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Why hasnt my credit card balances changed?

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Anonymous
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Why hasnt my credit card balances changed?

On November 8, I paid all my credit cards to zero. I have 3 cards total. All relatively low limits. I also received a credit line increase of $1000 on one, and an increase of $100 on another. This information has not yet reflected on MyFico. I recently had my credit pulled for a mortgage, and the lender sent me a copy of my report. On that report they have all of my balances at $0, but MyFico has yet to change. Any idea on why? The only changing at all on MyFico is that it alerts me on inquries. I am currently had a middle score of 633 for mortgage lending and if I can get to a 640, I qualify for better interest rates so of course Im ready for it to change!

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Anonymous
Not applicable

Re: Why hasnt my credit card balances changed?


@Anonymous wrote:

On November 8, I paid all my credit cards to zero. I have 3 cards total. All relatively low limits. I also received a credit line increase of $1000 on one, and an increase of $100 on another. This information has not yet reflected on MyFico. I recently had my credit pulled for a mortgage, and the lender sent me a copy of my report. On that report they have all of my balances at $0, but MyFico has yet to change. Any idea on why? The only changing at all on MyFico is that it alerts me on inquries. I am currently had a middle score of 633 for mortgage lending and if I can get to a 640, I qualify for better interest rates so of course Im ready for it to change!


FICO will penalize your score if no balance is reporting on your credit cards.  You need to let one card report a small balance for best scoring.  Do some reading on the "Understanding FICO Scoring "  section of this forum, and you'll learn a lot.  I'm sure with a little effort you can get those scores up where you need them in short order.

 

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Anonymous
Not applicable

Re: Why hasnt my credit card balances changed?

Okay, that makes sense. I will definitely look into the scoring. Thanks!

Message 3 of 4
SouthJamaica
Mega Contributor

Re: Why hasnt my credit card balances changed?


@Anonymous wrote:

On November 8, I paid all my credit cards to zero. I have 3 cards total. All relatively low limits. I also received a credit line increase of $1000 on one, and an increase of $100 on another. This information has not yet reflected on MyFico. I recently had my credit pulled for a mortgage, and the lender sent me a copy of my report. On that report they have all of my balances at $0, but MyFico has yet to change. Any idea on why? The only changing at all on MyFico is that it alerts me on inquries. I am currently had a middle score of 633 for mortgage lending and if I can get to a 640, I qualify for better interest rates so of course Im ready for it to change!


To answer your question, I think we need to know what kind of MyFICO products you're looking at.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

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