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I gained 33 points from paying down my balance!

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denver133
Frequent Contributor
‎03-24-2014 10:07 AM
‎03-24-2014 10:07 AM

Re: I gained 33 points from paying down my balance!

Your score probably dropped because of the new tradeline.  Not because of the utilization.   You will gain points because of the $0 balance but it will be a few months to let that new account age.  


My Cards: CSP: $5,000 // Hyatt: $5,000 // Cap1 Venture: $5,000 // US Bank Plat: $3,500 // Discover: $1,000 // AMEX BCE: $1,000 // Lowes: $5,500 // Furniture Row: $3,500 // Buckle Store Card: $750

Current MyFico Scores: EX 687 EQ 696 TU 687 Gardening from 5/15 till 5/16

Message 11 of 12
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Hcontreras
Frequent Contributor
‎03-24-2014 10:14 AM
‎03-24-2014 10:14 AM

Re: I gained 33 points from paying down my balance!

That's exactly what happened to me when I first opened that trade line, then paid them off and score is higher now than it's ever been. Slowly getting there! That's the pattern it will drop temporarily then recover within a couple of months at the earliest. Depends on how many trade lines, balances, etc.
In my wallet: AMEX BCE $18k | AMEX ED $19.5k | AMEX EDP $10k | AMEX BCEP $10k | HEFCU $10k | Discover it $8.8k | Capital One QS $9k | Chase Freedom $4.5k | Walmart $3,200 | JCrew $2,350 | Chase Slate (AU) $22k.
Now in the garden...
Current FICO Scores: 783 (EX) | 766 (EQ) | 764 (TU)
Message 12 of 12
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