Hello everyone.
I finally repaired my credit after many years, I only have one negative item which was one missed payment 4 years ago on a capital one card. (Forgot about the annual fee and didn't pay it). My score currently is at 685 according to Experian and MyFico although on MyFico version 4 it shows it is at 640. Not sure why there is a huge discrepancy between the different versions.
In summary:
MyFico V8:
Experian: 685
Equifax: 675
Transunion: 677
I'm currently attempting to obtain a SBA loan and I had to increase my credit score in order to pass the SBA FICO SBSS scoring. I was at 130 and I needed to be at 160. When I first started this about a month ago, my scores were at 650 (all three bureaus. The main reason according to all the monitoring services was due to a high revolving credit usage. I was at 90%. I paid off about $11,000 which brought me down to 0% which shot my score up to 685 . I had the bank do another soft pull and they actually said my score went down a few points instead of up! I asked them if they can see the revolving debt and they indicated that they saw a reduction in revolving debt of about $11,000! Clearly their systems sees the new reduction of my balances however their scoring calculations actually lowered my points. They told me they are using Experian model 6.7...Not sure what that means I couldn't find anything online.
I do have one remaining credit card in which I owe about $22,000 on however, this account is closed. On some credit monitoring it counts this balance towards the utilization ratio however, the score has increased regardless to 685 on every single service I have. (Credit carma, Experian, MyFico, ). BOA is still reporting the credit limit of $28,000 even with the account status of closed.
Not sure what is going on. At this point I'm thinking of paying the BOA card off however this would be a huge risk for me as if I don't get the new business loan, I would be utilizing my cash flow funds which obviously are needed.
Any suggestions?
