off early is not necessarily good for your score, didn't think paying off this one student loan early would have any effect, since I still have about $17K in loans outstanding (that are all listed as OK/pays as agreed).

Given that those CCs still have to report, and with one negative set to fall off at some point this month (and the last set to fall off in April)...any idea how much longer until my score goes back up?

I am really feeling dejected. Was hoping to apply for an Amex once my util. went down from the CCs.

Anonymous · ‎01-03-2008

It can be really fustrating waiting for stuff to update-

Be patient -

Anonymous · ‎01-03-2008

Thanks, Timothy. This site has been really helpful in assisting me while rebuilding my credit. I am just concerned at how long it will take to offset paying off that student loan. I really thought the remaining $17K would offset it. My Dad says my score should be back up in about a month. Any idea whether the CC payments will make up for the lost points once they update?

Anonymous · ‎01-03-2008

How many open accounts do you have? and How many with balances reported?

20 points seems to be a standard for "too many accounts with balances"

As you have other installment loans- your mix is not getting messed up.

Anonymous · ‎01-03-2008

I have 13 open accounts, 5 of which are still showing balances totalling $2547 (or about 25-30% utility--my CLs are all very low). All of this has been paid off, but has yet to report. After the "baddies" fall off I will have one negative--that student loan which is currently PIF, but has some serious lates dating back in 2002. I guess I am attributing this to the S/L because that is the only change to my report from last week to today.

I know I should not have checked again so soon--but my EX FAKO report said one of the baddies is set to go on record until Jan '08, so I thought hey, maybe it fell off today!

Not trying to be stubborn and I guess you are right--I need to be patient. I guess I am just getting anxious b/c I have been working SO hard for the past two years, and I just had that "almosttherealmosttherealmostthere" drum ringing in my head so loudly. It's disheartening to see it jump back so far.

Thanks for all your input--it's very much appreciated!!!

Anonymous · ‎01-03-2008

Sorry--let me clarify--I have 13 open CC accounts, and 10 accounts with balances in general. It breaks down like this--

5 CCs with balances (which have since PIFs)

$17K student loan broken down into 4 accounts

1 account which has been CO (set to go on record until April of '08).

Thanks again!!!!!!

Anonymous · ‎01-03-2008

10 accounts with balances out of 18 open accounts -

Am I adding correctly?

This would cause the "too many accounts with Balances" flag.

mrsfoofyfoo wrote:

Sorry--let me clarify--I have 13 open CC accounts, and 10 accounts with balances in general. It breaks down like this--

5 CCs with balances (which have since PIFs)

$17K student loan broken down into 4 accounts

1 account which has been CO (set to go on record until April of '08).

Thanks again!!!!!!

Anonymous · ‎01-03-2008

Yes, your math is correct. That flag has been there for a long time and I expect it to go away once all the CCCs update. In April, when that 1 CO falls off record, I will have only 4 accounts with balances (the S/L that is listed as 4 disbursements/accounts).

Will 4 accounts out of 18 be enough to create that flag? Doesn't seem fair that installment accounts and credit counts should be treated equally in this respect--especially since paying down each has opposite effects on your score. Think it's worth asking the lender to report the loan disbursements as 1 account, rather than 4?

Timothy wrote:
10 accounts with balances out of 18 open accounts -
Am I adding correctly?
This would cause the "too many accounts with Balances" flag.

Message Edited by mrsfoofyfoo on 01-03-2008 07:25 AM

Anonymous · ‎01-03-2008

Let a tiny balance report on one of the CC's for max points.

That flag has been there- but now is have MORE of an affect.

No one ever said FICO was logical or made sense.

mrsfoofyfoo wrote:

Yes, your math is correct. That flag has been there for a long time and I expect it to go away once all the CCCs update. In April, when that 1 CO falls off record, I will have only 4 accounts with balances (the S/L that is listed as 4 disbursements/accounts).

Will 4 accounts out of 18 be enough to create that flag? Doesn't seem fair that installment accounts and credit counts should be treated equally in this respect--especially since paying down each has opposite effects on your score. Think it's worth asking the lender to report the loan disbursements as 1 account, rather than 4?

Timothy wrote:

10 accounts with balances out of 18 open accounts -

Am I adding correctly?

This would cause the "too many accounts with Balances" flag.

Message Edited by mrsfoofyfoo on 01-03-2008 07:25 AM

Anonymous · ‎01-03-2008

Boy, you've sure got that right!!!!!

Timothy wrote:
No one ever said FICO was logical or made sense.